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BUSINESS
October 30, 1986
James A. Baker III, secretary of the Treasury, struck the first U.S. bullion silver dollar in history. It was the first of 1 million, 1-ounce American Eagle silver dollars to be struck at the San Francisco Mint by Nov. 24, when they will be distributed first to 27 bulk dealers nationwide, then to retail outlets for public sale. Hundreds of guests looked on as Baker struck the silver blank twice, as is done with special coins to sharpen the impressions.
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BUSINESS
November 3, 2011 | Stuart Pfeifer
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.
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BUSINESS
November 3, 2011 | Stuart Pfeifer
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.
BUSINESS
October 31, 2010 | Kathy M. Kristof, Personal Finance
Howard Wolfe watched gold prices soar for several years before he finally decided to jump. Last year, the Mississippi retiree answered an advertisement for a company selling gold bullion. He wired $20,000 when the metal was retailing for $1,100. As of last week, gold was selling for more than $1,300. But Wolfe was not celebrating. The gold he bought was never delivered and he can't get the company to answer his calls. "I liked the company because they seemed kind of low-key," Wolfe said.
BUSINESS
October 31, 2010 | Kathy M. Kristof, Personal Finance
Howard Wolfe watched gold prices soar for several years before he finally decided to jump. Last year, the Mississippi retiree answered an advertisement for a company selling gold bullion. He wired $20,000 when the metal was retailing for $1,100. As of last week, gold was selling for more than $1,300. But Wolfe was not celebrating. The gold he bought was never delivered and he can't get the company to answer his calls. "I liked the company because they seemed kind of low-key," Wolfe said.
NEWS
November 26, 1987
Aided by testimony from two undercover park rangers, the Ventura County district attorney's office has filed 26 criminal charges against divers who allegedly pillaged a wrecked steamship last month in the waters of the Channel Islands National Park. Dist. Atty. Michael D. Bradbury also announced this week that a lawsuit has been filed against Truth Aquatics Inc. of Santa Barbara and its president, Roy Hauser, owner of the Vision, the boat used in the incident.
BUSINESS
May 15, 1985 | Associated Press
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.
ENTERTAINMENT
March 5, 2009 | Mike Boehm
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.
BUSINESS
December 27, 1985 | Associated Press
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.
BUSINESS
August 7, 1985 | Associated Press
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.
CALIFORNIA | LOCAL
September 19, 2009 | Ann M. Simmons and Robert J. Lopez
The death of Danny Pang -- an Orange County financier who died last weekend while facing charges of international fraud -- appears to have been a suicide, according to authorities familiar with the case. Pang was accused of misappropriating millions of dollars from investors and then stashing gold bullion in a hidden safe. He had pleaded not guilty and was free on bail when he was discovered -- unconscious -- in his Newport Beach home. "We are of the opinion that . . . it appears to be suicide," said Sgt. Evan Sailor of the Newport Beach Police Department.
ENTERTAINMENT
March 5, 2009 | Mike Boehm
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.
CALIFORNIA | LOCAL
August 1, 2008 | Catherine Saillant, Richard Winton and Andrew Blankstein, Times Staff Writers
Detectives investigating the stabbing death of a woman in a Century City high-rise parking garage earlier this week are looking for possible links to an ongoing FBI fraud inquiry of the international gold trading company that she and her estranged husband owned, law enforcement officials said.
BUSINESS
March 9, 2000 | JEF FEELEY, BLOOMBERG NEWS
Frederick Johnston, an American executive convicted of hiring hit men to kill associates who ousted him for allegedly misappropriating company funds, has been temporarily prevented from retrieving $32 million in gold bullion stashed in Switzerland. A Delaware judge barred Johnston from asking British authorities to return the gold account's documents--seized after his arrest--until the judge hears arguments about who owns the bullion, according to court papers.
BUSINESS
July 5, 1993 | TOM PETRUNO, TIMES STAFF WRITER
For a second straight quarter, gold-mining stock funds beat all other mutual fund categories. The gold funds rocketed nearly 30% on average in the quarter ended June 30, bringing their six-month average gain to 59.3%, according to fund-tracker Lipper Analytical Services. Gold bullion's price surged in the second quarter as global demand for the metal zoomed, particularly in Asia.
BUSINESS
May 31, 1993 | TOM PETRUNO
The excitement over gold this spring is wild enough. But gold bullion's price rise is piker stuff compared to the gains in gold mining stocks. While bullion futures on the New York Commodity Exchange have jumped from $332.80 an ounce at year's end to $378.30 now, a nearly 14% rise, the average gold mining stock mutual fund is up 56%.
NEWS
February 27, 1985 | Associated Press
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.
CALIFORNIA | LOCAL
September 19, 2009 | Ann M. Simmons and Robert J. Lopez
The death of Danny Pang -- an Orange County financier who died last weekend while facing charges of international fraud -- appears to have been a suicide, according to authorities familiar with the case. Pang was accused of misappropriating millions of dollars from investors and then stashing gold bullion in a hidden safe. He had pleaded not guilty and was free on bail when he was discovered -- unconscious -- in his Newport Beach home. "We are of the opinion that . . . it appears to be suicide," said Sgt. Evan Sailor of the Newport Beach Police Department.
BUSINESS
May 14, 1993 | CHRIS KRAUL, TIMES STAFF WRITER
Spurred by renewed inflation fears and sharp gains in gold prices, investors are snapping up gold coins, bullion and jewelry in the first such buying binge in five years. Some Southern California gold bullion and coin retailers report that year-to-date sales are running 25% to 40% ahead of last year's pace, a welcome reversal for them after several lean years.
BUSINESS
March 8, 1990 | From Reuters
Gold prices slipped below the critical $400 an ounce level in New York on Wednesday. Even though it managed to close slightly higher, traders said the precious metal faces an important test in coming weeks. On the New York Commodity Exchange, gold fell as low as $399 an ounce, weighed down by the dollar's stubborn rise, but recovered to close at $400.20, off $3.40. The metal last traded below $400 on Jan. 3. Gold has fallen in recent sessions as investors shifted funds into the rising dollar.
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