HONGKONG (January 26): GAMBLERS in gold hugged themselves in glee yesterday as the free-market price shot up in Europe to a near-record U.S.$141.50 an ounce - and smugglers, who can start their dangerous and illicit trade legally from Hongkong, permitted themselves a grim smile.
The latest gold rush was sparked after a conference in Brussels given by the EEC Commission Vice-President Mr Wilhelm Haferkamp, who appealed for Common Market financial leaders to agree to a higher price for gold held in their official reserves than the present phoney U.S.$42.22 an ounce.
The idea is that governments in the enlarged EEC could square up their tangled debts more easily if they could use bullion at something nearer to its realistic value.
This was the first time that an EEC chief has stated openly that gold should find its own price level - and of course the oil shambles is largely responsible.
The Hongkong bullion markets remain closed until Monday. When they trade again, the local price will obviously rocket in line with other centres.
The Colony's already formidable reputation as a splendid kick-off point to smuggle gold into Korea, Indonesia, the Middle East and on to India, got another boost a few weeks ago when the Government scrapped all import and export restrictions on the movement of the metal here.