March 19, 1985 |
Gold prices soared to three-month highs today as a result of worries about the U.S. banking system and the stepped up fighting between Iran and Iraq. Meanwhile, the dollar continued its sharp retreat. Gold, which had tumbled to a 5 1/2-year low of $282 an ounce as recently as Feb. 25, briefly flirted with $320 an ounce Tuesday in Zurich, Switzerland. In Zurich, gold bullion finished the day at a bid of $317.50 an ounce, up from $299 late Monday and $291 at the end of last week.
February 25, 1985 |
The dollar extended its historic rally on European foreign exchange markets Monday in a broad and powerful advance as central banks apparently refused to intervene against the currency's surge. It was the 15th record-setting day for the dollar out of 17 business days this month. As the dollar surged, gold prices tumbled to levels last seen in 1979, dropping about $15 an ounce in Europe's major bullion centers after edging higher as the day began in Hong Kong.
December 21, 1985 |
Expectations of lower interest rates and mixed signals on the U.S. economy pushed the dollar lower late Friday against all major currencies. The price of gold bullion was higher in most markets. Republic National Bank of New York said gold was bid at $325.50 an ounce at 4 p.m. EST, up $1.25 from late Thursday's bid. The Federal Reserve added funds to the U.S. banking system for a second straight day Friday by arranging the temporary purchase of government securities.
February 26, 1985 |
The dollar staged a broad and powerful advance Monday to extend its historic rally as European central banks apparently refused to intervene against the currency's surge. It was the 15th record-setting day for the dollar out of 17 business days this month, a performance that caused an astonished trader in Frankfurt, West Germany, to exclaim: "Every morning when we come in, the previous day's closing price looks cheap." As the dollar resumed its climb, gold prices tumbled to a 5 1/2-year low.
March 27, 1985 |
The dollar staged a broad retreat Tuesday, undercut by falling interest rates in the United States and renewed concern abroad about the stability of the American banking system. As the dollar resumed last week's sell-off following a two-day pause, gold prices rose. Republic National Bank in New York said gold bullion was bid at $324 an ounce, up $8 from the late bid Monday.
April 24, 1986 |
One of the adjuncts of numismatics is the bullion coin. The conventional coin hobbyist collects coins in series or by countries or denominations. They are treasured for their rarity, condition and beauty. Many investors find them attractive because virtually all denominations have shown growth potential and profitability. So where does bullion fit in? Unlike collector pieces, bullion appeals to investors who wish to diversify their portfolio.
May 14, 1993 |
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.
November 13, 2003 |
Gold soared to a 7 1/2-year high in New York on Wednesday, fueled by a weaker dollar, a terrorist attack in Iraq and by more speculators hopping aboard the metal's latest rally. Gains in gold, silver, wheat and corn helped push a key index of commodity prices to its highest level in at least six years. Near-term gold futures jumped $6.80 to $394.90 an ounce, highest since spring 1996. The metal has been rallying in fits and starts since early in 2001, when the price was about $255 an ounce.
October 2, 2005 |
The last time an ounce of gold cost $470, Alan Greenspan was in his first year as chairman of the Federal Reserve. Seventeen years later, Greenspan is on the verge of retiring -- and the metal finally is back to its late-1980s price level, after a long, long bear market. The gold/Greenspan convergence is raising suspicions on Wall Street. Some believe the metal's revival must be saying something about the economy the Fed chief is leaving to his as-yet unnamed successor.
February 16, 1992 |
Once upon a time, there was a large community of investors who were affectionately termed gold bugs. These individuals, several of whom prophesied about financial Armageddon, maintained that gold bullion was the only safe harbor in times of inflation and unrest. They stacked gold coins and bars in their bomb shelters and safe deposit boxes and waited for the economy to collapse. For a while, they did well.