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Show Page 14—THE HERALD, Provo, Utah, Thursday, January 17, 1980 Commerce: in Whatis happening in the stock markets and the business world Price of Gold? It’s Fixed by Committee of 5 LONDON(UPI) — The price that dictates whether speculators infected by gold feverin the world markets are richer or poorer is set by a com- mittee of five men twice a day in a quiet room in a;© 4h + pny ekPaEaate ie . ARCHITECT"S$ SKETCH of entrance anda pertion of Ekins Farm Condominiums to be constructed in Pee eee oe Grandview School. Total development will in- no! clude 52 single-family condominiums on 11.1 acres. Total investment is estimated at over $6 million, with target date for completion of the first units set for mid-summer. A combine of five businessmen, realtors and builders are involved. $6 Million 52-Unit Condominium Scheduled for Northwest Provo y by pers. Target date for Sesple: tion of the first units is set for midLifelestyle styl Developers, 8, includii ing five Utah Valley businessmen, realtors and builders, mavn aod construct the pro; ect, Th: dorainium units will be singlePar ly. Price per unit will start at $90,000. ont even et will be northwest lew School, bounded of the Gi by 1700 North on onthe south, an access from Columbia Lane on the northeast, and about 1300 West on the sest. Devel include Reford Bevan, Wayne Close, sa Ekins, Phyl Ekins and C.R. Larsen. Close are realtors, both Ekins brothers, own Triple E, Inc., and Larsen is a builder. long The nameis taken from the area occupied by the Ekins family ol Much of the rural and spacious atmosphere will be preserved by reserving considerable land whi will stilt Temain in orchard, plus space to be made available for individual garden plots of condominium owners. Existing Provo River water rights for the original orchards has been pruchased and will be used to ir- rigate the remaining fruit trees and garden plots to be developed. Provo city culinary waterwill be used only for residential purposes:and not for sprinkling. All sprinkling and other irrigation water will come from the original orchard rights,utilized and stored as needed in for small lakes to be built on the developemnt. very condominium will have a full basement and two-car garage. Vals Tun from 1,300 to 1,800 square leet. the headquarters of the Rothschild bank. Gold, which passed $500 an ounce for the first time on thefirst trading day after Christmas when London markets were closed for a holiday. soared to a record of $765 in London Wednesday. The fixings — at 10.30 am. and 3 p.m. (5:30 a.m. and 10 a.m. EST) — have been done the same way for so long no one can rememberthe exact origin of the tradition. The five men representing the five major bullion houses sit at Separate desks with small Union Jacks propped up before them. Around the walls are portraits of the ancestors of the Rothschilds. One of the five acts as chairman. At this hysterical momentin bullion speculation he is Albert Keller. a Swiss memberof Rothschild’s. The other price setters are from Sharps Pixley, Johnson Matthey, Mon- tagu and Co. and the ancient house of Mocatta and Goldsmid. Theprice fixers sit at separate desks, constantly checking by telephone with the gold dealers of their firms. This continues from 10.30 a.m.until they are advised that orders to buy and supply In normal times the proceaure takes only a matter of minutes. But these are abnormaltimes in the gold market and meetings often take longer. The fact that the bullion price fixing takes place behind closed doors has occasioned some jealousy among other brokers, but the system has worked for a long time and tradition is strong in The City, as London's financial district is called. Thepricefixers used to find the huge public in- terest in a metal few of them can possibly own in speculative quantities somewhatintriguing. but they are used to it now and it is good business. Also by tradition. they do nottalk for publication. A spokesman for the Bank of England, which does not take part in the fixing, said he was surprised at the continued public interest. “To the manon the bus, whatdoes this mean? We arenottalking about nine and 18 carat jewelry, but veryfine gold bars.”” | wee PREPARATION Lind ee Waa & Economical CALL NOW 224-7357 377-1575 RRNANCACAC AC ACACAC ACCa Lode or g) SAVE dloe eee eaeRRR are roughlyin balance. At this point they ‘‘drop”’ their Union Jacks to show that a price has been Teached. By Alcoa in 19 79 3.2 Bill ion Cans Recycled ‘Alcoa Recy ling Com- thousands more collecting part-time.‘‘In addition,” Herrman said, “can recycling has created up to 15,000 new jobs at the nation’s more than 2500 recycling centers, at aluminum company reclamation plants, in the transportation industry and at companies that produce used can processing equipment. And most of these jobs did not exist seven years ago. aS — —=<= Recahle. PA., ad — rman Pittsbur; ai Pa., Her- from used aluminum,” Herrman said. ‘The aluminum beverage cas cans are recycled public receives a — about 15 cans for each oe new can sheet for cleaner environment, oceans i were canmakers and can collectors earn extra a beer and beverage com- money, consumers get recycl the package they want, ing 1979. Thisis a 7 per. it on energy and resources on increase over 1978. stores shelves for sale to are saved and aluminum Consumers were paid consumers, quite often aoa 8jet a chance bout $35 million for it the used metal voluntarily the to work.” used ctntainers to 1Herrman estimates up ing centers during “Every American to 650,000 Americans colbenefits when new lect cans on a pany Seda:born aluminum made basis, with h of Herrman said recycling h : INTRODUCING AMERICA’S BEST REAL ESTATE SEMINAR nearly ome! 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