Monday, March 18, 1968
UNIVERSITY DAILY KANSAN
7
Foreign gold markets to set domestic price
WASHINGTON — (UPI) —The cost of gold for jewelry, dental fillings and industrial uses may be sharply affected by the United States' decision Sunday to stop all sales of gold except to foreign central banks.
There were no indications that Sunday's drastic actions regarding gold will have any other immediate effects on the lives and pocketbooks of most Americans.
The price will be subject to fluctuation. It may take weeks for the price to stabilize. Whether it will be more than $35—or conceivably lower—is an unanswered question.
Up to now, users of gold for these purposes have been able to buy it from the Treasury for $35 an ounce. These licensed users will now have to get it from suppliers of newly mined domestic gold or on the foreign markets.
In the offing, however—as part of the administration's moves toward fiscal restraint—are probably higher taxes, travel restrictions, and tighter credit.
Americans last year used about $158 million of gold for jewelry, dental and industrial purposes. About half of it came from U.S. mines and half from Treasury stocks. All of it was available at $35 an ounce.
Now the price these users pay and the price that U.S. mines can getwill be set by the open market abroad.
The Treasury spelled out the situation in this announcement: "The Treasury will no longer purchase gold in the private market nor will it sell gold for industrial, professional or artistic uses.
"The private holding of gold in the United States or by U.S. citizens or companies abroad continues to be prohibited except pursuant to existing regulations.
"The gold regulations have been amended to permit domestic producers to sell and export freely to foreign buyers as well as to authorized domestic users.
Japanese affairs expert to be at KU March 18-27
A member of the American Universities Field Staff (AUFS) will be here March 18-27 to speak to various classes about Japan and its role in world affairs.
F. Roy Lockheimer, a specialist in Japanese affairs, did his doctoral research about Japanese conservative politics while living in Japan. Lockheimer was an assistant professor of history at Wisconsin State University before joining AUFS in 1966. As an AUFS associate, Lockheimer reports from Tokyo on Japanese developments.
The Japanese position in international trade is a formidable one, according to Lockheimer.
In the spring of 1967, a representative of the Japanese government visited four countries to talk about a trade organization the Japanese are trying to promote.
The organization, the Pacific-Asia Free Trade Area, would include Australia, Canada, Japan, New Zealand and the United States.
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Lockheeler said the Japanese feel such an organization would lead to a "Pacific corrucopia."
Japan has regained the economical strength it lost after the war, Lockheimer said. Although Japan's economical interest has turned to Asia, Lockheimer said its military interest will not center there for quite some time.
He called the Japanese "content to relearn and replay the role of a great economic power."
At this time the Japanese do not want military adventures or as to authorized domestic users."
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Macbeth March 22, 8:20 p.m.
Macbeth March 23, 8:20 p.m.
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