Goldline, a gold vendor, endorses Glenn Beck in his programming. Every person 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. Mediaite and also the Big Picture report that Goldline is being investigated for some of the things it does. 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”.
Why Goldline is in trouble
For a brief time frame – long before Goldline came into existence – the United States based its monetary system on a gold standard. Such a system of commodity money has its limitations, but fiscal conservatives praise the gold standard for its ability to place a government on a leash by limiting the potential for chronic deficit spending. This is why individuals are when Glenn Beck says the only safe way to keep money stored is through buying gold. Goldline is then endorsed by Glenn Beck, while Goldline, reports the Los Angeles District Attorney, sells gold that is way overpriced. 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.
What Goldline lied about, as outlined by the DA
The Los Angeles DA thinks Goldline actually “grossly overcharges” individuals for every little thing sold. The Big Picture reports that generally coins are sold for about “90 percent above the melt value of the coin” which is about 47 percent higher than everyone else. One coin ended up being sold at 208 more than it was really worth. It may be a stable piece of gold, but nobody will buy 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 can’t legally make that claim.
Anthony Weiner hopes anything stops
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. Hearings on the matter could be held later this summer, as outlined by The Big Picture.
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 is a trifecta of terrible business practices.” If Congress believes that Goldline is intentionally exploiting the public, self-proclaimed “rodeo clown” Glenn Beck will be forced to drop an additional 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
