Goldline as Glenn Beck sponsor, cheating consumers?

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Goldline as Glenn Beck sponsor, cheating consumers?

By JessieF on August 20, 2010

Goldline, a gold vendor, endorses Glenn Beck in his programming. Everyone is searching the gold market trying to invest their money into gold, knowing the value will never go down, and Back and Goldline have decided to partner up and make money off that. However, as blogs like Mediaite and the Big Picture report, Goldline International is currently under legal investigation for its business practices. The Los Angeles District Attorney's office explains that Beck is not a part of the investigation although Fox News doesn't like one more sponsor of "The Glenn Beck Show".

Goldline and its issues

There was a time, a long time ago, the U.S. based its system of money on the gold standard around the world. Many liked this since the government was kept on a leash by being unable to spend money they didn't have. Such people tend to believe Glenn Beck when he predicts the U.S. dollar will collapse and says that getting gold is the only way to keep away from economic gloom and doom. Conveniently, Beck gives his endorsement to Goldline, a company that, according to the Los Angeles District Attorney, is selling gold at overly inflated prices. The Goldline investigation is being done by the DA, which involves two people who for some reason are very interested in what is going on; New York Rep. Anthony Weiner and Bobby Rush, from the House of Commerce Subcommittee.

Where the DA claims Goldline has been dishonest

"Grossly overcharges," is the term the Los Angeles DA uses when referring to what Goldline is doing with its gold. Goldmine, as outlined by The Big Picture, sold one coin for 208 percent more than it was worth, while on average, coins tend to be "90 percent above the melt value of the coin" when bought in the most recent times. 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 are not licensed investment advisers, Goldline salespeople cannot legally make that claim.

Enough is enough for Anthony Weiner

The SEC and FTC have both been individuals representative Anthony Weiner of the Trade and Consumer Protection contacted about this. Weiner has a plan to make companies be required to show how much money they are making off the gold being sold, including Goldline. The Big Picture reports that there will be hearing later.

In a public statement, Anthony Weiner said that "Goldline rips off consumers, uses misleading and possibly illegal sales tactics, and deliberately manipulates public fears of an impending government takeover – this can be 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 discover somebody else to pay the bills as a sponsor.

More on this topic

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