The Economy: The Solid Gold Dilemma

Seeking economic advice last week, John F. Kennedy asked Roger Blough over to the White House. The invitation aroused sardonic comment from businessmen around the country, but the problem at issue was one that concerned the chairman of the U.S. Steel Corp. no less than the President: the chronic U.S. gold drain.

Already this year, the nation's gold supply has shrunk $455 million; it is now down to a 23-year low of $16.4 billion. So persistent are rumors that the U.S. might be forced to devalue the dollar by raising the price of gold that speculators have grabbed up gold...

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