During his presidential campaign and throughout his first year in the White House, President Kennedy expressed frequent concern about the depletion of U.S. gold reserves. Yet despite his best efforts to reduce the gold outflow, the situation, as described in a report to Congress from Treasury Secretary Douglas Dillon last week, is still serious.
Dillon's report noted that in 1960 the Treasury Department lost $1.7 billion in gold. Last year the gold loss was $857 million. These deficits occur largely because foreign nations have been buying U.S. gold with their U.S. dollars, which flow generously into foreign coffers as the...
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