ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Congress and the State- The Disappearing Distinction

banks about the extent of permissible difference between the official and the free market prices of gold, it may result in transfer of gold from one central bank to the other via the market. It may be suggested that central banks should organise gold .sales in such a way that the gold price is not allowed to fall below its present price. But this assumes that the private market for gold can absorb gold in excess of its present annual production, making necessary drawals on the official hoards.

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