PAPER FOR GOLD
FEVERISH EXCHANGE
PANIC ON MARKET
BRITISH POLICY CRITICISED
United Press Association.—By Electric Tele- I graph.—Copyright. LONDON, June 6. Panic is not too strong a word — madness might be an even more applicable one—with which to describe Lhe state of the gold market in the past week. A few years ago it would have seemed fantastic that lhe same' people who were jealously hoarding gold should also feverishly seek to exchange it for printed paper, let that is what they are doing now.
Panic-stricken lest the great Powers should withdraw their support, goldhoarders flung nearly £7,000,000 worth of gold on lo the London market on Friday alone. Four million pounds worth was taken up, the remainder being held over until Saturday.
Meanwhile a statement by President Roosevelt that the United States gold policy will not be changed .calmed hoarders' nerves, and a number of selling offers were withdrawn.
City business men are most critical of British .official policy and point out that a clear statement a little while ago would have prevented panic developing.
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Bibliographic details
Evening Post, Volume CXXIII, Issue 133, 7 June 1937, Page 9
Word Count
176PAPER FOR GOLD Evening Post, Volume CXXIII, Issue 133, 7 June 1937, Page 9
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