• Short Summary

    Gold dealers in Hong Kong are expecting to make big profits following last week's rapid rise in the free market price of the metal.

  • Description

    1.
    GV & PAN Street TO jeweller's shop in Hong Kong
    0.08

    2.
    SV Sign over jewellers
    0.10

    3.
    SV & PAN Cases of gold jewellery and ornaments in shop window (3 shots)
    0.26

    4.
    CU Gold bracelets in window
    0.29

    5.
    SV Gold tiger in display case
    0.32

    6.
    CU Man weighing gold bracelet
    0.35

    7.
    SV & PULL BACK FROM Jewellery in case
    0.42

    8.
    SV Woman at counter trying on bracelets
    0.48

    9.
    CU Assistant unlocks bracelet for girl to try
    0.56



    Initials BB/2150 NPJ/CD/BB/2158



    Script is copyright Reuters Limited. All rights reserved

    Background: Gold dealers in Hong Kong are expecting to make big profits following last week's rapid rise in the free market price of the metal. The increase was sparked off after the Vice President of the European Economic Community, Mr. Wilhelm Haferkamp, appealed to the Common Market's financial leaders to agree on a higher price for gold held in their official reserves, than the present unrealistic rate of 42.22 U.S. dollars an ounce.

    It was the first time that a leader of the E.E.C. had publicly stated that gold should find its own price level. Undoubtedly the rising price of oil was responsible for prompting Mr. Haferkamp's statement.

    Hong Kong dealers were therefore anticipating the local gold price to soar upwards when the colony's bullion markets opened on Monday (28 January). The colony has a reputation as a centre for smuggling gold into Korea, Indonesia, the Middle East and India. This reputation was given a boost a few weeks ago, when the Hong Kong Government scrapped all import and export restrictions on the movement of gold. Government officials are apparently unaware of any such illegal activities, and they regard the new regulations as a purely administrative measure.

    On Friday (25 January) the free market price of gold in Europe shot up to a near record level of 141.50 U.S. dollars an ounce.

    SYNOPSIS: In Hong Kong, dealers in gold have been made very happy by the recent increase in the price of oil. The energy crisis has given a boost to the price of gold on the free market, and even on the official markets, gold is holding its value while most world currencies decline. In Europe on Friday, the free market price was almost a record.

    Hong Kong's gold dealings were also given added impetus a few weeks ago when the Vice President of the European Economic Community said that European financial leaders should agree on a higher official rate against the United States dollar.

    Hong Kong has long been regarded as a centre for smuggling gold, and this reputation was enhanced recently when the Government scrapped all import and export restrictions on the movement of the metal.

  • Tags

  • Data

    Film ID:
    VLVADFSUTRXQK265CD0LC96TQ887D
    Media URN:
    VLVADFSUTRXQK265CD0LC96TQ887D
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    28/01/1974
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:57:00
    Time in/Out:
    /
    Canister:
    N/A

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