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.
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.
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.