1974 - MARTINIQUE SUMMIT -- PART II
...15. ECONOMIC - GOLD: DESPITE ACCEPTANCE BY PRESIDENT POMPIDOU, IN SEPTEMBER 1973, OF SDR AS NUMERAIRE OF THE INTERNATIONAL MONETARY SYSTEM, FRANCE HAS PERSISTED IN ITS EFFORT TO RETAIN AN IMPORTANT ROLE FOR GOLD. THIS WAS THE ONLY INTERNATIONAL ECONOMIC ISSUE BESIDES ENERGY WHICH GISCARD RAISED AT HIS LAST PRESS CONFERENCE, AND IT IS POSSIBLE HE WILL RAISE IT AGAIN AT MARTINIQUE.
GISCARD'S POINTS ARE LIKELY TO BE: A) SINCE GOLD HAS BECOME MORE OF A COMMODITY (BANALISE), COUNTRIES SHOULD BE FREE TO BUY, SELL AND EVALUATE THEIR STOCKS OF GOLD AT A PRICE CLOSE TO THAT OF THE WORLD MARKET. THE ZEIST AGREEMENT, PROVIDING FOR USE OF GOLD AT MARKET- RELATED RATES AS SECURITY FOR INTRA-COMMUNITY LOANS (GERMANY TO ITALY THE FIRST EXAMPLE) WAS A FIRST STEP IN THIS DIRECTION, AND GISCARD HAS EXPRESSED HOPE COMMUNITY WOULD GO REST OF THE WAY BEFORE END OF YEAR. KNOWING US OPPOSITION (TO CENTRAL BANK PURCHASES AND STOCK REVALUATION) AND OUR INFLUENCE WITH EC PARTNERS, GISCARD MAY TRY TO GAIN GREATER US FLEXIBILITY ON THIS ISSUE, AT LEAST INSOFAR AS INTRA-EC TRANSACTIONS ARE CONCERNED. B) FRANCE IS OPPOSED TO ANY SALES OF GOLD STOCKS BY IMF. FRENCH VIEW IS THAT (1) THESE STOCKS BELONG TO MEMBERS, NOT FUND, AND MUST BE HELD UNTIL DISSOLUTION, (2) GOLD STOCKS SERVE AS IMPORTANT SECURITY FOR BORROWING FROM OIL PRODUCERS..."
...15. ECONOMIC - GOLD: DESPITE ACCEPTANCE BY PRESIDENT POMPIDOU, IN SEPTEMBER 1973, OF SDR AS NUMERAIRE OF THE INTERNATIONAL MONETARY SYSTEM, FRANCE HAS PERSISTED IN ITS EFFORT TO RETAIN AN IMPORTANT ROLE FOR GOLD. THIS WAS THE ONLY INTERNATIONAL ECONOMIC ISSUE BESIDES ENERGY WHICH GISCARD RAISED AT HIS LAST PRESS CONFERENCE, AND IT IS POSSIBLE HE WILL RAISE IT AGAIN AT MARTINIQUE.
GISCARD'S POINTS ARE LIKELY TO BE: A) SINCE GOLD HAS BECOME MORE OF A COMMODITY (BANALISE), COUNTRIES SHOULD BE FREE TO BUY, SELL AND EVALUATE THEIR STOCKS OF GOLD AT A PRICE CLOSE TO THAT OF THE WORLD MARKET. THE ZEIST AGREEMENT, PROVIDING FOR USE OF GOLD AT MARKET- RELATED RATES AS SECURITY FOR INTRA-COMMUNITY LOANS (GERMANY TO ITALY THE FIRST EXAMPLE) WAS A FIRST STEP IN THIS DIRECTION, AND GISCARD HAS EXPRESSED HOPE COMMUNITY WOULD GO REST OF THE WAY BEFORE END OF YEAR. KNOWING US OPPOSITION (TO CENTRAL BANK PURCHASES AND STOCK REVALUATION) AND OUR INFLUENCE WITH EC PARTNERS, GISCARD MAY TRY TO GAIN GREATER US FLEXIBILITY ON THIS ISSUE, AT LEAST INSOFAR AS INTRA-EC TRANSACTIONS ARE CONCERNED. B) FRANCE IS OPPOSED TO ANY SALES OF GOLD STOCKS BY IMF. FRENCH VIEW IS THAT (1) THESE STOCKS BELONG TO MEMBERS, NOT FUND, AND MUST BE HELD UNTIL DISSOLUTION, (2) GOLD STOCKS SERVE AS IMPORTANT SECURITY FOR BORROWING FROM OIL PRODUCERS..."
More to come: http://anotherfreegoldblog.blogspot.fi/2013/05/monetary-roots-goldtrail-origins-1973.html
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