Wednesday, April 10, 2013

Monetary gold wikileaks - 1974ROME16949_b

 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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