Goldline is in support of Glen Beck which makes them a part of his showing. Beck and Goldline seem to be taking advantage of the concerns people have had about keeping their U.S. dollars instead of switching for gold. Goldline has been investigated just lately because of the things individuals have been reporting them doing, reports Mediaite and the Big Picture blogs. The Los Angeles District Attorney’s office explains that Beck is not a part of the investigation although Fox News doesn’t like another sponsor of “The Glenn Beck Show”.
Goldline and its issues
The U.S. based its system off of gold for a when. Such a system of commodity money has its limitations, but fiscal conservatives praise the gold standard for its ability to place a government on a leash by limiting the potential for chronic deficit spending. This is why people are certain when Glenn Beck says the only safe way to keep money stored is through getting gold. The gold sold by Goldline, which is also endorsed by Glenn Beck, has been way overpriced which is to take advantage of the fact people eat up each and every word Glenn Beck speaks sometimes. New York representative Anthony Weiner and House Commerce Subcommittee Chairman Bobby Rush feel a need to be a part of this investigation the DA is conducting on Goldline.
Where the DA claims Goldline has been dishonest
The Los Angeles DA claims that Goldline “grossly overcharges” for its coins. The Big Picture reports that typically coins are sold for about “90 percent above the melt value of the coin” which is about 47 percent higher than everyone else. One coin ended up being sold at 208 more than it was really worth. It may be a stable piece of gold, but nobody will purchase it from you for even what you paid for it, making it nearly worthless to you. Moreover, the DA takes issue with the claim some Goldline salespeople have made that they can give gold investment advice, but because they’re not licensed investment advisers, Goldline salespeople can’t legally make that claim.
Anthony Weiner hopes every little thing stops
This was something Anthony Weiner felt was significant enough to discuss with the SEC and FTC. Weiner wants Goldline to be required to show consumers how much their markup really is on the gold they are selling. Hearings on the matter will be held later this summer, according to The Big Picture.
Anthony Weiner actually said that “Goldline rips off consumers, uses misleading and possibly illegal sales tactics, and deliberately manipulates public fears of an impending government takeover – this is a trifecta of terrible business practices.” If Goldline gets in trouble with the law with this case, then “rodeo clown” Glenn Beck is going to have to find someone else to pay the bills as a sponsor.
Mediate
mediaite.com/online/rick-sanchez-confirms-glenn-becks-weinerfacts-com-still-going-strong/
Weiner
weiner.house.gov/Reports/GoldlineReport.pdf
Ritholtz
ritholtz.com/blog/2010/07/glenn-beck-goldline/
Wikipedia
en.wikipedia.org/wiki/Gold_standard
Rep. Anthony Weiner versus Goldline
youtube.com/watch?v=3GDts0Q1dK8
