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  • Report: #436438

Complaint Review: Goldline International

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  • Submitted: Sun, March 22, 2009
  • Updated: Sat, February 13, 2010

  • Reported By:Santa Clarita California
Goldline International
1601 Cloverfield Boulevard 100 South Tower Santa Monica, California United States of America

INVESTIGATION: Goldline Internationals commitment to 100% client satisfaction. Goldline continues to provide quality precious metals, including gold and silver, as well as important risk information to assist them in making an informed decision when they purchase.
*UPDATE: Recognized by Rip-off Report Corporate Advocacy Program as a safe business service Goldline International pledges to always address any issues; feel safe, confident & secure when doing business with Goldline International.

*Consumer Comment: Not Really a Ripoff

*Author of original report: Goldline International high pressure update

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Rip-off Report Investigation:

Editors UPDATE: Positive Rating and Recognition has been given to Goldline International for its Commitment to Excellence in customer service.

Rip-off Reports investigation of Goldline International uncovers an ongoing commitment to client satisfaction. This means clients can expect that Goldline will always work towards finding a mutually satisfactory resolution to complaints or concerns. Goldline listens carefully to client concerns and sees them as an opportunity to learn and become more efficient as a company in the products it offers.
One top Goldline executive stated to Rip-off Report that Goldlines clients are a precious resource and it is committed to responding to any client concerns. Another company executive confirmed to Rip-off Report that Goldline strives to provide exemplary customer service to its clients.

Some of the other things Rip Off Report learned in the course of its investigation: Goldlines business began in 1960 when it offered precious metals and storage services to clients seeking to acquire gold and silver as part of a diversified portfolio. The company has grown to more than 250 employees and handles over 50,000 individual client transactions each year. Goldline believes it exemplifies best practices for the industry.

Rip-off Report has confirmed that Goldline takes client concerns very seriously. Goldline has a dedicated team of customer service professionals to assist with any issues that may develop. Rip-off Report was pleased to learn that Goldlines approach to business is focused on its pledge to client satisfaction.

Goldline International recognizes that complaints posted on Rip-off Report (true or not) are issues that need to be addressed and if handled correctly can be valuable learning opportunities. With the feedback generated by Rip-off Reports Investigation Goldline continues its commitment to positive client experience.

In summary, after our investigation, which included discussions with Goldlines executives, Rip-off Report is convinced that Goldline International has been and is committed to providing precious metals and rare coins to satisfied clients.

Read more about Goldline Internationals Commitment to Excellence and Total Consumer Satisfaction and why consumers should feel safe, confident and secure when doing business with a member of Rip-off Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. ..yes, a long name for a program that does a lot for both consumers and businesses alike.

Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.
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NOW TO THE ORIGINAL REPORT THAT WAS FILED
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Goldline International High pressure tactics Santa Monica California

After watching Glenn Beck's video about Goldline International, I decided to request a brochure from their web site. I was contacted by phone at work 2 days later by a salesgirl who encouraged me to go ahead and make the purchase because the prices were going up rapidly and I would lose money if I waited for the brochure. I could hear a lot of people talking in the background. It sounded like a "boiler room".

After talking me into buying $10,000 worth of English Gold Sovereigns (because they were pretty, according to her) I gave my credit card number to her. Fortunately for me, my credit card company refused the purchase due to my credit limit.

She called back and asked if I could put it on 2 credit cards, but the other one got refused too, thank the Lord.

Between phone calls from this slick little lady, I did some math. Goldline was charging me $10,094 for 25 gold sovereigns, at $403.76 each. These coins are only 25 percent of one ounce. I checked the day's gold fix online and it was trading at $955 an ounce. So I was purchasing 6.25 ounces of gold worth just under $6,000 for $10,094 - a 40 percent markup!

Obviously, I was paying retail, not wholesale, and the salesgirl explained they charge a 30 to 35 percent markup on the front end for numismatic coins which she explained were a better buy, since they were private and the government could not confiscate them.

I finally asked her to cancel my order because I explained that this was a difficult decision for me and I needed more time to sort through all this information, but she did not go quietly. She emphasized that I was losing money by waiting, and even used flattery, calling me a "savvy investor" and asked if I would just like to stick with my $6,000 from my first credit card and purchase less gold, but I said no, please cancel.

Now my weekend is ruined because the credit to my card will not show up until next week sometime and I am worried. If they don't credit my card, I will sue these people.

I am very disappointed in Glenn Beck for recommending Goldline. Why would I want to buy something for 40 percent more than it's worth and hope that it goes up 50 percent just so I can make $1,000 on a $10,000 purchase over maybe 3 years from now? I'm better off either with a CD or buying real estate.

By the way, by the end of my "transaction" with Goldline, the price had dropped five dollars, so she was lying about me losing money if I waited to purchase.

George
Santa Clarita, California
U.S.A.

This report was posted on Ripoff Report on 03/22/2009 04:42 AM and is a permanent record located here: http://www.ripoffreport.com/r/Goldline-International/Santa-Monica-California-90404/INVESTIGATION-Goldline-Internationals-commitment-to-100-client-satisfaction-Goldline-co-436438. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Not Really a Ripoff

AUTHOR: Mark - (U.S.A.)

Since George was refunded all of his money, this isn't really a ripoff and ought not be reported as such.  I am not an employee of Goldline, just a customer.  I recently made a very similar purchase, and upon reading the brochures, had second thoughts.  It wasn't until I recieved my written sales confirmation that I discovered that I was paying much more than the spot price for the gold in the sovereigns.  However, what I did not know was that Goldline also paid more than the spot price to buy back the sovereigns.   It is true that Goldline has a 35% spread between the purchase and buyback price of semi-numismatic coins, but they informed me of that policy prior to my initial purchase.  You can lower the spread to 5-10% by purchasing boullion, but the cost of boullion is tied directly to the spot price at the instant of your purchase (like buying stock).  Semi-numismatic coins, like sovereigns,  tend to dampen market fluctuations, so the price of coins follows the trend of the price of gold but does not tend to follow the daily fluctuations. (More like mutual funds).  For this more relative stability, one must pay a premium. 

Goldline's literature also informed me that the account executives do make a higher commission on semi-numismatics, so I do expect them to try to sell coins more than boullion.  They do offer protection from government confiscation as one reason to avoid boullion, though I believe the likelihood of that happening again is remote.  But it is hard to ignore the fact that, for its purposes, the government looks at the face value of a boullion coin (say $50 on a Gold American Eagle, wich now trades for about $1200), rather than its intrinsic value.  As our government has taken our economy and monetary policy into realms of insanity never contempleted prior to 1971; it is very difficult to see any way of saving the economy without confiscating the citizens property, either via a radical devaluation of the dollar, or more direct means.

I have opted to go with a portfolio of 50% coin (for privacy and stability) and 50% boullion (for value and liquidity).  I would ordinarily be concerned that I am purchasing gold at an artificially high price; but I am doing so at a time when the newest presidential budget submission shows 1/5 of the budget being deficit, and 2/3 of that debt not purchased by other governments or investors.  This is unprecedented.  The only way this can work is to print enough money to cover the difference, and hyper-inflation follows.  The spot price of gold is more than $100/oz higher than when George had his experience.  This tells me that many others are starting to think the same way I do. Shig, Fredericksburg, VA

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#2 Author of original report

Goldline International high pressure update

AUTHOR: Jjcrossland - (U.S.A.)

Goldline refunded my $6,000 so at least I have been compensated. However, it showed up on my Visa statement, so I will have to pay the interest when the next statement comes due.

George
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