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 rather than switching for gold. Goldline has been investigated just lately because of the things people have been reporting them doing, reports Mediaite and the Big Picture blogs. Glenn Beck may not be part of the investigation, as outlined by the Los Angeles District Attorney’s office, but Fox News does not appreciate there being yet an additional problem with a sponsor of “The Glenn Beck Show.”.
Understanding why the law is upset with Goldline
There was a time, a long time ago, that the U.S. depending its system of money on the gold standard around the world. The government wasn’t able to print money whenever they wanted to since the gold standard kept them from doing this, meaning the government was on a leash. This is why individuals are certain when Glenn Beck says the only safe way to keep money stored is through getting gold. Conveniently, Beck gives his endorsement to Goldline, a company that, as outlined by the Los Angeles District Attorney, is selling gold at overly inflated prices. Congressmen like New York Rep. Anthony Weiner and House Commerce Subcommittee Chairman Bobby Rush have taken a unique interest within the DA’s investigation of Goldline.
Where the DA claims Goldline has been dishonest
The Los Angeles DA thinks Goldline actually “grossly overcharges” individuals for everything sold. 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. Selling coins as high as twice that of melt value does not constitute a good investment for consumers, as the price of gold would have to double before a consumer could break even. 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 cannot legally make that claim.
Rep. Anthony Weiner has heard enough
This was something Anthony Weiner felt was important enough to discuss with the SEC and FTC. He has proposed legislation that would require companies like Goldline to reveal their full business plan to consumers, markup incorporated. Hearing are supposed to happen a little bit later, reports The Big Picture.
Anthony Wiener thinks 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 discover 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
