Show Additional Financial Fin ial News New MORE PAY FOR GOLD WANTED Producers Plan to Place Unrefined Metal on World Market By DONALD C. C BOLES Associated Press Financial Writer NEW YORK Aug 16 True IW-True True J-True True to the tr tradition dilon that gold Jold travels where profits profit are greatest some of the precious pro pre procious pre cious cou metal wrested from from American American America and Alaskan mines mine i is destined for foreign for for- e eign m markets market Uncle Sam for several years the most mot liberal Iberal buyer of the yellow mineral min mm- era eral prevented by law from meeting the world market price prie Only this week has ha he heeded heed d the predicament ment of American producers and cleared the way for marketing of ot domestic domestic do do- gold in foreign lands lads As A a r result of the federal governments government's governments government's govern govern- gover ments ment's recent edict edIt that gold concentrates concen concen- and amalgams may be shIpped to other countries to be refined ant and sold American producers have sought permission of the Canadian government govern ment mont to send gold old to that country They envisaged a handsome profit profi over and above the fixed legal price o of 2067 an ounce which the United Unite States State consistently has ha paid for refined refined re reo fined gold For a time this thi price was in close cose alignment with world prices price but when the United States Stal went off of the thc gold standard April Apri 19 the advantage was lost as the value of the dollar dolar depre depre- elated in terms term of other currencies government to protect its it holdings hold ings ing of gold goJ imposed an emb embargo and issued further strictures that left o the producers but one customer Uncle customer Uncle Sam himself himel He continued to pay 2067 an ounce although with wih the decline of the dollar dolar domestic gold goldwa was wa at a discount compared with the free gold market in London or when sold t to governments whose monetary systems were still sti tied te to gold In some countries coulIe gold is bringing brin Ing 50 per percent percent percent cent more than at the U. U S. S array of of- flee fice fIe Canada close rival of the United States Stat for second place among the gold producing nations out naton-out South nations South Africa Arica is i the worlds world's greatest producer producer has producer producer-ha has for two years paid a premium on the precious preciou metaL metat meal It I allows the producer the full ful premium which London mar market ket offers and this bonus has ranged from 15 to 30 per percent cent depending on th the fluctuations fluctuations' of sterling against the Canadian dollar dolar An ounce once of gold brings around 30 in i the London market and mining experts ex cx- perth say that deducting the expense of shipment and other costs casts American Amerian producers' producers profits prot will wi be improved appreciably In I view of ot the fact fact however that the ex exports ort will wi be paid aid for in i foreign for foreign eign exchange the extent of the shippers shipper's ship ship- pcr's pers pr's profits probably will wi be affected at af by the value of the dollar dolar Inthe in inthe inthe the terms of the exchange received receive |