Wednesday, May 19, 2010

Beck's Gold Scam.

Glenn Beck is also in the news today because Rep. Anthony Weiner of New York is calling him out for his relationship with Goldline, a company which frequently advertises on his show, selling a product which he frequently tells people that they need.

Indeed, on Goldline's own website, Beck even has an audio advertisement in which he advises people to buy gold as the only sensible alternative to the dollar.

In this video, Beck tells people to invest in "the three G's: God, gold and guns".

So, Weiner has started to look into Beck's relationship with Goldline and what he has found is startling.

Weiner's staff investigated Goldline and found that the coins it sells are not the good investment that its salesmen -- who are not licensed investment advisers -- claim that it is to consumers, because the price of gold would essentially have to double beyond its current high to begin seeing any gains. Specially, the investigators found Goldline coins selling for 90 percent above the melt value of the coin, that is, its value by weight. The largest markup seen on a coin, Weiner said, was 208 percent above the melt value.

"In the past there is always the “product” that is either the next big thing (the dot com boom) or the investment that will never go down in price (the housing market), and in the past much of the media has failed in its duty to conduct due diligence, but never before have they worked so hand in hand to cheat consumers," Weiner said in his prepared report. "Commentators like Glenn Beck who are shilling for Goldline are either the worst financial advisers around or knowingly lying to their loyal viewers."
So, Beck is getting his audience scared of economic collapse and, simultaneously, telling them that gold is the safest place to put their money, whilst a company which he endorses runs commercials on his show selling gold for 90% above it's melt value.

That's a scam.


Beck's predictably insane response: "We are in full-fledged McCarthy land now"


Here, Beck bemoans the fact that Weiner is investigating him, but he doesn't tell his viewers what it is that Weiner is alleging.


Weiner goes on Olbermann to discuss this.

Click here for full article.


Doug Eberhardt said...

I used to work for one of the largest gold dealers in the U.S. Before that I was a financial advisor for 20+ years.

I expose the gold dealer tactics in scamming people and teach people how to buy gold the right way in my book, "Buy Gold Safely."

Weiner beat me too the punch in exposing the industry, but I detail their tactics and help people learn about gold through my blog.

I continually challenge CFP's, CFA's, journalists and finanical gurus like Dave Ramsey who write negative articles about gold in trying to helping educate people about gold and silver's place in a properly diversified portfolio.

Click on the "gold" tab of my blog and read the articles.

Someone has to get the truth out there to the public.

Kel said...

Thanks for that.