Galesburg Register-Mail from Galesburg, Illinois on May 17, 1973 · Page 25
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Galesburg Register-Mail from Galesburg, Illinois · Page 25

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Galesburg, Illinois
Issue Date:
Thursday, May 17, 1973
Page:
Page 25
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Page 25 article text (OCR)

Gold Market To Stay Calm Barring Unforeseen 'Shocks' LONDON (UPI) - Financial experts predicted today the gold market would remain calm as long as it was not jarred by any economic or political shocks. But some gold dealers said they were not sure this week's astonishing gold rush is over. "Nothing is certain," one London dealer said. "It is difficult to know which way things will move. It could be quieter, but..." Caution followed a day of trading that saw the price of one ounce of gold drop $5.50—to a closing price of. $105, still almost three times its official price. The market went mad Tuesday, when gold hit $110.50 in London, the world's main gold market, and $128.50 in Paris. Both were far higher than any time in history and caused the dollar to fall sharply in price. Dealers were still not sure, 48 hours later, what caused the gold rush and the dollar's troubles, but many said it reflected a general lack of faith in paper money. Dealers guessed this was inspired by everything from the Watergate scandal to a huge influx of Middle East money. The gold and, money market follows the laws of supply and demand. The cost of gold [soared because of higher demand while the price of dollars fell because of a lack of demand. In any case, the dollar rallied Wednesday as the gold fever cooled. Foreign exchange dealers said oil-rich Middle East nations were switching back into dollars from gold. The dollar's price in London and elsewhere reflected a move away from the yellow metal. In London, it took $2.54 to buy one pound, a slight improvement from the $2.55 at the start of business Wednesday. In Paris, where gold dropped to $111 an ounce Wednesday, the dollar price was 4.455 francs, up from 4.415 francs at the close of business one day earlier. But dealers warned more trouble could lay ahead. "All we need is for the Middle East speculators to come back into the market and the lower gold prices could be brief," said a dealer for John Matthey, one of the major London bullion firms. Main Airport Runway Bombed in Belfast BELFAST (UPI) - Two bombs exploded today on the runway of Northern Ireland's main airport, the first such attack in the nearly four years of political and religious strife in the province. The army said the explosions at Aldergrove Airport, 14 miles outside Belfast, did little damage. The airport remained open and in operation. British explosives experts rushed to the scene and discovered and defused a third bomb, an army spokesman said. "The bombs simply were not powerful enough to do much damage," said an airport official. "Operations were not affected." Three other bombs early today wrecked a Protestant- owned shirt factory and a telephone exchange outside Londonderry, and a news agent's shop outside Antrim. None caused any injuries. The bombings followed a running battle between British troops and gunmen in Roman Catholic areas of Belfast early today that slightly wounded one soldier. The army said the clashes may signal an offensive by the extremist Provisional Wing of the Irish Republican Army. The army did not report its troops hit any gunmen. Rock and bottle-throwing gangs of youths baited troops carrying out a series of house- to-house searches for IRA suspects in Catholic areas of the city late Wednesday and early today. Women also harassed troops and soldiers said they had to force their way into some houses. Among those sought by troops were two youths seen running from the scene of a car bomb explosion that wrecked a downtown furniture store and slightly injured a woman. Two other bombings late Wednesday in Londonderry tore through a supermarket and a bar. There were no reports of injuries. Political and religious strife involving Protestants, Catholics and security forces have killed 791 persons, the latest early this week when four persons died within 24 hours. Gdlesburg Register-Moil, (folesburg, III. Thursday, ,Moy, 17, 1973 25 O.T. Johnson Co., Galeiburg's Greofesf Sfora Since 18621 "Hold it just a minutt will you, Mrs. Boamish?" • f I think I hoar Elhol driving into tho garage door nowr SHOP O.T/s 10 TO 9 MONDAY & FRIDAY 'OTHER DAYS 10 to 5 3 DAYS ONLY Reg. $25 Sunburst $14.90 pre-styled and ready to wear Reg. $25 Polly $12.90 0 Shop O.T.s 10 to 9 Monday & Friday Other Days 10 to 5 Jour Summer h onte mm* WIDE WALE CORDUROY CHAIR PADS Spruce up your home with these colorful chair pads in wide wale corduroy that washes like a dream. Zipper cover makes them easy to remove. Colors: Gold, Red, Green, Orange or Brown. $ 3 oo ROYAL PERSIAN 3'x5' AREA RUGS Persian design Oriental rugs of 100% Pure Virgin worsted wool. Fringed ends. 3'x5. Dry clean. 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