• Short Summary

    THE LONDON STOCK EXCHANGE WAS BACK INACTION TODAY (MONDAY) FOR THE FIRST TIME SINCE LAST THURSDAY, WHEN THE GOVERNMENT HALTED DEALINGS TO AVERT CHAOS, DURING THE GOLD CRISIS.

  • Description

    THE LONDON STOCK EXCHANGE WAS BACK INACTION TODAY (MONDAY) FOR THE FIRST TIME SINCE LAST THURSDAY, WHEN THE GOVERNMENT HALTED DEALINGS TO AVERT CHAOS, DURING THE GOLD CRISIS. HOWEVER, THE LONDON BULLION MARKET, THE BIGGEST IN THE WORLD, WILL REMAIN CLOSED UNTIL APRIL 1. IN PARIS, THE BULLION MARKET OPENED IN A CALMER ATMOSPHERE THAN LAST WEEK'S FRENZIED GOLD RUSH.

    SIR LESLIE O'BRIEN, GOVERNOR OF THE BANK OF ENGLAND, RETURNED FROM THE WASHINGTON MEETING OF CENTRAL BANKERS TODAY BUT DECLINED TO MAKE ANY STATEMENT.

    GOLD SHARES ON THE LONDON STOCK EXCHANGE DIPPED SHARPLY FOLLOWING THE WASHINGTON ANNOUNCEMENT OF A TWO-TIER GOLD MARKET BUT, IN THE FOREIGN EXCHANGE, STERLING MOVED ABOVE ITS OFFICIAL DOLLAR PARITY FOR THE FIRST TIME IN NEARLY TWO WEEKS. LAST NIGHT'S (SUNDAY'S) WASHINGTON ANNOUNCEMENT OF A STANDBY CREDIT OF 4,000 MILLION DOLLARS, TO SUPPORT THE CURRENCY, WAS SEEN AS AN IMPORTANT FACTOR IN RESTORING CONFIDENCE IN STERLING.

    IN PARIS, GOLD TRADING WAS QUIETER THAN EXPECTED WITH A SMALLER CROWD THAN IN FRIDAY'S LAST TRADING SESSION BEFORE THE WASHINGTON MEETING. THE PRICE OF GOLD SLIPPED FROM FRIDAY'S PEAK PRICE OF 7,000 FRANCS TO 6,330 FOR A ONE-KILO INGOT BUT DEALERS POINTED OUT THAT THE RATE WAS STILL CONSIDERABLY HIGHER THAN THE OFFICIAL PARITY OF 5,600 FRANCS.

    THE FORMER FRENCH FINANCE MINISTER, VALERY GISCARD D'ESTAING TOLD REPORTERS THAT HE CONSIDERED THE MEASURES TAKEN TO BE "REASONABLE" BUT SAID THAT EUROPE WAS THE ONLY AREA POLITICALLY AND TECHNICALLY ABLE TO DRAW UP A NEW INTERNATIONAL MONETARY SYSTEM. HE SAID THAT ANY RETURN TO THE SINGLE-MARKET GOLD SYSTEM WOULD LEAD TO DEVALUATION AND AN ECONOMIC CRISIS IN THE WEST.

  • Tags

  • Data

    Film ID:
    VLVA86SIL23T9PPNS2OWK1DAOUY5D
    Media URN:
    VLVA86SIL23T9PPNS2OWK1DAOUY5D
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    18/03/1968
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:22:00
    Time in/Out:
    /
    Canister:
    N/A

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