Goldline, a gold vendor, endorses Glenn Beck in his programming. Every person is looking 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. Goldline has been investigated because of the things individuals are reporting them doing, reports Mediaite and the Big Picture blogs. Fox news reports that there is something wrong with yet another sponsor of “The Glenn Beck Show” even though Glenn Beck isn’t even involved in the investigation, reports the Los Angeles District Attorney’s office.
Why Goldline is in trouble
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 so, meaning the government was on a leash. Such individuals tend to believe Glenn Beck when he predicts the U.S. dollar will collapse and says that purchasing gold is the only way to stay away from economic gloom and doom. Goldline is then endorsed by Glenn Beck, when 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.
DA telling all about Goldline
”Grossly overcharges,” is the term the Los Angeles DA uses when referring to what Goldline is doing with its gold. The Big Picture reports that usually coins are sold for about “90 percent above the melt value of the coin” which is about 47 percent higher than everybody else. One coin ended up being sold at 208 more than it was really worth. 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. Numerous 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 essential enough to discuss with the SEC and FTC. Weiner wants Goldline to be required to show consumers how much their markup really is on the gold they’re selling. Hearings on the matter can 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 can be 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.
Additional reading
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
