Telstar, Kennedy, and World Gold & Currency Markets

The Telstar satellite was launched in 1962 and allowed TV transmission between the US and Europe for the first time for 18 minute intervals as it circled the Earth. To celebrate, an initial broadcast was transmitted on both sides of the Atlantic with scenes of famous sites. The broadcast caught a press conference of President Kennedy and a question was asked about gold and the dollar exchange rate. At the time, the world was on the fixed exchange rate Bretton Woods system and there were pressures on US gold reserves and the dollar. The President's answer affected gold and currency markets that day. This event illustrates the growing pressure on gold and the dollar of that era. A random 18 minutes caught the President dealing with the gold and dollar problems. Radio story about the episode with Walter Cronkite tells about the events.

• Category

  News & Politics