XJ.S. Repeats Pledge on Gold: U.S. Repeats Pledge to Back Dollar
Treasury Secretary Henry H. Fowler anti Federal Reserve Chairman 'William McChesney Martin yesterday reaffirmed U.S. ÛÏdetermination to maintain the gold value of the dollar.Û</br></br>At the same time, their joint statement denied news reports of various plans to strengthen the international gold pool centered in London. ÛÏThe operation of the London market gold market will continue unchanged,Û Fowler and Martin said.</br></br>said the intent of this phrase was to say to gold speculators: ÛÏYouÛªre betting on the wrong horse, but if you want gold, come to London and get it.Û</br></br>The official categorically denied a story in The Washington Post yesterday, and ones in the New York Times and Wall Street Journal on Friday, that reported varying plans to alter or improve the operations oft he London gold pool.</br></br>The Post story said that the seven gold pool nations planned to deposit a stockpile of gold in London as a discouragement to specula- lion, and receive in exchange certificates of deposit that would count in each countryÛªs foreign exchange reserves.