Jonathan Campbell
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So, you watch Glenn Beck doing one of his whiteboard conspiracy analyses and you're very impressed at his political acumen. I'm not, but that's just me. I don't think progressive organizations like the Tides Foundation and the ACLU are the root of all evil, that's just Glenn's thing.

But then comes a sales pitch. Beck, as it turns out, is a paid salesman for a company called Goldline, and he tells you to invest in gold and trust the people at Goldline to give you good investment advice.

I checked the Goldline website, and there on their information page, sure enough,  is a Glenn Beck video link. I found this odd. I purchased some gold myself for my retirement fund (which I cashed in to pay for a home improvement project, but that's another story...) I bought mine from a reputable company, and I know from my experience with them that - as far as I know - they have no high-paid sales people, because their margin (sales price to market price) is very small. How could Goldline afford to be hiring TV personalities - Glenn Beck, Mike Huckabee, Laura Ingraham, and Fred Thompson - to market their services?

So I typed Goldline to google, and found that they were being investigated by Congress, the SEC, and the State of California. Here's just one of the many articles I found:

http://www.ritholtz.com/blog/2010/07/glenn-beck-goldline/

The answer is exactly their high margin. They claim that they sell gold bullion, but they don't list any prices on their website. You have to call a representative. Then is when you get the "Goldline Sales Pitch." According to folks who have been interviewed by ABC News, and filed in an investigation of Goldline's business practices, they don't really promote bullion. Quoting from an incident in 1933 when President Franklin Roosevelt overreached his control of the federal money supply and confiscated people's bullion holdings, Goldline's representatives tell you that a "safer" way to buy gold is to buy collectibles - older gold coins. And of course they have a large supply of these for you to buy, all incredibly overpriced!

That, it turns out, is Goldline's business model: to sell people overpriced gold coins based on fear of government seizure! What we have here is, in my opinion, a bad deal of enormous proportions. High-visibility celebrity sales people, telling people that the financial sky is falling (which may in fact be the case!) but then marketing the services of a company that steers people into buying overpriced coins. What a deal. Where do I sign up?

Really, folks. If you want to buy gold or other precious metals, go to the website of any reputable precious metal dealers and buy some bullion. The markup for gold should be no more than about $25 per ounce above the market price for a one ounce ingot. If you are really worried about seizure and think that buying coins will make you look like a coin collector and not a "gold hoarder," then you should be able to buy Olympic Gold Maples or Gold Eagles for a very small premium - $25 to $50 above the cost of the bare metal bullion). Look carefully at the sell price as well, there should be a similar small, standard sales margin. Steer away from companies whose representatives give you any sales pitch - they should be there to take your order and tell you what's available. The should not be trying to sell you "collectibles."

Quite frankly, Glenn Beck's and Goldline's sales pitch notwithstanding, my opinion is that the possibility that President Obama would use his authority to seize the gold assets of millions of people all over the U.S. (or wherever they happen to live, many abroad) is about the possibility of a snowball surviving in the hotter parts of hell. These days, the dollar has little if any connection to gold, except at the commodity markets, so no one anywhere in government considers people owning gold to be a threat. Besides, Glenn Beck's nemesis - the ACLU - would be there to stop the government from seizing assets without authority.

Whatever you do, I think you should avoid Goldline. I think Beck is giving people a bum steer.

And if you're interested in an inexpensive Economic and Health Survival Guide that has good recommendations for buying gold, saving money, and maintaining your health, check out http://www.cqs.com/community-alert/survivalguides.htm.

Sincerely
Jonathan

P.S. I do not work for any gold dealer. The recommendations above are my opinions based on my personal experience.

Standard Disclaimer: Any economic or financial information above, in Community Alert and Bulletin, Economic and Health Alerts, and the Economic and Health Survival Guide do not constitute financial advice, but are condensations and distillations of the work of others and a few words of what I believe to be common sense. The assistance and advice I may provide for you in setting up in setting up an IRA does not guarantee returns, which are dependent on market conditions, and you are taking full responsibility for financial decisions you make based on my advice. Please seek out an independent licensed accountant or financial advisor to review any information and references I have provided as well as their own expert knowledge, in order to tailor a financial plan to your circumstances. I cannot be held responsible for the consequences of decisions made based on the information and advice that I provide.

I am a health, environment, and economics researcher and consultant. I am not a physician, and the health information, suggestions, and recommendations that I provide are not prescriptions. When you pursue alternative remedies, you are taking full responsibility for your own health decisions, and it is recommended that you consult with a qualified physician to monitor your progress. This is especially the case if you currently take pharmaceutical drugs, as your dosage requirements will likely change as your body heals.

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