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Old 11-02-2011, 10:08 AM   #1
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Exclamation Goldline

Not a typical review as I've never done business with them. However, this doesn't really surprise me:
Quote :
Goldline, a company that used endorsements from Glenn Beck and other conservative icons to sell hundreds of millions of dollars to consumers, has been charged with theft and fraud in a 19-count criminal complaint filed Tuesday by local officials in California.

The criminal complaint filed Tuesday by the Santa Monica City Attorney's consumer protection unit marks the latest in a series of allegations it has leveled against the gold dealer, which pioneered the practice of weaving its sales pitches into broadcasts by popular conservative political personalities -- including two former presidential candidates -- to sell hundreds of millions of dollars worth of gold every year.

The complaint alleges that Goldline "runs a bait and switch operation in which customers, seeking to invest in gold bullion, are switched to highly overpriced coins by using false and misleading claims," according to a statement released by the consumer affairs division of the Santa Monica City Attorney's office.
...
"There are two main types of complaints we're seeing," Adam Radinsky of the Santa Monica City Attorney's office said at the time. "One is that customers say that they were lied to and misled in entering into their purchases of gold coins. And the other group is saying that they received something different from what they had ordered."
...
For instance, the complaint alleges that the company trains salespeople to "get the money in" from customers on the promise of delivering gold bullion, with the intent to later switch the sale to far more overpriced collectable gold coins. ...
http://abcnews.go.com/Blotter/goldli...ry?id=14857253

All those companies that run TV commercials and tout their "specialists" who will help you invest rub me the wrong way. There isn't any real magic to investing in bullion.
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Old 11-03-2011, 11:57 AM   #2
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They aren't really in the business of selling bullion. They try to sell rare coins because their margins are higher. Contempt is warranted but only to a certain degree. It's no different than Best Buy trying to sell you an extended warranty IMO.
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Old 11-03-2011, 04:31 PM   #3
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Hmm

I've heard the reasoning for buying the rare collectible gold coins to be that if the government should ever decide to reclaim all of "it's" gold from you, instead of giving you a fair market price for the gold contained in the coin, they will have to individually grade each piece as it is not only gold but a collectors item of art.

Then again I've heard that I should buy government bonds...
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Old 11-03-2011, 04:39 PM   #4
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That's the sales pitch, but I don't really buy it. YMMV.
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Old 11-04-2011, 09:22 AM   #5
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Well

There is at least precedent. They at least aren't pulling this idea out of this air.

"(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins."

^from http://www.the-privateer.com/1933-go...fiscation.html
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