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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jun 11, 1974
Page
15
The Dow Jones Industrial Average fell 7.59 points to 852.18 as profit taking spread early on the New York Stock Exchange. Declines outpaced advances among 1,768 issues with about 12.38 million shares traded, while optimism on lower rates lingered amid mixed bank rate moves.
Treasury Secretary William E Simon said Americans may be allowed to own gold before year’s end. He told a House Banking and Currency subcommittee that removal of the current prohibition could occur unless there are damaging developments, with Nixon authorized to lift the loan restrictions.
The Hooks subcommittee backs a bill linking gold ownership to a September first date. Simon opposes fixed dates, warning of adverse effects on world finances and potential hurt to international monetary reform. He notes US actions could influence private gold trading and inflation.
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