Thursday, May 20, 2010

MSNBC's Ratigan: Glenn Beck paid by Goldline "to be a snake-oil salesman at your expense".

I spoke yesterday about what Glenn Beck is doing when it comes to Goldline. He should be investigated for this behaviour. He is actively encouraging people to trade in gold at Goldline, a company which sells you coins which are worth some ninety percent less than their melt value.

As Weiner said, Beck is "deceiving" his listeners. It's as simple as that. I know they must be idiots to listen to what this windbag has to say, but apparently even he knows that they are idiots, as he is now actively ripping them off for profit.


Here, Beck responds to criticism of his gold-shilling with ... more gold-shilling.

But, he's avoiding responding to the central charge; that Goldline are selling gold coins which are vastly overpriced. Beck knows this, but he is continuing to imply that his viewers should buy this dodgy product.

This takes him way beyond simply being an irrational right wing hack; it takes him seriously close to being a run of the mill con man.

“I know that you’ve been listening and watching my shows,” he said in a promo incorporated into a “Beck talks” video on his website.

“If you’ve been watching for any length of time, and you still haven’t looked into buying gold, what’s wrong with you? I was going to say ‘are you just a reporter for the New York Times?’ but I don’t think they actually watch. They just write about it.

“I think you’re nuts. When the system eventually collapses, and the government comes with guns and confiscates, you know, everything in your home and all your possessions, and then you fight off the raving mad cannibalistic crowds that Ted Turner talked about, don’t come crying to me. I told you: get gold.”

He is using fear to try to get people to buy a product from a company which sponsors him. At prices which he also knows are hugely inflated.


daveawayfromhome said...

"When the system eventually collapses, and the government comes with guns and confiscates, you know, everything in your home and all your possessions"...

If one were to suppose such a thing happening, wouldnt one also suppose that all your possessions includes your gold? Or does he imagine it buried in the backyard?

Kel said...

That's exactly what I thought. I also thought his explanation regarding inflation was back to front.

Dave said...

I have bought from Goldline in 3 forms. Kruggerands, Maple leafs and bullion. They are all different prices. You both are using the 90% more than they're worth number but the coins I bought this morning were $1,244.45 per ounce. I bought 25 - .5 oz Kruggerands and paid $99 for shipping. I checked 5 other sites to buy gold and they ranged from $1,233.24 to $1,257.44. I guess I could've saved a couple bucks buying from Blanchard instead of GoldLine but that is my choice to buy from a source I've used for years. So I think you need to actually do your homework before you call someone out as ripping someone off. research stuff for yourself, don't be a lemming!

Kel said...

Well, the 90% quote comes from Anthony Weiner who I find to be a very reliable source.

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.