Glen Beck has Goldline as a sponsor, and Goldline cheats customers?

A ubiquitous part of Glenn Beck’s programming is his endorsement of the gold vendor Goldline. Beck and Goldline appear to be taking advantage of the concerns people have had about keeping their U.S. dollars instead of switching for gold. However, as blogs like Mediaite and also the Big Picture report, Goldline International is currently under legal investigation for its business practices. Fox news reports that there is something wrong with yet an additional sponsor of “The Glenn Beck Show” although Glenn Beck isn’t even involved in the investigation, reports the Los Angeles District Attorney’s office. Article resource – Is Glenn Beck sponsor Goldline cheating consumers by Personal Money Store.

The issues Goldline has caused

For a brief time period – long before Goldline came into existence – the United States depending its monetary system on a gold standard. Many liked this since the government was kept on a leash by being unable to spend money they didn’t have. Such individuals tend to believe Glenn Beck when he predicts the U.S. dollar will collapse and says that buying 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. 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 really “grossly overcharges” individuals for everything sold. The Big Picture notes that markup on average is “90 percent above the melt value of the coin” and 47 percent higher than the competition, when one coin was valued by Goldline at 208 percent above melt value. Selling coins as high as twice that of melt value doesn’t constitute a good investment for consumers, as the price of gold would have to double before a consumer could break even. Many who work for Goldline say they are able to make investment advice, when the DA thinks they shouldn’t be allowed to say that with what they do.

Representative Anthony Weiner believes Goldline needs to stop

This was something Anthony Weiner felt was significant 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 included. Hearings on the matter could be held later this summer, according to 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 find someone else to pay the bills as a sponsor.

Find more info on this subject

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