• Short Summary

    London's Stock Exchange was still in a flutter, Oct 21, after the week's rising concern about a rumour that America intended to change the gold parity of the dollar, which caused a wide-spread gold rush throughout the western world.

  • Description

    London's Stock Exchange was still in a flutter, Oct 21, after the week's rising concern about a rumour that America intended to change the gold parity of the dollar, which caused a wide-spread gold rush throughout the western world.

    A United States Treasury announcement, Oct 20, denying that the price of gold would be increased, ended a day of the liveliest speculation dealing ever experienced on the London Bullion Market, after six years in which the gold price had hardly moved. Earlier days began quietly enough at the official fixing of the gold price in Rothschild's offices in the City. After a slight rise from 35.15 to 35.24 dollars an ounce at the beginning of the week, the price suddenly jumped, reaching 41 dollars at one time. As Britons are not allowed to hold gold, the demand come from the big Continental money centres, with Swiss operators in the lead. Britons themselves concentrated on gold shares.

    In Paris, gold prices soared to their highest levels since 1952. Again, there was keen demand from Switzerland. But French Finance Minister Baumgartner warned speculators that they were heading for "immense and mortifying setbacks".

    As the gold fever spread around the globe, international stock markets went and the general commotion reached its peak in Johannesburg, where an unprecedented scramble sent brokers tumbling to the floor. Meanwhile, gold ingots continued to pile up at the United States Depository at Fort Knox in Kentucky, America's heavily guarded treasure house.

  • Tags

  • Data

    Film ID:
    VLVA4RNN8GJLN1JGL4UJSO55G8Y55
    Media URN:
    VLVA4RNN8GJLN1JGL4UJSO55G8Y55
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    21/10/1960
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:45:00
    Time in/Out:
    /
    Canister:
    N/A

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