US and Britain push gold buying as talks on price hold
In Washington tomorrow six central bank governors from West Germany Italy the United Kingdom Belgium Switzerland and the Netherlands join Treasury and Federal Reserve officials to discuss stabilizing the gold price at 35 dollars an ounce. The Fed raises the discount rate to 5 percent, the highest since 1929, amid a looming crisis over Bretton Woods era safeguards and a 10 percent surtax push.
MENTIONED IN THIS ARTICLE
United States
London
Washington
West Germany
United Kingdom
Italy
Belgium
Switzerland
Netherlands
Treasury
Federal Reserve
Johnson
White House
Congress
Nine Fed banks adopt 5 percent discount rate
Nine of the twelve Federal Reserve banks opened with the 5 percent discount rate while New York Philadelphia and San Francisco kept 4 percent. The national move follows the Fed Board's 5 percent basic lending rate shift last Thursday. Uniform adoption may take up to three weeks with prior examples noting delays. Banks adopting the new rate include Boston Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City and Daviss.
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New York
Federal Reserve
Philadelphia
San Francisco
Federal Reserve Board
Britain
Boston
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Daviss
Allies Launch Massive Drive in Saigon and Northwest Vietnam
Allied forces led a large search and destroy operation in western Saigon’s Cholon with U S and Vietnamese units from multiple divisions and paratroop groups. U S Air Division troops killed 28 Viet Cong near Ben Cat, with three Americans wounded. Viet Cong caches and shelling reports followed as Navy pilots bombed Haiphong and North Vietnam saw 86 missions.
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Saigon
Cholon
U.S
Ben Cat
Demilitarized Zone
Central Highlands
Mekong Delta
U.S. Navy
Haiphong
North Vietnam
Gold price at 35 dollars an ounce sparks inflation debate
US policy ties gold at 35 dollars as a 1934 guarantee and keystone of finance. Economists warn a rise could revive dollar confidence, curb hoarding, and spur gold production, with effects first felt in international trade and commerce. Some advise patience while others push tax hikes to cool inflationary pressures.
MENTIONED IN THIS ARTICLE
United States
Congress
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