gold pool

The horse turned itself away, the rain bubbling up in the hoofmarks and forming little gold pools of sky.

The first effort was the creation of the London Gold Pool on 1 November 1961 between eight nations.

The events ended the London Gold Pool.

Finally, in 1968, as the private speculative pressure mounted, the Gold Pool was dissolved (in reality it had been drained).

Today, the Athletics Centre houses two pools, with the second one, named the Gold Pool, built in 1995.

Recognized claims against the monetary gold pool greatly exceeded the amount of monetary gold actually recovered.

First, $70 million remains in a gold pool established by the Tripartite Gold Commission, which after the war held gold looted from the central banks.

Nowadays, gold certificates are still issued by gold pool programs in Australia and the United States, as well as by banks in Germany and Switzerland.

In the next year the United States and other major countries founded the 'Gold Pool' under which they would all, not just the USA, supply gold to stabilize the private gold market.

This was unsuccessful, however, as in mid-March 1968 a run on gold ensued, the London Gold Pool was dissolved, and a series of meetings attempted to rescue or reform the existing system.

The members of the London Gold Pool and their initial gold contributions in tonnes (and USD equivalents) to the gold pool were:

The collapse of the gold pool forced an official policy of maintaining a two-tiered market system of stipulating an official exchange standard of US$35, while also allowing open market transactions for the metal.

Under the Washington Agreement, Swiss negotiators agreed to transfer approximately 250 million Swiss francs ($58.1 million) of gold into the Tripartite Gold Commission's (TGC) monetary gold pool.

Thus, the London Gold Pool came under increased pressures of failure, causing France to announced in June 1967 a withdrawal from the agreements and moving large amounts of gold from New York to Paris.

For this purpose each nation provided a contribution of the precious metal into the London Gold Pool, led by the United States pledging to match all other contributions on a one-to-one basis, and thus contributing 50% of the pool.

In response to concern about issues connected with the establishment of the gold pool, and allegations that governments were withholding information, the Foreign & Commonwealth Office published two Historical Memoranda containing detailed information on this subject from the British archives.

Mr. Eizenstat has said that "a substantial portion" of the $70 million that was recently discovered in a gold pool established by the Tripartite Gold Commission after World War II should be distributed first to the "double victims."

In other words, monetary policy conformed to the needs of foreign policy; this conformation is denoted by the gradual demonetization of gold throughout the 1960s beginning with the London Gold Pool of 1961 and culminating in the suspension of convertibility in 1971.

During the early sixties American officials largely prevented the conversion of dollars to gold with a series of "gentlemanly" agreements and other policies - which included the London Gold Pool - but these actions were not sustainable; the danger of a run on U.S. gold reserves was too high.

Until 1968, the price was fixed only once a day, when a second fixing was introduced at 3 p.m. to coincide with the opening of the US markets, as the price of gold was no longer under control of the Bank of England, a result of the collapse of the London Gold Pool.