FIXING GOLD PRICE
“THREE TIMES SEVEN” MR ROOSEVELT IN 1933 President Roosevelt, in 1933, during the gold buying move, decided at one stage to raise the price of gold 21 cents an ounce, saying: “It is a lucky number because it is three times sevem” This is revealed in the release of part of the contents of the diaries of Mr Henry Morgenthau, jun., former Secretary of the Treasury. Mr Roosevelt referred to Lord Norman, former Governor of the Bank of England as “old pink whiskers.” Mr Roosevelt decided to raise the price of gold because he thought it necessary to ensure the maintenance of prices of wheat and other commodities, which he had already raised. Mr Morgenthau in his diary says: “If ever anybody ever knew how we really set the gold price through a combination of lucky numbers I think they would be frightened.” When a Federal Reserve Bank expert suggested that the British and French should be consulted about the price of gold, Mr Roosevelt protested: “Every time we have taken the English into our confidence they have given us a trimming.” But the expert had his way.
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Bay of Plenty Beacon, Volume 10, Issue 71, 10 January 1947, Page 2
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191FIXING GOLD PRICE Bay of Plenty Beacon, Volume 10, Issue 71, 10 January 1947, Page 2
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