PASS TREASURY AND FRB
1. BANK OF ITALY VICE DIRECTOR GENERAL OSSOLA HAD
LITTLE TO SAY TO TREASATT ON DECEMBER 5 ABOUT U.S.
TREASURY DECISION TO OFFER 2 MILLION OUNCES OF GOLD
FROM U.S. RESERVES FOR PUBLIC SALE IN JANUARY, DESPITE
WIDE COVERAGE OF ISSUE IN ITALIAN PRESS (REFTEL). HE
MERELY SAID THAT HE WAS "PERPLEXED" BY U.S. DECISION
AND QUESTIONED WHETHER IT REALLY CONTRIBUTED TO INTER-
NATIONAL MONETARY REFORM (A REFERNCE TO USIS WIRELESS
REPORT OF DECEMBER 5 OF SECRETARY SIMON'S TESTIMONY).
OSSOLA ACKNOWLEDGED THAT ITALY OBVIOUSLY FAVORED HIGH
PRICE FOR GOLD, FOR PRACTICAL REASON THAT IT HAS LARGE
BALANCE OF PAYMENTS DEFICIT TO FINANCE.
2. ITALIAN PRESS DECEMBER 6 WIDELY REPORTS TESTIMONY
BY FRB CHAIRMAN BURNS FAVORING POSTPONEMENT OF PERMISSION
FOR U.S. CITIZENS TO PURCHASE GOLD, AT LEAST UNTIL
JUNE 30, 1975. ARTICLES STRESS APPARENT CONFLICT
BETWEEN THIS POSITION AND THAT OF TREASURY SECRETARY
SIMON.
VOLPE
Source: https://www.wikileaks.org/plusd/cables/1974ROME16949_b.html
Summary: Timeline overview
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