Disgruntledpatriot's Blog

May 27, 2010

Is Goldline really scamming people?

Filed under: Sick and Tired — Trever Bierschbach @ 6:54 am
Tags: , ,

Anthony Weiner would have you believe that Goldline, and Glenn Beck, are scamming people into buying gold.  Since I like to do my own research instead of just taking someone’s word, I looked into Goldline a little bit today.

First I looked at their prices, and market values, and frankly it doesn’t take a genius to see that they are charging more than the market value.  This would lead any reasonable person to ask why.  Well, since I am a collector of other things, such as Comic Books, I understand the subjective market of collectibles.  Many of Goldline’s products are collectible coins and antique currency.  They are naturally more valuable than the market price, but only to collectors.  Just like you can’t take a Comic Book worth $20 to a store and expect to get $20 for it, you can’t buy an antique gold coin, take it to a gold buyer and expect to get what you paid for it.  You have to go to other collectors.  It’s a simple concept, and covered in their risk disclosure.

The Weiner would also have you believe that the Goldline representatives claim to be investment advisers, misrepresenting themselves to customers.  Well, I guess if a person looking at their site didn’t understand the difference between an account executive and an investment adviser.  Maybe the Weiner should look at their risk disclosure page, it’s not like the company hides it.  It’s right there under all the products you can buy.

ACCOUNT EXECUTIVES: The Account Executives at Goldline are generally commissioned salespersons. Their commissions are usually greatest on rare coins and semi-numismatic coins and least on bullion related products. Their work experience, knowledge, background, and training vary widely. They and/or Goldline may receive, from time to time, undisclosed compensation for recommending specific coin or currency products (including but not limited to contests, cooperative advertising, and trading profits in coins that they may own and/or sell). Goldline’s employees are not licensed as investment advisors and are not authorized to recommend the purchase or sale of any product or investment other than the products specifically sold by Goldline. Check with a licensed professional with expertise in a particular market before making a decision to buy or sell any security, bond, annuity or financial instrument.

So, where again is the misrepresentation?

The Weiner also expects people to be upset that you have to hold onto your coins to make a profit.  Um, does he really expect us to believe there is an investment potential out there that gives you a profit the minute you buy it?  I want to know where that sweet deal is so I can get in on it.  Honestly Weiner, even if Goldline didn’t come right out and tell you that you have to hold on to your coins for 3-5 years, preferably 5-10, to turn a decent profit, don’t you think people would realize that themselves?  Oh yeah, I forget, Liberals think everyone is stupid.

HOLDING PERIOD: If you are purchasing coins, bullion or rare currency for investment purposes, they should be considered a long-term investment. We believe that rare coins and currency should be held for at least 3 to 5 years and, preferably, 5 to 10 years to maximize your potential for gains. Any specific holding period may be affected by current market conditions which may require a longer or shorter holding period.

We could go on and on all day like this.  The Weiner really needs to read their risk disclosure, it answers just about every allegation he makes.  As for his claim that Glenn is in on it…so we are expected to believe that he is scamming himself?  He invests in gold, by buying it from Goldline, which if the Weiner is correct is a scam, and Glenn knows it?  The Weiner is almost as delusional as the people who think Bush is diabolical enough to pull off the 9/11 attacks without anyone knowing, but can’t do something as simple as plant WMD’s in the desert.

I think I will order their free…get that Weiner FREE, investment guide and see if those same disclosures are there.  To me this doesn’t seem to be a scam, or a case of buyer beware.  Goldline seems to be up front about everything, explaining it in a reasonable manner that even someone like me, who has zero investments, can understand.  I will let you know what I find out.

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