Rep. Anthony Weiner Hits Glenn Beck, Goldline for "Unholy Alliance" to Sell Gold

By: Brian Montopoli
Topics: In The News

(Credit: AP )

Updated 4:15 p.m. ET

Rep. Anthony Weiner today criticized precious metal dealer Goldline, Inc. for using what a release from his office described as "aggressive sales tactics, conservative spokespeople and rhetoric to sell over-priced gold coins to unsuspecting consumers."

Goldline is associated with talk radio and Fox News host Glenn Beck, who has often mentioned it on his Fox show and radio program. Goldline is also sponsor of the radio show.

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."

"Simply put, Goldline is little more than a gold peddler posing as an investment advisor, an unfortunate byproduct of the Tea Party movement," Weiner's office said.

Weiner has released a report detailing what he calls Beck and Goldline's use of "tall tales about the future of gold" to sell gold coins. In it, he says Goldline "grossly overcharges" for coins and "formed an unholy alliance with conservative pundits to drive a false narrative" that they are a good investment.

On his radio show today, Beck said he "loves" Goldline and added that "this is again another arm of this administration coming out to try to shut me down." He evoked McCarthyism and suggested Weiner's charges are baseless.

"I'm really interested to see how I'm bilking, how I'm bilking people," he said. "I'm really interested to see because I personally -- because this is what they're saying, that I'm playing on fear and trying to get people to buy. I personally, personally have more than 10% of my savings in gold...If I'm such a scam artist, why would I be scamming myself?"

Goldline is one of many gold sellers who have advertised on Beck's Fox show, though it is currently the exclusive gold sponsor. Beck has suggested that gold could offer protection in the event of "the end of the almighty dollar."

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."

Goldline president and CEO Mark Albarian told Politico that Weiner "doesn't get" his business.

"It feels like it's politically motivated in that neither the Congressman nor anybody from his office ever contacted executives form the company to really ask the important questions that they need to ask to understand this business," he said.

Correction: An earlier version of this post said Glenn Beck was a paid spokesman for Goldline. While Beck in the past has been listed as a paid spokesman on Goldline's website, the Goldline site was later clarified to note that the company was only a sponsor for his radio program.

Brian Montopoli
Brian Montopoli is the senior political reporter at CBSNews.com.
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by rachher20 June 3, 2011 1:32 PM EDT: What an article. Who would have known that when someone wants to sell gold, it would raise such controversy. Let people sell gold if they want to. It's been around for such a long time anyways!; Reply to this comment


by hiwaves May 21, 2010 2:20 AM EDT: Since when does Weiner tell you what to think? Because Weiner says its true it must be so?? Give me a break !!! Weiner is after media attention and he takes a cheap shot at a reputable American company to serve his purpose.

Goldline survives just like every other US company, by turning a profit. Think the profit is too high, then shop somewhere else. Weiner knows nothing about Goldline and the people who operate the company.

Goldline is financially SOLID. It's management is the envy of the financial industry. The people who manage Goldline are the real deal, upstanding educated professionals with skills and abilities far superior to Weiner.

Weiner doesn't attack Goldman Sachs or JP Morgan Chase, the terrorists of Wall Street who have virtually destroyed the US economy. Why? Because they are in his backyard. Their employees are voters in his district.

Maybe Goldline will sue the Brooklyn Bozo for his defamatory and slanderous statements. Lets see how financially solid Weiner is and whether his wife will stand by him as he falls from grace.

By way of disclaimer I am not affiliated or associated with Goldline in any manner, but I do KNOW this company well, and the people who run it. You won't find a more upstanding group in corporate America. There is NO deception or fraud in this organization. If Wall Street had the integrity of Goldline this country wouldn't be in the middle of the worst financial crisis since the Great Depression.; Reply to this comment


by Hazmat77 May 19, 2010 7:34 PM EDT: Gold is a speculative investment. Gold differs from stocks because there is no specific criteria to determine its value other than the market price.

Who sets the market price? Sure, some of it is based on demand, but we don't really know who determines the actual value. As for having our monetary system based on a gold standard ... it never made any sense for several reasons, one of which is clearly that no one has any idea about how much gold any nation may have in its reserves or still in the ground.

On a gold standard, the value is set by government, not buyer demand. Currently Gold's intrinsic value is basically minimal in comparison to the present market value.

Here's the logical question people should be asking before they buy any form of gold: If the economy is truly going to collapse and the paper money lose much of its value, why is anyone selling gold now?

Many people are going to suffer when the gold bubble bursts, as it will inevitably do....; Reply to this comment


by sideswiper May 19, 2010 6:25 PM EDT: Sounds like Glenn has uncovered a little too much for their taste. Now there's 4 White House level organized campaigns against a private citizen! Don't worry CBS, nothing to see here.; Reply to this comment


by tyler1717 May 19, 2010 4:37 PM EDT: Thank you cbs and weiner. I was ripped off over a year ago by this fraudulant company and they advertise a lot on all fox news shows. I thought I could trust glen beck but he scammed me for a couple thousand dollars. I just saw dylan ratigan report this and the sick part about gold line is how they talk to you. They are worse than used car salesman. I have had encounters with several other dealers and none of them are like gold line. They sell you a swiss franc and you don't know the price because its less than an ounce and thats all they sell and they mark it up a lot. I don't know if there is anything illegal about this but it has to be looked into. I've been waiting for this to happen. To hear beck not adress the issue of the coins being way over priced and claim mcarthye tactics fits right into his neo con agenda. He is a tool and a disgrace. I hope this fraud gets a lot of attention so the unsuspecting citizen doesn't have what happened to me happen to them.; Reply to this comment


by michaelamechanic May 19, 2010 2:23 PM EDT: Mother Jones just posted a months-long investigation into Beck and Goldline: http://su.pr/8RSkpl It also posted a slide show on how right-wingers got into the gold business: http://su.pr/2CBBU2; Reply to this comment


by Whim60 May 19, 2010 12:56 PM EDT: You really have to wonder why this guy even cares who Glen Beck's sponsers are. His job is consumer protection? Where was he when the Bernie Madoff's were running around his state ripping off people? Where was he when the SEC was spending 8 hours a day watching porn? Where was he when Wall Street was was gambling with pension fund money? You'd think with all the problems NY state has, Glen Beck wouldn't even be a blip on his screen. And if he really wanted to stop rip offs, let him go after those scam artists "buying" peoples gold and silver at 50% of market price. Maybe if he really concentrated he could actully do something for the people of his state!!!; Reply to this comment


by sly_64 May 19, 2010 10:37 AM EDT: Goldline... like all those infomercials peddling coins... are GROSSLY overpriced !! They sell to people with an ignorance of gold and coins. Just check out coins on eBay and you'll see the real market value of coins and gold.; Reply to this comment


by wiser5606 May 19, 2010 10:03 AM EDT: i don't know what's worse, glenn beck, or the people who believe him.; Reply to this comment


by saucymugwump May 19, 2010 9:19 AM EDT: liberals_worst_nightmare wrote: what backs the dollar you have in your wallet?

Nothing, genius. Nixon took us off the gold standard back in 1971.; Reply to this comment