GOLD: Victory in Defeat

For four years, the International Monetary Fund has tried to prevent its member nations from selling gold at more than the official price of $35 an ounce. But the fund, having no power other than moral suasion, has failed. For example, South Africa, the world's largest gold producer, has been permitted to sell some of its annual gold output for art and industrial uses at premium prices (current price: about $40). But everyone knows that much of the premium-priced gold (which now represents 40% of South Africa's output) is not used industrially, and...

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