Glenn Beck, Goldline and Gainesville Coins

While gold, silver and platinum are risk-free the precious metals industry contains both sterling actors and unscrupulous shysters. All are trying to make a profit which, if done morally, is commendable. The Glenn Beck and Goldline issue raised by Mr. Weiner is nonsense. But as a purchaser I want to get the best value. Oftentimes an ounce of prevention is worth a pound of cure.

GLENN BECK AND REPRESENTATIVE WEINER

Representative Anthony Weiner was first elected in 1998 to the New York 9th District and roosts on the Energy and Commerce committee and Judiciary committee. His top campaign contributor is ActBlue at $44,500 and his #2 campaign contributor is M&R Management with $19,200. ActBlue describes themselves as ‘the nation’s largest source of funds for Democrats’.

CBS News recently reported,

Weiner accused Beck and other conservative spokespeople (among them Mark Levin and Fred Thompson) of using “their shows to prey on the public’s fears of inflation and socialist takeovers while actively promoting the purchase of gold coins as insurance against this purported government overreach.” …

Weiner, who is on the House Subcommittee on Commerce, Trade and Consumer Protection, says Beck “should be ashamed of himself.” He has written letters to the SEC and FTC asking them to investigate Goldline and is proposing legislation to force the company to “fully disclose their dishonest business practices” by showing consumers “their astronomical markups, and deceitful promises of profitability.”

Mr. Weiner may want to tame his defamatory tongue where he is asserting that Goldline engages in ‘dishonest business practices’ and ‘deceitful promises’. If these assertions are false and a reasonable investigation would cause the reasonable person to conclude that Goldline were not involved in dishonest business practices or deceitful promises then Goldline should consider suing Mr. Weiner for defamation. Think of all the free publicity!

After a reasonable investigation the facts appear to reveal that Goldline’s customers, unlike those of Monex who has an F with the BBB, are pleased with the company’s business practices and there appears to be no evidence of anyone, besides Mr. Weiner who is probably not a Goldline customer anyway, claiming that Goldline has acted in a dishonest or unscrupulous way.

But perhaps this is to be expected language from those defaming ilk like Mr. Weiner. Where does ActBlue get their funding? One example is Martin Matthews the Director of Government Affairs for Merck & Co. who gave ActBlue $750. And what does Merck & Co. do for business?

On 6 October 2004 The Wall Street Journal reported,

Merck & Co.’s arthritis drug Vioxx may have led to more than 27,000 heart attacks and sudden cardiac deaths before it was pulled from the market last week … citing a study by the Food and Drug Administration, said that from Vioxx’s approval in 1999 through 2003, an estimated 27,785 heart attacks and sudden cardiac deaths

WebMD Health News citing a recent study published in the Archives Of Internal Medicine asserts ‘Merck should have known Vioxx was deadly years before they pulled the drug from the market, a study of Merck’s own data suggests.” And where did those profits from Merck’s sale of Vioxx go? Into Mr. Weiner’s campaign pocketbook. And how does he use them? As a bully pulpit against profitable companies with a sterling BBB reputation.

GOLD AND SILVER DEALER REVIEW

best value being (1) credible and reputable and (2) having the best prices.

While I consider RunToGold a fun hobby I also require it to be self-sufficient since that is the only way to ensure it will be sustainable. While it is fun I will not allow it to be black hole on my balance sheet. Fortunately, sales of The Great Credit Contraction and donations from readers like you have been sufficient to provide for the thousands of dollars of cash costs associated with its operation. Free speech can be quite expensive!

Over the years with RunToGold I have been approached by many gold and silver dealers, including Goldline, about advertising but I never found the right fit. While I had my own sources for purchasing bullion, not numismatic coins, and I recommended those companies when asked; for the most part I have shied away from publicly endorsing any particular company besides GoldMoney because to do so requires me to stake some creditability and why should I?

But I am finding that many readers are reporting back to me with both good and bad accounts of interactions with gold and silver dealers. Consistent with the ounce of prevention rule I have undertaken to pool the collective experiences of my readers along with my own so that I can direct new readers who decide on buying gold, silver and platinum towards a provider that offers the best value being (1) credible and reputable and (2) having the best prices. This is an example of what I found:

GAINESVILLE COINS

mention RunToGold and you may get a shipping discount

So who is Gainesville Coins? I had never heard of them before a few months ago when one of my readers, V.B., strongly suggested I investigate them. She had earlier asked me for advice on who to buy about $50,000 of bullion from and I had suggested A****. She did further research and bought from Gainesville Coins because she could drive down and pick up the order.

I likewise made an order, drove down to pick it up and found it a tremendous value, especially on lower dollar amount purchases. Additionally, I talked with the owners and if you call and mention RunToGold then you may get a shipping discount or use the discount code ‘RunToGold‘ on the website and, if they have any left, a postcard of the Liquidity Pyramid.

CONCLUSION

Owning gold, silver and platinum is something every responsible person should do. When deciding who to buy bullion from I can now confidently recommend Gainesville Coins if you want possession or GoldMoney if you want a third-party storage service. I think both forms are wise.

Additionally, I would shy away from taking any advise from Mr. Weiner. So long as the transaction is voluntary, unlike those Mr. Weiner engages in like voting YES on the Health Care Bill to give Merck more money from involuntary premiums, I am more concerned with the number of ounces the buyer gets. With Gainesville Coins I am confident you will, in the vast majority of transactions, get more ounces than when buying from any competitors. Of course, do your own due diligence.

DISCLOSURE: Long physical gold, silver and platinum with no interest the murderous Merck (MRK), problematic SLV or GLD ETFs or the platinum ETFs.

7 comments to Glenn Beck, Goldline and Gainesville Coins

  • Why did Goldman Sachs sell 44% of its investment in BP on March 31st, 2010, 20 days before the deepwater oil rig explosion took place in the Gulf of Mexico? Lucky move? Click on my name for the official data from March 31st.

  • Robin Lenton

    What an idiot.

  • canli

    I am tired of all the economic negative news. I think the reason the
    economy sounds bad has less to do with an actual recession than
    media sensationalism and doomsday pessimism. Everyone was in a panic in 2008 because the price of oil was rising, but the sky did not fall. I don’t think the media should lie about a high unemployment rate, but I would like to hear more positive news stories.

    http://www.usnews.com/money/blogs/alpha-consumer/2009/1/8/did-the-media-cause-the-recession.html

    I did some research and found that there is plenty of good news out there:

    The stock market has risen 53% this year and is still cheap:

    http://www3.signonsandiego.com/stories/2009/oct/15/cautious-optimism/?uniontrib

    Wells Fargo, Apple, Ford, SkyWest, Adidas, and Men’s Wearhouse have declared profits:

    http://www.bloomberg.com/apps/news?pid=20601100&sid=az6fjhaa_gsg

    http://www.usatoday.com/travel/flights/2009-11-05-skywest-q3-profit_n.htm

    http://www.sanluisobispo.com/topnews/story/906588.html

    http://blog.seattlepi.com/microsoft/archives/182538.asp?from=blog_last3

    http://www.latimes.com/business/la-fi-earns22-2009oct22,0,1394503.story

    http://www.businessweek.com/news/2010-06-10/men-s-wearhouse-surges-most-since-09-as-profit-rises-update2-.html

    US housing starts have increased:

    http://blog.al.com/breaking/2009/10/us_housing_starts_rise.html

    Business confidence has risen:

    http://www.bostonherald.com/business/general/view.bg?articleid=1203965&srvc=rss

    Consumer spending is up:

    http://www.reuters.com/article/idUSTRE65M2WK20100628?loomia_ow=t0:s0:a49:g43:r5:c0.051546:b35270006:z0

    North Dakota has an unemployment rate of just 3.6%. If you don’t have a job, move. If you can’t sell your house at the price you want, you shouldn’t have paid so much for it. If you don’t want to move and make trade-offs, I guess that you aren’t that desperate for work.

    The United States will face a labor SHORTAGE in the next few years as millions of baby boomers retire. There are 76 million baby boomers, but Generation X only has 46 million people.

    http://seattletimes.nwsource.com/html/nationworld/2002185894_boomers21.htmlhttp://www.argusleader.com/article/20091107/business/911070331/1001/news

    If you really want to stay where you are and haven’t found a job, think of a way to make money from your hobbies. Do you like to cook? Are you good are fixing things? Do you like to paint? I
    strongly believe that if you do what you love, the money will follow. Just
    because someone says there is a recession, doesn’t make it true.
    Just because most people used to believe the world was flat, did
    that make it true? If you are feeling negative, I
    highly recommend the book “You Can Have it All”:

    http://www.librarything.com/work/508754

    You might also feel less sorry for yourself or
    the economy if put your life in perspective. Would you
    rather live in Zimbabwe where the GDP per capita income is $200 per YEAR?

    https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html

    Even if things are really bad for you and you become homeless, there is a safety net of food banks, shelters, general relief, and food stamps. You could join a commune or a monastary.

    America needs a good pep talk instead of negativity. I really think Obama would be more helpful to the economy by talking about the positive sides instead of pushing expensive stimulus programs. People should live within their means to avoid crashing the economy, but even when overextended, the United States has managed to pay the massive debts of the Depression and WWII.

    http://zfacts.com/p/318.html

    While I am not blind to the difficulties that may exist in the present economy, I just think people should be more optimistic and look at the good sides. I remember when I was in middle school in the mid 1980’s and had a teacher who asked my classmates whether the USA was on the way to the peak of power, at the peak, or on the way down. I was the only student who said the US hasn’t reached the peak yet. A few years later the Soviet Union collapsed, the Japanese economy crashed, and America was the only superpower.

    I am not even sure if there is a recession, but if there is one, I think it will be short.

    http://www.nytimes.com/2010/07/05/opinion/05douthat.html?_r=1

  • marie.s

    @canli

    while I agree that optimism can be helpful, belittling others’ woes is at least as destructive as pessimism. Thinking that someone isn’t “desperate enough” because s/he’s “unwilling” to move is ludicrous, at best. For starters, why should people be desperate for jobs? Secondly, we are not a truly nomadic society. Most of us cannot just pack up our mules and walk to North Dakota because that’s where the jobs are. I’d bet that the unemployment rate would change drastically if hundreds of thousands of jobless citizens moved there for work. Their current figure is low because they have a good balance of employers to available workers, not because they have enough work for everyone in the country.

    as for the US not at it’s peak yet because the other superpowers declined, um, whu? That assumes a worldwide zerosum game with only these three players. Just because we’re the last to decline to a crash doesn’t mean we hit a peak on the way down.

    if you don’t think there’s a recession (if not an outright depression), you truly are blind to what’s going on outside your tiny persnal bubble. I sincerely hope you don’t have to rely on that support network for the homeless. There isn’t enough space for everyone needing assistance. And from the sounds of it, you won’t handle it well when the doors close in your face because the beds are all full and/or the food is gone.

  • Brett

    DO NOT buy from GAINESVILLE Coins if you want to come out of it in profit. They have many deceptive measures in place to try and get as much money from you as possible. For example, If you make 2 orders and decide that you want to cancel one, they will charge you 5% deposit on the price even though in their terms and conditions it says that only “1f” you put a credit card on file does this charge apply. For international orders, they dont ask you to this so logically no 5% is enforceable. Yet they will hold your money and demand this be done before their either release whats left of your money or whats left of your order minus the 5%. Furhtermore, if they dont get the money in 24 hours, they “cancel” your order causing you to pay the 5% before they give it back. How, I ask, do they expect the money to transfer at such as speed, especially when some of the wires are international? Use Apmex instead, they are a larger compnay bound by stricter terms and conditions. Dont purchase from GAINESVILLE or will surely regret it.

  • Joseph

    Just remember Gainesville Coins is the new company name for the company that filed for chapter 11 protection. Same or similar owners of Gainesville Coins

    http://boards.collectors-society.com/ubbthreads.php?ubb=showflat&Number=3357545

    The name of the prior company is National Gold Exchange Inc. I suggest you conduct due diliegence before you decide to give some company your money.

  • Dave

    Yes Joseph…had you read the comments o the link you provided,
    You would see that ALL the previous customers that cared to comment were all positive in regards to the dealings with NGE.

    In regards to Gainesville Coins… I’ve bought a boatload of inventory from them as an individual over the last 2 years…Superb service..so far the best tracking I’ve seen from any of the dealers & unlike most dealers you can place the entire order on a credit card

    as for Brett..are you kidding man…read their terms of service before you purchase … In your defense, i was 1st turned off by the policy, but as a business owner myself, I would not want to have a customer place an order on a high volatility item & cancel every 5 mins just because the price went down & they could buy it back cheaper in a min or two..know what your buying & why , read terms & service before buying as well..

    Now that said I have bought from Goldline as well & if you don’t know what you are buying..YOU WILL GET SCREWED !! They do push the numismatic coins down your throat to the point you want to tell them to screw off & can easily get suckered into coins that provide them with a 30% markup and you with an overpriced (at least momentarily) coin, you can not place a trade online (probably because they markup the spread)which in a hot market as we are currently in, makes it difficult to get a good deal while your holding on the phone,and when you do get your rep- they try & shove more numismatic coins down your throat and I don’t believe they will take the full amount on a Credit Card as well….and no tracking of your order…you’ll get a notice about a day before delivery if your lucky
    I say…try them both if you doubt what I’ve printed here & you’ll clearly see a difference…
    I value Speed, Value and the ability to deliver as well as price

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