The Economy: A New Type of Glitter

As it has done in times of political or economic crises since the days of the Pharaohs, the price of gold ran up last week. On one day of frenzied trading in London, it jumped a record $1.90 per oz. Later it vaulted to a post-World War II high of $54—a full $16 above the price at which central banks value the metal as a monetary reserve. But this flurry was only partly caused by fears that a wider war over Viet Nam might further undermine the shaky world financial system. More than that, the buying excitement, which had been building...

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