Money: Bullion Break

One of the important advances in international relations this year is that the Western nations have surmounted their currency crises and, largely as a result of the French devaluation and German revaluation, entered a new period of monetary tranquillity. The world's confidence in the value of paper money is measured by the volatile free-market price of gold: the higher the price, the greater the doubts among investors as to the worth of currencies. Since, last month's upward revaluation of the West German mark, gold has dropped abruptly. From an early October level of $41.20 an oz., the price...

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