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(ABC)   Shockingly, the people dumb enough to believe that hoarding gold is a good idea, are also the ones not smart enough to avoid getting ripped off in the process   (abcnews.go.com) divider line 123
    More: Obvious, Gold Line Inc., Goldline International, SPDR Gold Trust, Peter Schiff, College Station  
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9584 clicks; posted to Main » on 22 Jun 2012 at 1:33 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-22 12:24:21 PM  
Ahh another good old application of American Blind Justice:
In February of this year, Goldline International, one of the country's largest dealers of gold and precious metals, agreed to pay $4.5 million to customers who had bought gold coins through them. The company, which gained hundreds of millions in sales from endorsements from conservative radio talk show host Glenn Beck, was accused of charging customers more than 55 percent more for their coins than their actual worth in gold. Under the terms of the settlement, Goldline is required to pay out an additional $800,000 into a fund towards settling any future gold fraud claims, ABC News reported.

As part of the settlement, all criminal charges were dropped against the company.


I wonder if that would work if I was caught robbing a 7-11? Pay back some of the money I took form the Cash register, call it even and then get to walk out scott-free
 
2012-06-22 12:50:38 PM  

Magorn: Goldline is required to pay out an additional $800,000 into a fund towards settling any future gold fraud claims, ABC News reported.


Payment into a fund? This sounds like socialism to me. When will the government get its boot off the neck of free enterprise?
 
2012-06-22 01:06:02 PM  

gilgigamesh: Magorn: Goldline is required to pay out an additional $800,000 into a fund towards settling any future gold fraud claims, ABC News reported.

Payment into a fund? This sounds like socialism to me. When will the government get its boot off the neck of free enterprise?


I'm sure that's how Beck will spin it, while continuing to take ads from this company that has admitted to ripping off his listeners...gotta earn his $100 mil somehow right?
 
2012-06-22 01:34:09 PM  
Leprechauns are notoriously easy to trick. I mean, Lucky's been outwitted by children for YEARS.
 
2012-06-22 01:36:25 PM  

Magorn: gilgigamesh: Magorn: Goldline is required to pay out an additional $800,000 into a fund towards settling any future gold fraud claims, ABC News reported.

Payment into a fund? This sounds like socialism to me. When will the government get its boot off the neck of free enterprise?

I'm sure that's how Beck will spin it, while continuing to take ads from this company that has admitted to ripping off his listeners...gotta earn his $100 mil somehow right?


Payment into a fund? The lawyers will grab 99% and the people who were cheated get 1%.
 
2012-06-22 01:36:38 PM  
Wait, hoarding gold is now a BAD idea? I didn't get that memo.
 
2012-06-22 01:36:54 PM  
Anyone else have a problem with links from ABC opening in Chrome? I have to use the IE add-on thingy.
 
2012-06-22 01:38:31 PM  
Hoarding gold is fine, supporting Glenn Beck's sponsors no so much.
 
2012-06-22 01:38:34 PM  
If, as they say, the shiat really does hit the fan and we have a global economic collapse and martial law and runs on banks, etc. Just why the hell do people think gold is going to be worth two shiats?
 
2012-06-22 01:39:47 PM  
if you are burglarized gold is the first thing they look for. Luckily I didn't have much, but between the fact that it makes you a target for theft and the fact that when it comes down to it you still can't eat it, I'd rather own land, which I can grow food on than horde gold no matter how paranoid I may get.
 
2012-06-22 01:40:07 PM  
Goldline? Glenne Beck? Fraud?

Birds of a feather and all of that.
 
2012-06-22 01:40:35 PM  

RibbyK: Wait, hoarding gold is now a BAD idea? I didn't get that memo.


Because, IF civilization/the economy really collapsed in such a way as to render the dollar valueless, it would make gold certificates just as useless, and if you actually hoard the physical metal, you'll find yourself with a huge pile of shiny rocks that are heavy and hard to move, and have no intrinsic worth or real value.

I supposed you could cast bullets out of them when you ran out of lead, but other than that...
 
2012-06-22 01:41:39 PM  
Does anybody else get just a blank white screen when going to ABC News' website? Every time I click on an article of theirs (or just try to go directly to their site), that's all I get and it's the only website that does that.

Google Chrome issue perhaps?
 
2012-06-22 01:41:52 PM  

JohnBigBootay: If, as they say, the shiat really does hit the fan and we have a global economic collapse and martial law and runs on banks, etc. Just why the hell do people think gold is going to be worth two shiats?


Tradition!

srowers.files.wordpress.com

Tradition!
 
2012-06-22 01:42:05 PM  
After shipping and handling, I'll be making about 35 bucks per coin.
I can't wait to cash them in.
I've bought 400 so far.
SUCKERS!!!

www.surftilyoudrop.com
 
2012-06-22 01:42:30 PM  

RibbyK: Wait, hoarding gold is now a BAD idea? I didn't get that memo.


Well, the memo did go out in approximately 1903.
 
2012-06-22 01:42:51 PM  
Whats so funny is that all the GOP Talk Radio FanBoys, who suck up this gold because their GOP Talker DemiGod says its OK...do not realize that many Dems, including Randi Rhodes....hawk all this gold stuff on their shows
 
2012-06-22 01:45:07 PM  
Goldline International, one of the country's largest dealers of gold and precious metals, agreed to pay $4.5 million to customers who had bought gold coins through them. The company, which gained hundreds of millions in sales from endorsements from conservative radio talk show host Glenn Beck, was accused of charging customers more than 55 percent more for their coins than their actual worth in gold.

They know how to target the gullible. Anyone who listens to Glenn Beck would buy central heating for an igloo if it was advertised on his show.
 
2012-06-22 01:45:09 PM  
Buy an "investement" that everyone is buying? Not an investment.
 
2012-06-22 01:45:34 PM  
If gold was such a good investment the billionares would already own all of it.
 
2012-06-22 01:45:48 PM  
In the mid-to-late 90's, I remember laughing that the price of an ounce of gold was less than an ounce of weed. I guess I probably should have bought a couple ounces of gold instead of all that weed.
 
2012-06-22 01:45:53 PM  

asmodeusazarak: if you are burglarized gold is the first thing they look for. Luckily I didn't have much, but between the fact that it makes you a target for theft and the fact that when it comes down to it you still can't eat it, I'd rather own land, which I can grow food on than horde gold no matter how paranoid I may get.


Until Obama steals the next election, suspends the Constitution and puts his Communistic plans into motion! Your land will be redistributed to the blacks poor people!

THIS IS WHAT GLENN BECK FANS ACTUALLY BELIEVE.
 
2012-06-22 01:45:56 PM  
Serious question. Let's say the bovine feces did hit the air handler, if you have gold, how does one barter for goods and services ? Go shopping for food, gas or whatever, do you scrape so many grams of gold to pay the tab? If printed money isn't worth anything the only thing worth a damn would be goods to barter with, IE beer, cigarettes, bullets, seeds and the like.
/ serious
 
2012-06-22 01:46:19 PM  
i.dailymail.co.uk
/hot, like the current gold-buying frenzy
//mmmmm...gold...
 
2012-06-22 01:46:20 PM  
www.kitco.com

Looks like traders didn't get the QE3 they needed to continue the rally. Be careful.
 
2012-06-22 01:46:49 PM  

Magorn: was accused of charging customers more than 55 percent more for their coins than their actual worth in gold.


I'm not defending this company, but if you're "investing" in gold and spend more than spot + $10-20 per coin, you're a complete and total idiot. Doing it after gold already increased five fold in as many years - even more so.
 
2012-06-22 01:46:51 PM  

Nasty_McFilth: Does anybody else get just a blank white screen when going to ABC News' website? Every time I click on an article of theirs (or just try to go directly to their site), that's all I get and it's the only website that does that.

Google Chrome issue perhaps?


I just asked that question myself-- you confirmed it for me. Yeah, it must just be Chrome-- the IE add-on works, though: Link
 
2012-06-22 01:47:28 PM  
Those gold-hoarding morons have only doubled their money. Asshats.

Solyndra stock -- now THAT was the way to go.
 
2012-06-22 01:47:52 PM  

asmodeusazarak: if you are burglarized gold is the first thing they look for. Luckily I didn't have much, but between the fact that it makes you a target for theft and the fact that when it comes down to it you still can't eat it, I'd rather own land, which I can grow food on than horde gold no matter how paranoid I may get.


Exactly. You really want to prepare for doomsday? Get enough land to feed you and yours, make sure you have clean water supplies, and stockpile as many seed varities as you can, lead, and gunpowder, (or better yet, learn how to make your own from scratch -if your land has sulfur and a bat-filled cave on it, you're golden).

Don't worry so much about brass, there will come a time when people will gladly trade you their beautiful shiny semi-autos for a Home-made Muzzle-loader and a bag full of balls and a horn of powder

Other than that, take a tip from the pre-holocaust Jews in Europe. If You are anticipating that you may have the need to pack up everything and run on a moment's notice, the easiest thing to pack is the knowledge in your head (medicine or a practical trade being best) and next on the list are gems, particularly diamonds (uncut ones look like nothing more than dull rocks tot he untrained eye
 
2012-06-22 01:48:50 PM  

cig-mkr: Serious question. Let's say the bovine feces did hit the air handler, if you have gold, how does one barter for goods and services ? Go shopping for food, gas or whatever, do you scrape so many grams of gold to pay the tab? If printed money isn't worth anything the only thing worth a damn would be goods to barter with, IE beer, cigarettes, bullets, seeds and the like.
/ serious


That's what I have gathered from most post apocalypse movies. You barter with alcohol, cigarettes, chocolate, sex, and weapons.
 
2012-06-22 01:50:01 PM  

JohnBigBootay: If, as they say, the shiat really does hit the fan and we have a global economic collapse and martial law and runs on banks, etc. Just why the hell do people think gold is going to be worth two shiats?


Ayn Rand told them so. There are other reasons they believe it. But this is the main one which provides what passes (to them) as the intellectual underpinnings of all the others.
 
2012-06-22 01:50:14 PM  
Under the terms of the settlement, Goldline is required to pay out an additional $800,000 into a fund towards settling any future gold fraud claims

WTF? Ok, so everyone involved acknowledges that:
1. Customers were ripped off.
2. They are entitled to some amount of money in return.

So... why not force them to mail a check to every customer? This is the year 2012! We have computer records of purchases.
 
2012-06-22 01:51:08 PM  
But the question remains: How can consumers protect themselves from gold fraud?

Start by cutting back on the Glenn Beck, and allow time for brain cells to regrow.
 
2012-06-22 01:51:32 PM  

ImpendingCynic: I'm not defending this company, but if you're "investing" in gold and spend more than spot + $10-20 per coin, you're a complete and total idiot. Doing it after gold already increased five fold in as many years - even more so.


What they were doing were selling collectible coins at collector's values. But, the melt price was a fraction (about half it seems) of the collector value. Nothing wrong with selling collectors coins at collectors values, but purporting it to be worth $X of gold is shady.
 
2012-06-22 01:51:36 PM  
NOW you tell me after I converted my IRA to Gold because I listened to some crackpot scheme that's constantly advertised on XM Radio...dang.
 
2012-06-22 01:53:59 PM  

cig-mkr: Serious question. Let's say the bovine feces did hit the air handler, if you have gold, how does one barter for goods and services ? Go shopping for food, gas or whatever, do you scrape so many grams of gold to pay the tab? If printed money isn't worth anything the only thing worth a damn would be goods to barter with, IE beer, cigarettes, bullets, seeds and the like.
/ serious


Heard a story on NPR about what amounted to a Ren-Fair for end of the world and libertarian types where all goods and services at the event were tranacted on a barter or gold-only basis. One guy's "job" was basically to sell you gold and/or weigh the gold you brought with you, and then marking it's weight on the back of the coin sleeve or evenvelope with his stamp to verify it's weight. You could then either go around and trade the gold itself or leave the gold with him and tear off piece of his "recipet" to pay vendors

I don't think it ever occured to this proud libertarian that he'd basically just replicated, on a smaller scale, the functionof the Federal Reserve.
 
2012-06-22 01:54:32 PM  

Honest Bender: Under the terms of the settlement, Goldline is required to pay out an additional $800,000 into a fund towards settling any future gold fraud claims

WTF? Ok, so everyone involved acknowledges that:
1. Customers were ripped off.
2. They are entitled to some amount of money in return.

So... why not force them to mail a check to every customer? This is the year 2012! We have computer records of purchases.


Because they can't mail a check to every customer. What they should do is offer to buy back the coins at the value at which they sold.

The coins they were selling had three different values associated with them:
1) Face value
2) Melt value
3) Collector value

It's like saying you got ripped off buying a picasso for a few million because the canvas is only worth $50. Where these shisters were doing were selling picasso's to people at picasso prices, but saying "oh, you could repaint that canvas if you want". Of course if you do that, your picasso is only worth the canvas it was painted on.
 
2012-06-22 01:54:40 PM  
I just can't bring myself to buy at that kind of high.

img.thisismoney.co.uk
 
2012-06-22 01:55:37 PM  

Raoul Eaton: But the question remains: How can consumers protect themselves from gold fraud?

Start by cutting back on the Glenn Beck, and allow time for brain cells to regrow.


Or buy SPDR Gold Shares Trust (GLD)

GLD
 
2012-06-22 01:59:37 PM  

kidgenius: ImpendingCynic: I'm not defending this company, but if you're "investing" in gold and spend more than spot + $10-20 per coin, you're a complete and total idiot. Doing it after gold already increased five fold in as many years - even more so.

What they were doing were selling collectible coins at collector's values. But, the melt price was a fraction (about half it seems) of the collector value. Nothing wrong with selling collectors coins at collectors values, but purporting it to be worth $X of gold is shady.


That's my point: if you're trying to invest in gold - not collectible coins, but gold - then you're crazy to pay those prices.

The shucksters weren't duping people into the wisdom of investing in mint issues. They were convincing them to invest in gold, and coins is a terrible way to do that unless you pay near spot.

And all that assumes that investing in gold at $1800/oz was the least bit intelligent, which it wasn't.
 
2012-06-22 02:01:30 PM  
Been my observation that gold bugs are Ayn Rand "free market" fanatics. I've also noticed that they're paranoid mental cases. This is an example of free market operating without any regulation. So what are they complaining about?

/Morans
/Got what they deserved
 
2012-06-22 02:03:02 PM  

Pantubo: Those gold-hoarding morons have only doubled their money. Asshats.

Solyndra stock -- now THAT was the way to go.


If the gold they bought from Goldline doubled in value, then, congratulations, they've managed to make back the money they lost on the sale.
 
2012-06-22 02:04:08 PM  
Meh. Gold hoarding seems pretty stupid to me, but I suppose when the apocalypse comes and the gold hoarders are able to still buy stuff at Walmart I won't be laughing anymore.
 
2012-06-22 02:06:10 PM  

Jument: Meh. Gold hoarding seems pretty stupid to me, but I suppose when the apocalypse comes and the gold hoarders are able to still buy stuff at Walmart I won't be laughing anymore.


Ramen noddles for $6.00 a pop? but my celeries only $1 cent
 
2012-06-22 02:06:19 PM  

Wise_Guy: Nasty_McFilth: Does anybody else get just a blank white screen when going to ABC News' website? Every time I click on an article of theirs (or just try to go directly to their site), that's all I get and it's the only website that does that.

Google Chrome issue perhaps?

I just asked that question myself-- you confirmed it for me. Yeah, it must just be Chrome-- the IE add-on works, though: Link


I have plain vanilla install of chrome and the link opened with no issues
 
2012-06-22 02:08:46 PM  

xynix: Buy an "investement" that everyone is buying? Not an investment.


The stupid wife of one of my former co-workers spent thousands on Beanie Babies, convinced they'd be high value collectibles some day. He was pretty stupid himself.

I wonder if any FI's who may have "invested" with Goldline will come in to white knight them (and Beck, by proxy)?

/Keeping all my gold scraps till I can take a jewelry class and make a biatchin' gold nugget ring.
 
2012-06-22 02:09:27 PM  
The stockpiling of gold (and other commodities) is basically a hedge against inflation. Those who are buying gold expect inflation, so they invest in it because they believe that down the road it'll be worth more relative to currencies that have lost value due to inflation.

What's going on now is basically a transfer of gold from poor people who are selling off their gold through things like cash-4-gold to richer people who do not trust stocks, bonds, or cash and think gold is a safe investment and buy it through things like goldline. The overall savings rate right now is pretty high, so there actually is a lot of money for people to put into gold and that's part of the reason for why we've seen such a large price increase over the years.

In a barter economy gold will be worthless but gold will come to the fore again as the exceptional money that it is, for several reasons:
1. It is durable - it doesn't corrode.
2. It is divisible and homogenous - you can break it up into smaller amounts of money.
3. It is easily recognisable - hard to counterfeit.
4. It has a stable supply because it is hard to get out of the ground.
5. It is portable.
Now, it's not perfect, but these qualities make it the obvious choice for when currency (a medium of exchange) appears after a barter economy.
www.bullionstreet.com
 
2012-06-22 02:09:49 PM  

Magorn: cig-mkr: Serious question. Let's say the bovine feces did hit the air handler, if you have gold, how does one barter for goods and services ? Go shopping for food, gas or whatever, do you scrape so many grams of gold to pay the tab? If printed money isn't worth anything the only thing worth a damn would be goods to barter with, IE beer, cigarettes, bullets, seeds and the like.
/ serious

Heard a story on NPR about what amounted to a Ren-Fair for end of the world and libertarian types where all goods and services at the event were tranacted on a barter or gold-only basis. One guy's "job" was basically to sell you gold and/or weigh the gold you brought with you, and then marking it's weight on the back of the coin sleeve or evenvelope with his stamp to verify it's weight. You could then either go around and trade the gold itself or leave the gold with him and tear off piece of his "recipet" to pay vendors

I don't think it ever occured to this proud libertarian that he'd basically just replicated, on a smaller scale, the functionof the Federal Reserve.



Yeah, no unscrupulous individuals could ever cheat that system of economy.

johnnywestmusic.files.wordpress.com
 
2012-06-22 02:10:56 PM  

maxximillian: Wise_Guy: Nasty_McFilth: Does anybody else get just a blank white screen when going to ABC News' website? Every time I click on an article of theirs (or just try to go directly to their site), that's all I get and it's the only website that does that.

Google Chrome issue perhaps?

I just asked that question myself-- you confirmed it for me. Yeah, it must just be Chrome-- the IE add-on works, though: Link

I have plain vanilla install of chrome and the link opened with no issues


My chrome has been loading up abc news as blank for the last few weeks too. Though today, it seemed to work.
 
2012-06-22 02:11:56 PM  

Magorn: Ahh another good old application of American Blind Justice:


And there wasn't nothing he could do about it, and the
judge wasn't going to look at the twenty seven eight-by-ten colour glossy
pictures with the circles and arrows and a paragraph on the back of each
one explaining what each one was to be used as evidence against us.
 
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