Rep. Anthony Weiner clashed with a senior official from Goldline International Inc. in a politically charged hearing Thursday in which the New York Democrat charged that the Santa Monica, Calif.-based precious metal dealer ‘grossly overcharges’ for their gold coins.
Weiner, who has conducted an investigation into Goldline and gold-sellers, formally unveiled legislation he has drafted that would regulate gold-selling companies including Goldline to disclose to consumers the reasonable resale value of precious metals -- particularly gold coins -- they are selling. He argues that Goldline’s average markup was 90% above the melt value of their coins, with the largest markup on any coin being 208% above the melt value.
Weiner also took aim at Goldline’s endorsers, which include prominent conservatives Glenn Beck, Mike Huckabee and Fred Thompson.
“The TV gold industry is lead by one company, Goldline, which focuses its energy on fear, lies -and rip-offs,” Weiner said. “Goldline gets people scared about the economy and their future, then they transition to a lie saying buying certain gold coins acts as a hedge against economic downturns and then the consumer is profoundly ripped off almost irrespective of how high the gold market is.”