1. RESPONSIBLE BRITISH PRESS REPORT AT LENGTH THAT FINANCE MINISTERS OF GROUP OF 10 HAVE AGREED TO ALLOW COUNTRIES IN BALANCE OF PAYMENTS DIFFICULTIES TO PLEDGE THEIR
GOLD STOCKS AS BACKING FOR FOREIGN LOANS. TEXT OF U.S.
TREASURY COMMENTS IN REFTEL ALSO REPORTED IN ARTICLES.
THUS FAR, THERE IS LITTLE EDITORIAL COMMENT. LONDON TIMES
EDITORIAL
NOTES THAT THIS POSSIBILITY DOES NOT NECESSARILY
MEAN THERE IS A CNEMEC#ON GOLD'S ROLE IN THE MONETARY
SYSTEM. CENTRAL DECISION BEING WHETHER OR NOT CENTRAL
BANKS WILL BE ALLOWED TO BUY GOLD FROM THE FREE MARKET.
THIS DECISION WILL BE KEY IN REAFIRMING GOLD'S FUTURE
POSITION. FINANCIAL TIMES POINTED OUT IN RE-
LATION TO U.S. TREASURY COMMENTS THAT PRICE AGAINST WHICH
GOLD STOCKS WOULD BE PLEDGED WAS A MATTER OF NEGOTIA-ION BETWEEN BORROWER AND LENDER AND THAT AGREEING ON A
PRICE FOR GOLD IN SUCH AN OPERATION MAY NOT BE EASY.
ANNENBERG
NOTE BY ANALYIS. #AS RECEIVED.
Source: https://www.wikileaks.org/plusd/cables/1974LONDON07425_b.html
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