Thursday, December 15, 2011

FrBSF Gold - Quo Vadis 1975

Why The Auction?
"...Last month´s auction was held, according to the Treasury´s explanation, for purpose of reducing U.S gold imports from abroad. The announcement was made just just ten days before the June 10-11 meeting in Paris of the Interim Commitee of the Board of Governors of the International Monetary Fund. The timing of the announcement thus led many observers to speculate that the U.S also wanted to underscore its determination to dethrone gold in the international monetary system and to dissuade foreign governments from attempting to restore gold to its former exalted position. The pundits noted that this presumed policy was in conflict with the French adherence to gold as a store of value and with the French attempt to keep gold as a means of international settlement..."

[Mrt: one dip one pearl, more dips into monetary history and treasures found :o)]

NOte: the page order of file is mixed 1,3,2


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