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View Diary: Glenn Beck-touted Goldline charged in criminal complaint (115 comments)

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  •  I am pretty sure I heard the same (7+ / 0-)

    ads on Ed Schultz, Stephanie Miller, and Thom Hartmann.

    Maybe the company was different, but I think it may be a bad idea to try to catch Beck on this one.  His idiocy is much broader than this scheme...

    "But once John Boehner is sworn in as Speaker, then he’s going to have responsibilities to govern. You can’t just stand on the sidelines and be a bomb thrower." - President Obama, 12-07-2010

    by justmy2 on Wed Nov 02, 2011 at 08:34:27 AM PDT

    •  Different Company, Capital Gold Group (4+ / 0-)

      The ad I hear a thousand times a day seems to always mention gold coins.

      Now, I presumed that that was a ripoff, but this particular outfit doesn't seem to be doing bait and switch so much as selling a bogus "investment."

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Wed Nov 02, 2011 at 08:38:57 AM PDT

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    •  Wrong... (10+ / 0-)

      ..Beck has a whole snake-oil salesman stand up comedy routine he does about the magnificence of gold.

      Plus Ed Schultz, Stephanie Miller, and Thom Hartmann do not tell their audience that paper money will be worthless in a month so you better buy gold if you want to possess some valid legal tender.

      When Fascism comes to America it will be wrapped in excess body fat and carrying a misspelled sign.

      by wyvern on Wed Nov 02, 2011 at 08:40:03 AM PDT

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      •  Different audience -- different pitch (1+ / 0-)
        Recommended by:
        Jay C

        I've got to believe that Thom Hartmann's audience is at least a little more rational than Beck's and therefore wouldn't respond well to an arm waving, mouth frothing Trouble In River City sales hook.

        His direct sell is along the lines of

        "I own gold, what about you?"
        "What if you told your friends you own gold. Would they think you're afraid of the future, or planning for it ?"
         

        It's a subtler.   The Shark remains unjumped. I'll give him that.  Whereas, of course, Glenn Beck  holds many International records for shark jumping.

        But "subtler" isn't the same as "different".

        The pitch is still "own gold" and the product is still retail-priced numismatics.   And the fact is, there are any number of gold trading companies "out there" who will sell $10,000 "unreported" lots of bullion coins without collecting sales tax ... and will (quite legally) buy back such coins without reporting the transaction to the IRS.

        These companies are working on about a 4% margin ... selling at 2% over "spot" and buying at  2% below.

        As raptavio points out ... gold has a place in the portfolios of people lucky enough to have portfolios.  Basically: if Credit Union 3 year CDs are paying under 2%, and real inflation is closer to 3 ... then there's some point to a a buy-and-hold strategy with bullion coins or really, really low grade numismatic "slugs." -- unless, of course, gold itself has been driven into bubble prices by right wing fear talk and radio advertising.

    •  So now you find Ed Schultz, Stephanie Miller (5+ / 0-)

      and Thom Hartmann saying this.  KAY

      . . . from Julie, Julia. "Oh, well. Boo-hoo. Now what?"

      by 88kathy on Wed Nov 02, 2011 at 08:42:57 AM PDT

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    •  And there are similar ads (1+ / 0-)
      Recommended by:
      TomP

      all over Sirius/XM radio shows.

      Tons of them. They usually do say gold coins though, not just gold. But there are a few that say you can change your IRAs to gold - no clue what those are or how they work.

      They are stupid, stupid commercials.

    •  Goldline does not advertise (4+ / 0-)
      Recommended by:
      mmacdDE, Pinto Pony, TomP, spacecadet1

      on any of those shows.

      Selling gold isn't the problem -- it makes sense as part of a diverse investment portfolio. Selling gold at huge markups through bait and switch tactics is the problem.

      We have just enough religion to make us hate, but not enough to make us love one another. -- Jonathan Swift

      by raptavio on Wed Nov 02, 2011 at 08:48:33 AM PDT

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    •  Completely different deal (9+ / 0-)

      Those companies sell gold bullion and gold bullion coins such as American Eagles, Canadian Maple leafs, Austrian Philharmonics and Krugerrands. It is sold at the spot price of gold plus a small premium.

      Goldline brings in people with the promise of bullion sales, but then frightens them into thinking Obama will confiscate their gold just like FDR and the only way to protect their gold is to buy "collectable" coins which will be exempt from the confiscation, just like in 1933.

      Then they sell them foreign "collectable" gold coins, usually French "Lucky Angles" for more than twice the spot price of gold.

      This is so wrong on so many levels but it is not the same as reputable gold dealers, of which there are many.

      "Who is John Galt?" A two dimensional character in a third rate novel.

      by Inventor on Wed Nov 02, 2011 at 09:05:14 AM PDT

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