For weeks, skeptics around the globe have been gambling that the U.S. Government was on the verge of devaluing the dollar by raising its official $35-an-ounce price for gold. Unconvinced by Administration statements that devaluation was out of the question, the speculators have been busily exchanging dollars for gold bullion or, as a second-best hedge, buying gold mine stocks. Then, last week, President Kennedy took advantage of the Telstar communications satellite to deliver a stern-faced warning, witnessed by millions of Europeans, that "those who speculate against the dollar are going to...
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