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gold coins
I once invested in chocolate coins.
It didn't go well.
Well, there's a shock. It seems that this gold-touting company that used Glenn Beck and other conservatives to promote their products might, in the words of investigators, have been "a bait and switch operation."
Goldline, a company that used endorsements from Glenn Beck and other conservative icons to sell hundreds of millions of dollars to consumers, has been charged with theft and fraud in a 19-count criminal complaint filed Tuesday by local officials in California.

The criminal complaint filed Tuesday by the Santa Monica City Attorney's consumer protection unit marks the latest in a series of allegations it has leveled against the gold dealer, which pioneered the practice of weaving its sales pitches into broadcasts by popular conservative political personalities -- including two former presidential candidates -- to sell hundreds of millions of dollars worth of gold every year.

The accusations stem from an alleged company practice of advertising to sell people gold bullion, only to have a salesperson instead then aggressively "flip" those customers to collectable gold coins with a very steep markup price. As in, markups of over fifty percent. As you can imagine, this makes the coins terrible investments, as there's little probability the buyers will ever be able to sell the coins for anywhere near what they paid for them.

So here's the apparent deal. Glenn Beck gets his audience all worked up about whatever the latest apocalypse is. Everything is doomed he says, America is going down the crapper, there's going to be race riots and communism and people will be celebrating Cinco de Mayo openly in the streets, and your atheist lesbian neighbors will be assigned to the local Obama death panel charged with disposing of you, and the only thing you can do about it is go, right now, and by some sweet, sweet gold. That'll at least let you barter for food and ammunition with other conservatives as you all hide from the packs of roving zombie Marxists.

The conservative audience, now suitably freaked out about their economic prospects in this imminent Mad Maxian dystopia full of wealth redistribution and non-functional ATM machines, obediently calls the number to buy some gold. Instead of "investing" in anything, though, much less preparing themselves for Commiegeddon, it turns out they're paying much-inflated prices based not on the going price of gold, but on the far more arbitrary "collectable" value of some coins. They're potentially out thousands of dollars, Glenn Beck gets paid, and everyone in the company goes home happy that night.

Yeah, go figure.

Accusations against this company have been circulating for quite some time, but it will be interesting to see where this goes now that a criminal complaint has been filed. There's no crime in convincing people to make bad investment decisions: the complaint, however, alleges fraud. If nothing else perhaps it serves as warning: do not get your investment advice from television commercials. For that matter, do not get your investment advice from conservative pundits, either. Neither makes money because they have your best interests in mind.

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Comment Preferences

  •  The real question is (14+ / 0-)

    "What did Beck know, and when did he know it?"

    •  Nope (7+ / 0-)

      Question: "Why was he pushing this companies product so hard and why were other prominent so called GOPers, grifters, doin same?"!!

      CCR:"If you're a torturer, be careful in your travel plans. It's a slow process for accountability, but we keep going."

      by jimstaro on Wed Nov 02, 2011 at 08:41:21 AM PDT

      [ Parent ]

    •  That's a trick question ! (6+ / 0-)

      Anybody who has ever listened to him will attest that he knows nothing .

      "Drop the name-calling." Meteor Blades 2/4/11

      by indycam on Wed Nov 02, 2011 at 08:51:20 AM PDT

      [ Parent ]

    •  Meh, a fool and his money... (2+ / 0-)
      Recommended by:
      happymisanthropy, msmacgyver

      are easily parted. If not this, something else.

      Which brings me to another point. If you're the kind of person who "invests" in "collectible" gold coins, I don't think society should have to support you when you lose all of your money.

      The obvious answers are wrong. That's why we aren't doing them already.

      by atheistben on Wed Nov 02, 2011 at 09:10:37 AM PDT

      [ Parent ]

    •  Don't buy Gold from those who advertise (3+ / 0-)
      Recommended by:
      Hunter, tuma, spacecadet1

      It does not matter if they advertise on right or left wing media or on cable TV.

      Companies that advertise to sell gold have a high cost of selling for a high volume commodity - and will either have a high markup or go out of business.  The cost of advertising, talking to a sales person, etc, are just too high to allow a small markup.

      If you want to buy gold, buy the gold ETF - GLD in a stock broker account, which essentially has little or no markup and is easy to hold, buy and sell.  If you feel the need for physical gold, go to your local coin shop but be aware of what the market price is for the coins or bars you wish to buy.  Look at the buy vs sell price, if the spread is more than 3% don't buy.

      I wince whenever I hear Hartmann or Ed Schultz sell their voice to advertisers selling gold.  In effect they are giving investment advice that they are not qualified to give, and are saying whatever they are saying for the advertising fee.  It is one thing to sell a bar of soap, it is another when it comes to investing retirement or college funds.

      I don't advocate or discourage investments in gold.

      The most important way to protect the environment is not to have more than one child.

      by nextstep on Wed Nov 02, 2011 at 09:53:06 AM PDT

      [ Parent ]

  •  more like bait and twitch. glenn's pauses are (8+ / 0-)

    getting longer and longer as he s-l-o-w-l-y dissembles into a pile of tiny babbling molecule sized pin heads. his fade into obscurity is one of the blessings i count instead of sheep.

    •  meh (2+ / 0-)
      Recommended by:
      happymisanthropy, PSzymeczek

      He crying all the way to his vault bomb shelter .

      What about my Daughter's future?

      by koNko on Wed Nov 02, 2011 at 08:39:11 AM PDT

      [ Parent ]

      •  No, bank. (2+ / 0-)
        Recommended by:
        happymisanthropy, koNko

        Don't think for a minute Beck believes his own bullshit.

        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 08:47:36 AM PDT

        [ Parent ]

        •  He has to have (1+ / 0-)
          Recommended by:
          koNko

          a bomb shelter - he's crazy, but he is paranoid enough to believe we are out to get him.

          Which is just another sign of irrationality.  

          I am not religious, and did NOT say I enjoyed sects.

          by trumpeter on Wed Nov 02, 2011 at 09:20:38 AM PDT

          [ Parent ]

          •  No he's not. (0+ / 0-)

            He's happy to play someone who is, though.

            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 10:02:06 AM PDT

            [ Parent ]

            •  Show me evidence. (0+ / 0-)

              Everything I have seen shows significant mental instability.

              I am not religious, and did NOT say I enjoyed sects.

              by trumpeter on Wed Nov 02, 2011 at 10:12:20 AM PDT

              [ Parent ]

              •  And everything you've seen (0+ / 0-)

                is Beck's public persona.

                What evidence do you have that his private persona is the same?

                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 10:15:15 AM PDT

                [ Parent ]

              •  Everything I've seen shows (1+ / 0-)
                Recommended by:
                raptavio

                an Elmer Gantry style act. You may dislike him strongly (as I do), and it may be easier to see him as mentally undesirable as a result, but the fact is that he's a grifter first and foremost. He's even said so in interviews.

                "A man doesn't save a century, or a civilization, but a militant party wedded to a principle can." - Adlai E. Stevenson

                by Zutroy on Wed Nov 02, 2011 at 10:35:36 AM PDT

                [ Parent ]

                •  I tend to separate people on the Right (1+ / 0-)
                  Recommended by:
                  dfe

                  into people I suspect are playing characters vs. those I think are true believers.

                  Beck and Coulter are two examples of the former. They show a pattern of calculation - to stoke their base, to generate controversy, and to keep themselves talked about in the media. Sarah Palin's another one.

                  Whereas others, like Michelle Malkin, Michele Bachmann, Rick Santorum, Bill O'Reilly -- they seem to believe their own spew. They may put some flash on it, play to their audience, but they seem to actually think they're warriors in a battle for the soul of America.

                  Then there are the Hannitys and Limbaughs - those who fall somewhere in between. Perhaps they started out playing characters and came to believe their own nonsense through their popularity and cognitive association, or they started out as sincere warriors who let themselves become more extreme and nonsensical because it made them more popular to do so.

                  Either way, it's pretty fascinating to speculate.

                  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 11:00:07 AM PDT

                  [ Parent ]

        •  He's only in it for the money. (1+ / 0-)
          Recommended by:
          dfe

          He said in an interview a couple of years ago that anyone who takes anything he says as gospel is an idiot.  He'd change sides in a heartbeat if the price were right.

          The way to combat noxious ideas is with other ideas. The way to combat falsehoods is with truth. - William O. Douglas

          by PSzymeczek on Wed Nov 02, 2011 at 11:19:17 AM PDT

          [ Parent ]

    •  "one of the blessings I count instead of sheep." (1+ / 0-)
      Recommended by:
      singe

      Mmmm...almost-seasonable Ray Coniff earworms!

      A nation of sheep will beget a government of wolves. - Edward R. Murrow

      by jayjaybear on Wed Nov 02, 2011 at 08:49:39 AM PDT

      [ Parent ]

      •  hey mombo, mombo italiano...n/t (2+ / 0-)
        Recommended by:
        Melanie in IA, jayjaybear
        •  Oh, you don't have to chase it away... (1+ / 0-)
          Recommended by:
          singe

          I like Christmas music earworms. The 24-hour Christmas music on the local stations won't start for another 3 weeks (usually on Black Friday), so some early ticklers are appreciated.

          A nation of sheep will beget a government of wolves. - Edward R. Murrow

          by jayjaybear on Wed Nov 02, 2011 at 09:39:21 AM PDT

          [ Parent ]

          •  I dread (1+ / 0-)
            Recommended by:
            jayjaybear

            the annual 24/7 month-long assault on my ears of Holiday Dreck, with the exception of the Bob Rivers parodies.

            The way to combat noxious ideas is with other ideas. The way to combat falsehoods is with truth. - William O. Douglas

            by PSzymeczek on Wed Nov 02, 2011 at 11:22:17 AM PDT

            [ Parent ]

            •  I rec'ed, even though I LOVE the whole damn (1+ / 0-)
              Recommended by:
              singe

              ball of spangly, sparkly kitsch! My partner has at least two weeks per year where he wants to stuff me headfirst into the trunk of the car because I insist that the radio remain on the 24/7 Christmas station from Black Friday to New Years.

              The funny thing is that I absolutely don't listen to Christmas music at any other time of the year, so it's not like it's a constant obsession...just in season!

              A nation of sheep will beget a government of wolves. - Edward R. Murrow

              by jayjaybear on Wed Nov 02, 2011 at 11:24:40 AM PDT

              [ Parent ]

              •  When I lived in the Charleston area, (1+ / 0-)
                Recommended by:
                jayjaybear

                one station started it on November 1 and ran it through December 25.  I called the programming manager, who was a friend of mine, and asked him whose in Hades idea that was, and that it was especially cruel to people with severe depression.

                The way to combat noxious ideas is with other ideas. The way to combat falsehoods is with truth. - William O. Douglas

                by PSzymeczek on Wed Nov 02, 2011 at 11:29:20 AM PDT

                [ Parent ]

              •  so then you are a soldier in the war on the war on (0+ / 0-)

                christmas and your partner is afraid you will both be taken hostage by soldiers fighting the war on christmas and be forced to listen to sound tracks of ravi shankar music 24/7 right through the entire yuletide season ...which raises the question (not really but i like the question) of where do the islamofacists and zionistofacists stand on these wars? are they on the sidelines or are they egging each side much as junior high school kids do on halloween? but i do digress don't i...

          •  i love the war on christmas as well as the war on (0+ / 0-)

            the war on christmas.

      •  Very (1+ / 0-)
        Recommended by:
        jayjaybear

        Irving Berlin-esque.

        The way to combat noxious ideas is with other ideas. The way to combat falsehoods is with truth. - William O. Douglas

        by PSzymeczek on Wed Nov 02, 2011 at 11:20:34 AM PDT

        [ Parent ]

    •  add mama Palin to that fading world... (1+ / 0-)
      Recommended by:
      singe

      what a blessing....

      "When fascism comes to America, it will be wrapped in a flag and carrying a cross." Sinclair Lewis, 1935 --Talk of foresight--

      by tuma on Wed Nov 02, 2011 at 11:54:55 AM PDT

      [ Parent ]

  •  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

      [ Parent ]

    •  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

      [ Parent ]

      •  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

      [ Parent ]

    •  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

      [ Parent ]

    •  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

      [ Parent ]

  •  Glenn Beck clearly (5+ / 0-)

    is the victim of a liberal conspiracy to destroy his reputation. Why do Goldline's accusers hate America?

    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 08:34:35 AM PDT

  •  Hilarious Diary. "Commiegeddon", LOL. (10+ / 0-)

    If Kasich says State Troopers are assholes, What does that make me?

    by buckshot face on Wed Nov 02, 2011 at 08:35:16 AM PDT

  •  It is writing like this that makes me LOVE Hunter (10+ / 0-)
    So here's the apparent deal. Glenn Beck gets his audience all worked up about whatever the latest apocalypse is. Everything is doomed he says, America is going down the crapper, there's going to be race riots and communism and people will be celebrating Cinco de Mayo openly in the streets, and your atheist lesbian neighbors will be assigned to the local Obama death panel charged with disposing of you, and the only thing you can do about it is go, right now, and by some sweet, sweet gold. That'll at least let you barter for food and ammunition with other conservatives as you all hide from the packs of roving zombie Marxists.
    Nails it!

    "The Internet is the Public Square of the 21st Century"- Sen. Al Franken

    by Kdoug on Wed Nov 02, 2011 at 08:36:02 AM PDT

    •  Beck isn't at fault (3+ / 0-)
      Recommended by:
      blackjackal, mattc129, pdknz

      Unfortunately preying on the ideologically rigid stupidity of the right wing in this country can be very very profitable.

      The best example is Evangelical Christianity Mega Churches.

      •  That's the ultimate risk-free investment (1+ / 0-)
        Recommended by:
        Inspector Javert

        (from the seller's side, anyway). Make absolutely no claims that could possibly be investigated. Promise all the good stuff only after the mark convert passes that one-way portal called Death.

        Easy as pi (which equals 3 in this scam's rulebook). No indignant victims. No indignant victims' families (because most of them believe in the con, too). No chance of actually being prosecuted as long as you stuck to the rules of the con, since the very society you live in is almost fully invested in the con itself.

        God-hawkers pretty much hold Most-Favored-Swindler status in the USA (and much of the Western hegemony).

        A nation of sheep will beget a government of wolves. - Edward R. Murrow

        by jayjaybear on Wed Nov 02, 2011 at 08:54:59 AM PDT

        [ Parent ]

  •  This whole thing (0+ / 0-)

    Reminds me of the director's cut of Sin City.

    Gold is the color of rank, murderous, perverts and Glenn Beck.

    Mere coincidence?

    What about my Daughter's future?

    by koNko on Wed Nov 02, 2011 at 08:37:15 AM PDT

  •  I don't get this: (0+ / 0-)
    There's no crime in convincing people to make bad investment decisions

    How is this not a crime? And why couldn't/shouldn't we make it a crime?

    Ds see human suffering and wonder what they can do to relieve it. Rs see human suffering and wonder how they can profit from it.

    by JTinDC on Wed Nov 02, 2011 at 08:38:30 AM PDT

  •  Gosh Hunter.....What is it about 'fleecing the (1+ / 0-)
    Recommended by:
    happymisanthropy

    flock' that you don't understand?.....Lessee, we got 'free market capitalism'.....'free speech'....'a sucker is born every minute'......'you can trust me'.....'get off my lawn ya damn hippie'....etc

  •  Here's a good beck headshot (3+ / 0-)
    Recommended by:
    dull knife, Amber6541, tuma

    To use as this evolves:

    CCR:"If you're a torturer, be careful in your travel plans. It's a slow process for accountability, but we keep going."

    by jimstaro on Wed Nov 02, 2011 at 08:39:36 AM PDT

  •  Hey, wasn't Rick Perry just promoting gold (5+ / 0-)

    ownership in his delusional rant over the weekend?

    The vortex of GOP suck just keeps getting bigger and bigger.

  •  Hey! It's the Free Market! (4+ / 0-)

    All of a sudden, these wingnut rubes want government help getting their money back?

    Fuck 'em.

    Ideology is an excuse to ignore common sense.

    by Bush Bites on Wed Nov 02, 2011 at 08:40:36 AM PDT

  •  I have a friend - casual acquaintance, really (5+ / 0-)
    Recommended by:
    Bush Bites, Amber6541, mattc129, mmacdDE, TomP

    Who bought into the "financial armageddon is coming" bullshit a few months ago when the debt ceiling fiasco was going down.

    The last time I saw her, she was frantically running around, trying to buy silver... because she couldn't afford gold. And she's not a wealthy person by any means.

    I recall saying something like "You really think owning some shiny pieces of metal will save you if our economy melts down?"

    She didn't reply but I could sense the wheels of cognitive dissonance whirling around in her head.

    This ain't no party. This ain't no disco. This ain't no foolin' around!

    by Snud on Wed Nov 02, 2011 at 08:40:39 AM PDT

    •  But......they're shiny! (5+ / 0-)

      That has to be good, right?

      Ideology is an excuse to ignore common sense.

      by Bush Bites on Wed Nov 02, 2011 at 08:41:46 AM PDT

      [ Parent ]

    •  That's always been my sense (7+ / 0-)

      too.

      Everybody is cold and hungry, and they're going to trade what food they have left for... some shiny pieces of metal?

      Really? I would think you'd be better off with some firewood, tools, batteries, lanterns, canned goods, can openers, beef jerky...

      Anything that would be useful. Gold's not useful. Not in a real disaster.

      Think about it. After an earthquake, people don't go around trading their food and water for gold. People don't start looking for valuables until AFTER they've got some food and they know help is coming.

      •  PM's are about PRESERVATION of 'wealth' (0+ / 0-)

        In case you haven't noticed your $US is losing buying power rapidly.  It's worth half today what it was in 2000 and will be worth half again as much in another 5 years.

        The Fed has a DELIBERATE policy of inflation - and lies like mad about by understating the actual rate with bogus CPI numbers.  If you buy food you KNOW that inflation is far higher than the official numbers.  LBJ demonetized US coinage - reducing silver content (in fact a crime of debasement punishable by death according to US law).  That old 90% silver quarter is now worth $6.17 for its metal value - and an old all copper penny is worth 2.36 cents today.

        Something is VERY WRONG when a country's metal coins are worth more for their metal value than their monetary value - reducing the value of the metal in coinage is a form of currency DEBASEMENT and has been viewed as a crime for thousands of years.  This is a sign that a government is FAILING to preserve the buying power of its money.

        The house my grandparents paid $12,000 for in the 1940's  cost my parents $29,000 in the 1960's and sold for over $500,000 not too long ago.  ( Incomes have not gone up at a comparable pace so none of the 'everything has gone up nonsense).  They buying power of our money has gone DOWN.

        Any country that has been through severe episodes of inflation has seen savings become worthless.  Weimar was an extreme example but we have seen severe inflation in Argentina, Brazil, Russia, Yugoslavia and Zimbabwe - all due to government printing and excessive debt.

        There is NO other currency large enough in circulation at this point to accommodate demand for a 'safe haven'.  The Swiss deliberately devalued their money by linking it to the Euro because the increase in value (from safe haven buying) was killing exports.  When Yugoslavia fell apart and their money hyperinflated the german Mark was the preferred 'safe' medium of exchange and savings.  There is NO place large enough to meet safe haven demand for the $US and Euro.  

        And yes, in a real melt-down you will be bartering for food and ammo, what do yo do in the long run?  A few years down the road what will still be worth SOMETHING?

        That hoard of gold and silver found buried in Britain a couple thousand years back would still be worth something for its metal content even if not for its artistic value.  

        Forty-fifty years ago it was common for anyone with a portfolio of investments to have 5-10% invested in gold or gold mining stocks as protection against loss of wealth.  Now few people do so and those wanting to do so are steered into GLD and other ETF's which are 'paper' holdings and may themselves turn out to be holding only borrowed metal.  Coincidentally, these EYTF's are managed by soem of the largest SHORT sellers of PM's on CCOMEX markets.

        Gold may be a 'barbaric relic' but its one that has been viewed as 'real' money having 'real' value for thousands of years.   When millions of Marks wouldn't buy you a loaf of bread one gold coing could buy you a hotel.  In Zimbabwe, people pan for gold to buy food - a pinch of gold dust is now worth more than hundreds of trillions of now worthless Zimbabwe dollars.  And while you may not be able to eat gold or silver there may very well come a time when your $US100 won't buy you a loaf of bread.  

        I don't see the $US hyperinflating - that would mean a true worldwide economic collapse but the erosion in buying power is continuous and increasing.  

        China, Russia and other nations have been INCREASING their holdings of gold and reducing their holdings of $US denominated debt.

        Ironically, even those scammed by Goldline and others may end up breaking even in the long run while those holding T-Bills may lose their shirts.  

        And while we saw a recent slam down in PM prices I suspect that was an attempt to keep paper money looking better and was only a limited duration event.   The Silver Eagles I gave to my son and friends for HS graduation  is still worth double what I paid (and he has yet to finish college).

        The few gold proofs I bought years back are the best performing 'investments' I ever made while the PM part of my portfolio has outperformed any other holdings.  Energy and commodities are other long term safe havens as well.

        And silver may have far better upside than gold as it is consumed in industrial applications - less now exists in unmined form than 20 or 50 years ago while usage has increased.

        Given the folly of governments increasing money supplies to unheard of levels - adding more debt onto debt, I think it wise to have some of my savings in a 'safe haven' - and so far that part of my portfolio has performed far better than any other.

        'Liberals' believe in government and don't seem to think it could ever turn on them or destroy itself.  They are optimistic - too much so in my opinion.  Conservatives fear what government can do - and are paranoid that government will do the WRONG thing - be it in taking away their rights or destroying their hard earned savings.

        History has shown there is valid fear - best to be prepared.  

        Sadly I suspect the 'survivalists' deep in Idaho or wherever may just be on to something.  

        Progressives may find themselves broke, hungry and outgunned if they believe it could never happen here.... it IS happening in case you haven't noticed.

        Your savings are losing value, food is getting more and more expensive and unemployment is at Great Depression levels.  The Democrats are as bad as the Repubs at using smoke and mirrors.... we're not seeing REAL progress on any of these issues (and it doesn't matter whose to blame).  

        I think it wise to prepare for the worst even if hoping fervently it never occurs.

        Life isn't fair but you should try to leave it fairer than you found it.

        by xrepub on Wed Nov 02, 2011 at 11:54:08 AM PDT

        [ Parent ]

    •  I've always wondered the same thing (3+ / 0-)
      Recommended by:
      TomP, Snud, happymisanthropy

      I mean -- gold does actually have a number of valuable industrial uses; it's highly conductive, doesn't rust or tarnish, etc -- so it's more than just shiny....

      But if the libergeddon that so many of these jokers predict does befall us, those industrial uses aren't all that valuable either.

      I mean, gold makes a relatively poor spearhead compared to other easier to obtain metals and it's not like you can eat it.

      Full Disclosure: I am an unpaid shill for every paranoid delusion that lurks under your bed - but more than willing to cash any checks sent my way

      by zonk on Wed Nov 02, 2011 at 08:57:19 AM PDT

      [ Parent ]

  •  Obligatory (9+ / 0-)

    I, for one, welcome our new atheist, lesbian, Marxist zombie, Obama death panel overlords.

    It is a mistake to think you can solve any major problems just with potatoes. ~~ Douglas Adams

    by Remillard on Wed Nov 02, 2011 at 08:41:19 AM PDT

  •  Please tell me... (4+ / 0-)

    Ron Paul had also been pimping Goldline.  Because these Ron Paul fans I know keep talking about switching to the gold standard as the answer to our problems, and how Ron Paul's so smart to be investing in gold.

  •  Why would they take your worthless dollars (4+ / 0-)

    for their precious gold, I always wondered.

    I always took Beck's statement "gold isn't right for everybody, investigate it before you buy" seriously, and simply didn't consider calling Goldline at all.

    But then I'm "exceptional", I guess. lol.

    Moderation in most things.

    by billmosby on Wed Nov 02, 2011 at 08:42:48 AM PDT

  •  "bait and switch". Just like some of the (1+ / 0-)
    Recommended by:
    Amber6541

    people who got ripped off in subprime home loans. I see a pattern here.

    "It's not enough to acknowledge privilege. You have to resist." -soothsayer

    by GenXangster on Wed Nov 02, 2011 at 08:43:08 AM PDT

  •  Bumper sticker? (5+ / 0-)
    Recommended by:
    Amber6541, Dbug, JeffW, indycam, skyounkin

    Ask your financial advisor if advice from a TV commercial is right for you.

  •  Funny thing (3+ / 0-)
    Recommended by:
    blackjackal, JeffW, mmacdDE

    The ad on the top of this page is for investing in gold, FreeGoldBooklet.com.

    Also, if it were the end of the world, I'd be more interested in food and clean water first, then shelter, then medicine, then access to the rest of the world through communications and transportation, then .. (a list of about 100 other things) .. then gold. It's just not worth very much when your survival is at stake. Even King Midas eventually found that out.

    Do Pavlov's dogs chase Schroedinger's cat?

    by corwin on Wed Nov 02, 2011 at 08:45:24 AM PDT

  •  Why would we care about this? (2+ / 0-)
    Recommended by:
    blackjackal, Subterranean

    Really?

    Glen Beck Listeners getting shafted by choice?

    So.

    The care of human life and happiness, and not their destruction, is the first and only legitimate object of good government. - Thomas Jefferson

    by ctexrep on Wed Nov 02, 2011 at 08:46:18 AM PDT

  •  "Consumer protection unit" (1+ / 0-)
    Recommended by:
    happymisanthropy

    Sounds socialisticky to me.

    Ideology is an excuse to ignore common sense.

    by Bush Bites on Wed Nov 02, 2011 at 08:46:47 AM PDT

  •  Dude (0+ / 0-)

    That's a rock'n' little photo of the silk box of gold Chinese coins.

    What about my Daughter's future?

    by koNko on Wed Nov 02, 2011 at 08:47:00 AM PDT

  •  I'm rather ashamed (6+ / 0-)

    But I have such shadenfreude over this. All those followers of Beck, suddenly finding themselves deeper into the 99% than the 1%  they thought they were, by buying gold.

    I really hope this gets on Olbermann or MSNBC, since you know FOX is going to be absolutely silent over the whole thing.

    Oh, wait... here's a poll for this article:  how fast FOX will turn on the "irresponsible investors" and condemn the Santa Monica City Attorney's consumer protection unit as socialist?

    "When gratitude replaces judgment, peace spreads through your body, gentleness embraces your soul, wisdom fills your mind." - Neale Donald Walsch

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

  •  Beck viewers are gullible? Damn (4+ / 0-)

    Didn't see that coming

  •  I suppose this is a good thing (2+ / 0-)
    Recommended by:
    88kathy, happymisanthropy

    but I've met a few Glen Beck fans, and it warmed my heart to know that Beck was fleecing them on the cash for gold scam.  

    "When I was an alien, cultures weren't opinions" ~ Kurt Cobain, Territorial Pissings

    by Subterranean on Wed Nov 02, 2011 at 08:49:57 AM PDT

  •  No one could have predicted. (0+ / 0-)

    Didn't see this one coming.

    No one could have predicted that the national display of gullibility by conservative members of the public after 9/11 would ever be taken advantaged of by unscrupulous persons.

    Jesus H on both sides of the toast.

    Go after Goldline, sure.

     But as I sit here scraping by in a lousy economy, the unconscionable part of me reminds myself that I could be living large. Because sure as shinola the largest crop of hayseeds had come down dumbfuck pike in living memory, and there would be pickings for all.

    Wrap your pitch into whatever lingo from dumbfuckinstan you want and watch the money roll in and smartly salute you.

  •  I think it is the overlap... (1+ / 0-)
    Recommended by:
    Subterranean

    ...between conservatives and the elderly. Every conservative radio show or magazine is laden with this garbage. I don't think even Art Bell hocked crap of this questionability.

    I get a couple gun magazines and the NRA magazine, and they are the same way. Dick pills, gold coins, online pharmacies, amazing Stauer treasures discovered by a crack team of divers. Seriously, I think it is because of old people. It is cheaper to just take out an ad than to call them all up individually to trick out of their social security checks.

    •  They do both (0+ / 0-)

      they take out the ads AND they call them up.

      Except the calls are of the anonymous 'please call immediately' and 'this govt program can save you xxx dollars' and 'you've won blah blah blah'

      Get them all the time. Drive me nuts.

  •  These freaking idiots got what they deserved. (0+ / 0-)

    I hope charges are brought up on this sleaze company but the people who lost money- they can suck it.

    They got what they deserved.

    "I'm not scared of anyone or anything, Angie. Isn't that the way life should be?" Jack Hawksmoor

    by skyounkin on Wed Nov 02, 2011 at 08:53:11 AM PDT

  •  Recc'd for the images of mad commies and lesbians (0+ / 0-)

    and "illegals" taking over the nation.

    "...be still, and cry not aloud; for it is an unholy thing to boast over slain men." Odysseus, in Homer's Odyssey

    by Wildthumb on Wed Nov 02, 2011 at 08:55:51 AM PDT

  •  ha ha ha ..Conservative ocn men (0+ / 0-)

    yes they are a diem a dozen..I saw this crap and heard about this fraud   soemhtign like  9 months ago.....

    MJTaylor22--concerned citizen who believes in giving back.

    by mjtaylor22 on Wed Nov 02, 2011 at 08:58:09 AM PDT

  •  This is some background about bullion being bad (3+ / 0-)
    Recommended by:
    Jay C, mmacdDE, Hunter

    investment, just as negative in its own bubble fever as hyperpricing on collectible gold coins.  

    James Brumley who is an investment counselor who claims no position in the metals discussed shows the numbers over the past several years and concludes the runup in gold is entirely on speculative buying.

    Gold has risen from  2001's 300 dollars an ounce to more than 1500 by July this year.  The odd thing is from 70/80% usages in jewelry, 10% in industry including health care, the speculative buying by individuals and governments has risen to over 40% of existing and newly mined stocks. Jewelry and minting coins are now less than 50% of  yearly demand down from the 80%.

    Even India, a very conservative gold buying market for many years was a net seller of gold for the first time in the modern era. Most metals are commodities and used and priced according to the industrial demand. Gold is an anomaly since its pricing depends on the jewelry industry which is fickle, soft and subject to economic forces like people having to eat eat and heat their homes in winter before buying that piece of jewelry.

    Right now, the price is being driven not by the economy in real terms as slowdown using less,  or industrial rebound using more, but by speculation and belief it can only go much higher. It is a classic "bubble" psychology of buying.

    http://www.google.com/...

    If you think that you and a bunch of other people can just show up on Wall St, camp out and have any effect whatsoever, you're dreaming. *YUP!* h/t Hamden Rice

    by BeeDeeS on Wed Nov 02, 2011 at 09:06:44 AM PDT

  •  I just feel sorry for anyone (0+ / 0-)

    that would buy from goldline. Their prices are far out of whack with other precious metals dealers.

    However, precious metals have done extremely well over the last ten years compared to other asset classes. Doesn't mean that they will continue to do well, but people who got into gold over the last decade or so have done very well for themselves. Way way better than equities, or really any other investment class. So the general anti- precious metals sentiments that I see on here are ... umm ... how should I say it ... bizarre?

    George Carlin: Forget the politicians. The politicians are put there to give you the idea that you have freedom of choice. You don't.

    by annapaxis on Wed Nov 02, 2011 at 09:11:20 AM PDT

    •  I remember the late 70s/early 80s (0+ / 0-)

      when gold also went to astronomical prices. Close to 1000/oz, IIRC.

      And that was in the 70s.

      Of course, by the mid-late 80s, it was back down again. And by the late 90s, it was about 1/3 of what it had been at the height of the bubble.

      The people who are buying gold now WILL get burned, and bad.

      Just like the people who bought condos in Miami 6 yrs ago.

      •  maybe, maybe not (0+ / 0-)

        it does seem like it is a little late in the game to buy gold, but some big firms (including UBS, among others) are projecting prices in excess of $2000/oz in the next few years. People who got in at $300 have made out like gangbusters over the last ten years. Gangbusters. Over 20 or 30 years, people might get burned by holding gold, but who knows? Maybe people can get out when the price is right, @ $2,000 or whatever. People might get burned by holding equities as well, as anyone who has looked at their 401k lately will know.  Anyway, the mixing of partisan politics and personal investment strategies is just kind of absurd.

        George Carlin: Forget the politicians. The politicians are put there to give you the idea that you have freedom of choice. You don't.

        by annapaxis on Wed Nov 02, 2011 at 10:52:17 AM PDT

        [ Parent ]

  •  Goldline grades any type of Gold (0+ / 0-)

    Including Acapulco Gold as a caller once found out.

    http://www.shatnerology.com/...

    “No one has any place for a transgendered semi-abstract artist who dabbles in urban geography and has a penchant for taking photographs of old historical structures everyone else takes for granted. Trust me on this.”

    by Desolations Angel on Wed Nov 02, 2011 at 09:14:29 AM PDT

  •  Recced for "Commiegeddon" n/t (1+ / 0-)
    Recommended by:
    OldDragon

    The definition of INSANITY: Voting Republican over and over and over and expecting the economy to get better.

    by pollbuster on Wed Nov 02, 2011 at 09:17:42 AM PDT

  •  If ever there were sheep who deserved fleecing (0+ / 0-)

    its the drooling cretins who tuned in breathlessly every day to hear the latest ravings of CHALKBOARD BOY. Of course, 'They were morons anyway' perhaps isnt the best opening gambit to make in a plea bargain negotiation.

  •  Classic.... (0+ / 0-)

    >"

    Everything is doomed he says, America is going down the crapper, there's going to be race riots and communism and people will be celebrating Cinco de Mayo openly in the streets, and your atheist lesbian neighbors will be assigned to the local Obama death panel charged with disposing of you, and the only thing you can do about it is go, right now, and by some sweet, sweet gold. That'll at least let you barter for food and ammunition with other conservatives as you all hide from the packs of roving zombie Marxists
    .

    "When fascism comes to America, it will be wrapped in a flag and carrying a cross." Sinclair Lewis, 1935 --Talk of foresight--

    by tuma on Wed Nov 02, 2011 at 11:51:20 AM PDT

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