Peter Schiff Accuses Goldline of Overcharing for Gold By 67%

by | Jun 4, 2010 | Peter Schiff, Precious Metals | 19 comments

Do you LOVE America?


    If you listen to talk radio or watch Fox, you’ve probably heard your favorite hosts like Mark Levin and Glenn Beck promoting gold for a company called Goldline.

    According to MSNBC, Goldline is a rip off:

    Glenn Beck is under fire for his connection to a precious metals seller that is ripping off American people, according to critics.

    In a report released Wednesday, Rep. Anthony Weiner (D-NY) called for an investigation into Goldline’s alliance with conservative personalities. Weiner claims that Goldline sells gold coins for 90 percent over melt value and some radio and television hosts are aiding in the scam.

    Highlighted in Weiner’s report are names such as Glenn Beck, Fred Thompson, Dennis Miller, Mark Levin, Laura Ingraham, Lars Larson, Michael Smerconish, Monica Crowley and Mike Huckabee. All are on the Goldline’s payroll.

    Beck recommends Goldline but advises viewers to pray for guidance on which company to trust.

    “Here’s the deal. Call Goldline, study it out, pray on it. If it’s right thing for you, then do it. But please study it out. Find the people that you trust. The people I trust are the people at Goldline,” Beck said in one advertisment.

    Peter Schiff, founder of Euro Pacific Capital and soon to be gold dealer Euro Pacific Precious Metals, did his own research, and determined that Goldline was charging at least 67% “commission” while his company charges just 2% – 3% above the spot price.

    In his June 1, 2010 Schiff Report video blog, Schiff says it’s not illegal for Goldline to up-charge prices, but there may be some concern as to whether or not fraud has been committed:

    “Is what they’re doing illegal? It’s not illegal to over charge. It’s a free market, you can charge whatever you want if people are foolish enough to pay that price. What would be illegal would be if they were using fraud to deceptively convince people to overpay for coins.  I don’t know if they’re doing that or not. I think Congressman Weiner has alleged that. I don’t have enough information to figure out if fraud is going on. But if there is fraud, then it is illegal and they should be prosecuted.”

    “Now, if people are just overpaying, well why are they overpaying? I think they’re overpaying because they don’t know any better. Because they think people like Glenn Beck and others have already checked these companies out.”

    “People are assuming it’s a fair price.”

    “Glenn Beck obviously believes people should buy gold. So do I. It is scary. Paper money is being debased. People need to buy gold. They need to buy it as an inflation hedge. But what they don’t need to do is buy it from Goldline.”

    Peter Schiff Video Blog:


    It Took 22 Years to Get to This Point

    Gold has been the right asset with which to save your funds in this millennium that began 23 years ago.

    Free Exclusive Report
    The inevitable Breakout – The two w’s

      Related Articles


      Join the conversation!

      It’s 100% free and your personal information will never be sold or shared online.


      1. Goldline is very expensive relative to other dealers. Beck does say to check around first before you buy. If you spend a little time, you can find gold for a lot less from several mail order comapnies:
        APMEX is reasonable as is
        Sometimes your best bet is a local coin dealer- no freight involved.
        There is also a very stiff “fear premium”  right now. $40-$60 over spot is not uncommon.
        My local coin dealer is 2-3% over spot, but he is out of stock a lot recently

      2. Having dealt with Goldline twice in the past  I will say this; do not go there unless you are an educated buyer, know exactly what you want, and are impervious to sales pitches. These guys will say almost anything in order to talk you out of a bullion purchase……….I would never buy numismatics  from them……..ever.

      3. Glenn Beck is a highly suspect source of information regarding ANYTHING!!! The current spot price per oz. of gold – the price that you are paying for a 1 oz. gold coin = the premium that you are being charged per coin. Avoid the numismatics (collectable coins) at all costs! It is the condition & rarity of the coin that dictates it’s value. Most of the online or national dealers are overstating the condition of the coins that they sell. Nobody is going to give you any more food in trade if the coin is really rare and in excellent condition. Barter after TSHTF will be based on weight of gold or silver content of a particular coin. If you are buying, you may want to consider a local dealer who has built up a reputation over years of doing business in YOUR community.

      4. the NIA website has evaluated the major gold dealers. you can see how they rank in several areas of concern. goldline shows up horrible. the best is gainesville coins in lutz florida. the last time i looked gainesville coins had a five star rating in all the review categories.

      5. Couple of points:
        1. I have used several dealers – I believe APMEX is best – they are fast delivery at reasonable prices over spot. They are BBB rated.
        2. Regarding Glen Beck – I just heard him trying to explian why “everyone hates the Jews”. He tried using theology to do so. He should stick with just preaching his vile political views IF ANYTHING. He does not know squat about theology – I hold two earned (and three honorary) doctoral degrees in the field both from conservative Christian institutions and can assure you he does not know squat. So why was I listening to his radio show? Because people ask me all the time about him and as the Bible says “be ready to give an answer”. 
        Beck pumps Goldline and makes a fortune at others expense from Goldline’s high markups. I would NEVER do business with Goldline.

      6. Oh yes, and right now I would stick with one ounce Silver rounds – they are less expensive per oz, and more fungible. By that I mean if the day comes when you have to use bullion to do business imagine trying to buy a tank of gas with gold coins at thousands per oz. Instead a Silver 1 oz is around $19 today so a couple of them would get you a tank of gas at today’s prices for gas. See the difference? Buy Silver – its a better deal.

      7. this is not the first time the fraudulent nature of precious metals trading has been “exposed”.  however, as with many cover-ups, the reverberations from this have not hit the market.

        does anyone have any insight as to when PM’s might just take off; given that the suppressed values are now starting to be exposed?
        or do people think they’ll stay that way until the SHTF?

        thank you!

      8. I’m in the advertising and marketing business, so let’s look at Goldline from that perspective.  Beck’s ads are much like Direct TV or direct mail offers.  They are typically marked up 60% over the real price of the item to cover the ad costs.  All that other crap you see on TV in long form advertisements works the same way (RonCo, Popiel, George Foreman, etc.  The ads on Beck’s show may reach 1000 people (example), but only 2-3% call Goldline and buy.  But that’s all that’s needed.  A lot of that money is going to Fox as well for delivering the message and Beck gets a personal “endorsement fee” plus production.  Any time I see anything hyped on TV, I look for another source.  I like Bullion Direct. 

        Now, as for Beck’s religious lean, he needs to be really careful, because he is sliding over into the TV preacher realm and the next thing he’ll be doing is “healing” people, live on TV.   I like about 85% of what he says despite  his sometimes over-the-top presentation.

      9. Yo rogue2 ~

        Gold and silver are already taking off; they will sky-rocket in price as the situation around us gets worse in the world; as it is every day.

        Silver is undervalued compared to gold. Pre 1964 US minted ‘trash’ silver coins, dimes, quarters and half dollars have the lowest premium and will have the greatest value to you in a SHTF situation. No one is going to be willing to make change for a 1 oz. gold coin in a barter situation. Don’t store anything in a bank safe deposit box that you don’t want the govt. to confiscate. Paper certificates for gold and silver that someone else is promising to hold in storage for you until you need it are also worthless, just like the FRN. Don’t use the internet or credit or debit cards to buy bullion or coins, they leave an electronic trail right straight to your door. Cash and carry only! Buy from a reputable local coin dealer. Good luck and God Bless.

      10. Thank you, Sir!

        i do sometimes wonder, after the SHTF, if normal people will consider silver pieces (and gold for that matter) as having worth…or if the layman would just look at it as the same as present day US currency.

        furthermore, what will small silver pieces (which is what I invested in) actually be traded for?  a loaf of bread?

        this is a rhetorical question; as I am sure we’ll never know till we cross that bridge.

        thanks again!

      11. At current prices now exceeding $ 1200 an ounce, don’t expect the price of gold to drop much any time soon. In fact, given the possibility of a mass awakening of the American people regarding the risk of even more economic peril, you may never see gold prices this low again in your lifetime.
        As I’ve said before, gold coins and silver coins provide wealth preservation.I’m certain that those who say you can’t eat gold are not eating cash.

      12. Isnt’ it interesting the Peter Schiff who at one time was a Goldline spokesperson is now throwing them under the bus at the time he is opening up his own coin store.  How self serving!!!

        • I was never a Goldline spokesman.

      13. Peter Schiff is a man of integity.   Beck is a bit flaky, but well intentioned.

        I’d trust either one of them any day over the biggest liar and most worthless president of all time Barack Hussein Obama.

      14. I have purchased silver from Goldline. You can buy one coin, or a thousand coins. There are no minimums like some of the other companies.

      15. Goldline marks their coins up over a hundred percent.  I got burned by them and beck a couple years ago.  It was an awful first experience for me getting into the gold market.  But since then I have found they are the exception and not the rule.

        As far as beck goes, what the hell happened to him?  I loved his show at cnn, he had guests like peter schiff and john williams of shadow stats.  His show at fox is unwatchable.  He just reads a teleprompter for the whole hour.  No guests or anything.  He must have a huge ego to think that people really care what he thinks.  He is an uneducated alcoholic, I want to hear from the experts not a hype man who is a corporate shill. 

      16. Comments.I looked into Goldline and actually ordered silver coins and then found that I could buy them in a coin store for nearly half the price,I then cancelled all my account and order.I almost got ripped off by goldline,I dont trust Glen Beck now….

      17. Goldline customers seeking to recover losses, must act immediately. Submit your case for a free review –

      Commenting Policy:

      Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.

      This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.