Goldline Scandal

I just read the article that tommybee posted from Mother Jones......and having actually read the testimonies from both sides almost makes me puke. The whole thing amounts up to a total waste of time, with empty suits on both parties leading the charge.

Sure I would never buy from Goldline......but can We actually look into some companies that actually fleece the MAJORITY and not the minority? How many Americans actually own gold?....not too many.....BUT, how many of Us eat various food from the supermarket that is from major manufacturers......almost all of Us.
As the cost of food goes up, portion sizes go down. Where`s the outcry from jokes like Weiner who are "crusading for the common man?" Instead, He wastes Our time and money with His personal vendetta against Beck.

I take no pride in the Repubs lame defense of the matter either, (as they too are wasting time and money) but what I found truly hillarious about that article was when Weiner stated that nobody would be able to buy bread with Swiss Francs.
Do tell Us Anthony....is that because You clearly have tunnel vision in Your crusade against Beck & Goldline and will make idiotic statements like that to prove Your point.... or is it because eventually the cost of a loaf of bread will exceed the spot price of gold? : )

 

Log in or Sign up to hide this ad.

Evom - both parties are to blame for this mess. Both parties have increased government. Both parties have voted for unfunded entitlements. Weiner is just carrying the water for the far left Democrat base with these hearings. Obama has been in office two years with a huge democrat majority. Despite this he hasn't closed Gitmo, we're still in Iraq and Afghanistan, he extended the Patriot Act, no NYC trial for KSM and indefinite detention, wiretapping and drone strikes continue. The democrat base is not happy and is disillusioned with Obama's continuation of Bush's foreign policy. The least Weiner can do is throw them some red meat by attacking a "conservative" boogeyman like Beck. The hearings are purely political.

My sister in law buys $1500 pairs of shoes. Who is protecting her from this price gouging?

 

@tommybee.....You`re preaching to the choir. : ) My gripe with types like Weiner (which is most politicians) is the hypocrisy. I`m sick of hearing the "champion of the common man" rhetoric. (Judge them by the fruits of their labor)
Like I stated before, there are far more crucial things that the everyday "common man" uses, and sometimes even needs. Gold is not one of them. (not yet anyway) But tell Your Sister in law that neither are $1500 pairs of shoes. : )

 

The "investor" that I read about in Coin World is a neurologist, who sought to sell his Goldline purchased coins in order to buy a stock based on a "hot tip". Sure he should have done due dilligence, but the good thing this political news is doing is make people much more skeptical about buying into the gold and PM frenzy. I spoke with a friend this morning who was snookered into buying ANACS certified MS70 modern gold and commems. I told him to call Modern Coin Mart in Sarasota to get their "buy" prices. This friend is land rich but money poor, and has bills to pay. If he had asked me before buying, he wouldn't be in this mess. He paid way too much, and wanted to sell to me. I have no interest in getting in the middle of stupid business or "investment" decisions. I have seen too many people ignore good counsel or not seek out counsel on such decisions. But I hope the "cash for gold" scammers and their ilk get nailed.

 

i dont have sympathy for a doctor that has 55K to lose on gold. most of my relatives dont have 55K to lose without selling their house.

even then how could you feel for this guy. you know hes buying the gold to make money or break even. sounds like a simple case of a doctor that couldnt do math or use google and look for other prices.

 

Owle - What PM frenzy? Read this...

http://online.wsj.com/article/SB10001424052748703843804575534010291489910.html

"So if individualsbought $5.4 billion worth of gold, and sold about $2.7 billion, their total net investment comes to $2.7 billion. These are the figures through early summer: July for the bullion funds, end of June for the physical gold.

Are these bubble levels? Is the mania near its peak?

Try this. Through the end of July, according to FRC, investors poured $22 billion into emerging markets mutual funds. And a remarkable $155 billion into bond funds. Compared to these figures, the amount invested into gold is chickenfeed."

 

My 2 cents

1st
Goldline Scandal has been in the new since May 2010.

2nd
If you don't do your homework on anything that money over is involved over $100.00 ,the only one your ripping off is your self.
3rd
Never buy anything or sell something with out reading up and finding out the Pro & Con of what you are doing.

That what I do

 

True the amount of money invested in gold is chicken feed compared to mutual funds. But which do you hear more of? Gold or mutual funds?
This doc could get slammed for insider trading if he knew about a "hot tip". There is so much more hype with gold and by the way the government usually lets the dollar do its own thing without hyping it or bothering it... right?

 

VNickel.....

Yeah, the government would never manipulate the currency.

 

If his "hot tip" doesn't pan out, will there be Congressional hearings looking into his stockbroker as well?
Frankly without more information about exactly what went on I would hardly rate this as a "scandal"

 

Err....ok.

Would this change the situation in any meaningful way?

I'm still not following. Forgive me if I'm being dense here, but either you're bringing up a completely random point for no reason, or you're trying to suggest it's significant in some way I'm completely missing.

I suspect the latter.

 

They don't "fix" the currency though by adjusting it.

 

There's enough blame to go around here, on both the buyer and seller's side. Neither party is without fault, IMO.

 

When I started buying coins the first piece of advice I got was "buy the book before you buy the coin". I started reading Numismatic News and Coins Magazine to get an idea of what to expect for prices. I also learned a little bit about grading. I also asked coin dealers I would buy from questions. I admit in the beginning I made mistakes, like buying from Coast to Coast Coins. I am still learning about coins and currency, it is a never ending process. Sounds like this guy did not do his homework regarding buying gold.

One thing I have never done is buy coins that were advertised on TV. They are marked up much higher than what you would get the local coin shop. I have watched shows like The Coin Vault and QVC just for kicks and laughed at the outrageous prices. This is why I have never considered buying anything from Goldline.

 

With $140000 I could buy coins everyday for the rest of my life.

One at a time, and all carefully researched and considered.

 

I agree 100% !

 

Thanks guys! I have been away fro a while. The seller is at fault only for false advertising if they ever do that.

 

Normally I always say caveat emptor. But, if this person was new to coin collecting and demonstrates that the prices charge to him were 50% above others selling prices, I would be PO'ed too, and would ask to return them. This is not an issue of buying a coin from Littleton for $10 that other dealers have in stock for $5. I would say the same about a person buying massive amounts from Littleton as well. A $140,000 purchase from them, (I think Littleton is a fine company and advertise a lot for our community, so this isn't an anti-anyone thread), would be out of line if purchased at list prices and I would support that buyer asking for a refund as well.

To me $140,000 is not a retail purchase, it is an investment. If someone sells you $140,000 of Walmart stock telling you its value is $140,000, but you turn around and find out it lists on Wall Street for $85,000, then that is security fraud. You cannot lie about the value of a security, it is fraud. I would characterize a $140,000 purchase of gold as a security transaction, that is why I feel differently about this than most coin purchases. For normal purchase, buyer beware.

Chris

 

I spoke with a major buyer who told me that the GL matter is having the following effect on the type gold market: Used to be, GL and the usual suspects, would be calling up the major buyers wantings 100s of generic or semi-numismatic gold coins. Now they are afraid that it could be a government "investigator" calling as part of a potential sting operation, what the feds are looking for is big promoters baiting the "investors" with the stellar performance of the pms then trying to switch them into semi-numismatics.

I've read the Goldline sales contract; I did not see any loopholes so that buyers could say they were deceived. The fine print IMO immunizes GL from prosecution.

Expect to see a lot more plusses in the CDN after the elections as buyers will feel more secure about economics. Unsettled matters are not good for the economy.

 

Lord, it's a good thing jesus isn't around. I think there may be more to this story than what has been printed.