FOMC Minutes from 1967 Illuminating Central Bank Gold Price Suppression, Currency Swaps, Assorted Market Manipulations & Interventions
FOMC Minutes from 1967 Illuminating Central Bank Gold Price Suppression, Currency Swaps, Assorted Market Manipulations & Interventions
A meeting of the Federal Open Market Committee was held in
the offices of the Board of Governors of the Federal Reserve System
in Washington, D. C., on Monday, November 27, 1967, at 9:30 a.m.,
at the call of Chairman Martin.
“‘They noted that the President of the United States has stated:
“‘”I reaffirm unequivocally the commitment of the United States to buy and sell gold at the existing price of $35 per ounce.”‘ (Footnote continued on next page) 11/27/67 -5
As yet, Mr. MacLaury noted, the recent huge gold sales by the pool had not been reflected in gold losses by member countries. That was because the Bank of England provides the supply of bars to the London market from its own stocks during the month, with settlement by the other members of the pool early in the succeeding month. Thus, while the Treasury might get through this month without showing any reduction in its gold stock (and with perhaps $50 million in the Stabilization Fund), it would face the prospect of selling $434 million of gold to the Bank of England early in December, representing the U.S. share of the pool’s losses of $723 million thus far in November. That figure made no provision for the possibility that France might convert all or part of its November dollar gains into gold, as reported in the press last week. Such conversion could cost another $200 to $300 million of gold, judging by the New York Bank’s estimate of French reserve gains. Obviously, statements of central bank solidarity such as that issued yesterday. Finish reading>>
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