Money: Fighting the Flow

Gold still colored the decisions of governments from Paris to the Pedernales. Largely because of the French decision two weeks ago to cash in more of its dollars for U.S. gold, the U.S. gold supply fell last week by $200 million to a total of $15.2 billion — a bigger drop than occurred in all of 1964.

Early figures also indicate that the U.S. payments deficit in the fourth quarter jumped to between $1.2 billion and $1.5 billion, roughly as high as it was for the first three quarters combined, thus putting into...

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