Money: A Scent of Change

The world's big powers have been battling quietly for months over how to improve the mechanisms for bankrolling international trade and investment. Their aim: to foster world prosperity, which could be damaged unless the amount of money available to finance world trade keeps pace with trade's growth. Last week, Washington's money managers sniffed a scent of victory for some of their ideas about accomplishing that aim through world monetary reform.

Betting on the Price. A mixture of good and bad news provided the ground for their hope. A sharp rise in gold hoarding abroad has sent shivers through Europe's finance...