November 3, 2011 |
Prosecutors have filed criminal charges against Goldline International Inc., a Santa Monica company that is one of the nation's largest gold dealers, for allegedly tricking customers into buying gold coins at inflated prices. The Santa Monica city attorney's office accused Goldline of running a "bait and switch" operation in which customers seeking to invest in gold bullion were instead sold gold coins that were marked up more than 50%. The company, which used radio talk show host Glenn Beck as a pitchman, has seen sales soar in recent years along with the price of gold.
May 15, 1985 |
The dollar drifted lower in an erratic session Tuesday as interest rates fell in the United States. Gold prices were mixed, rising in Hong Kong and Europe but falling in late trading in the United States as traders sold the metal to cash in on its recent gains. Republic National Bank of New York said gold bullion was bid at $323.90 an ounce as of 4 p.m. EDT, down 85 cents from the late bid Monday.
March 5, 2009 |
Gagosian Gallery in Beverly Hills said that Saturday's opening of a new work by Chris Burden, "One Ton, One Kilo," has been postponed indefinitely while the search continues for 220 pounds -- or about $3.3 million worth -- of gold bars needed to assemble the piece. The stash that Gagosian and Burden had secured for the exhibition got caught up in a civil action that federal authorities have brought against R. Allen Stanford, accused of running a Ponzi scheme. His assets, including Stanford Coins and Bullion, the company that sold Gagosian the required gold, have been frozen by court order.
December 27, 1985 |
The U.S. dollar dipped sharply Friday in light trading in Europe as exchange markets reopened after a two-day Christmas break. Gold bullion prices rose. In Frankfurt, West Germany, the dollar fell to its lowest level since May 20, 1983, ending at a late bid price of 2.4765 West German marks. In Milan, Italy, the dollar fell below 1,700 Italian lire for the first time since June 15, 1984. In Paris, it fell to 7.6075 French francs, its lowest level since June 27, 1983.
August 7, 1985 |
A federal bankruptcy judge Tuesday approved the sale of Deak & Co., parent of one of the nation's best-known currency and bullion dealers, to a mysterious investor group represented by a Singapore lawyer. The major prize for the investors appears to be Foreign Commerce Bank of Zurich, Deak's Swiss banking unit, and the entree it provides into the restricted field of Swiss banking. But, if the deal is consummated, it would also give the investors control of Deak-Perera U.S. Inc.
February 27, 1985 |
The dollar plummeted in frenzied trading today after a concerted assault by European central banks, which were estimated by currency dealers to have dumped $1.5 billion on world foreign exchanges. The dollar had started retreating from record heights late Tuesday in the United States after Federal Reserve Chairman Paul A. Volcker questioned whether central bankers had practiced intervention "forcefully enough" to have an impact.