Review of Goldline Gold Company – Better Business Bureau and More
Even if you haven’t been interested in protecting your savings with a gold IRA account until recently, you’ve probably heard of Goldline, a gold investment company based out of Santa Monica, CA.
This particular company has been in business for over 50 years and has been promoted on various news programs, television shows and more…
…but does it really live up to the hype?
That’s what this Goldline review is for, let’s find out.
Like most gold investment companies, Goldline offers a variety of gold products to purchase such as coins and gold bullion bars. They also allow you to purchase silver, platinum, and palladium as well so that you can diversify your portfolio.
In addition to this Goldline also specializes in helping you create an IRA account in order to better protect your savings for retirement.
Goldline also has a few other things to offer such as their radio show “American Advisor” and some charts and graphs that detail the value of gold and other precious metals.
Overall they seem to have a bit more to offer than your average gold investment company.
However, while they may seem to be a competent gold investment company on the outside, there has been some very serious controversy and accusations leveled at them.
This next part of this Goldline review will reveal the shocking truth about this company.
Customer Feedback and Controversy
The most defining characteristic of Goldline would have to be the controversy surrounding it. There have been accusations of fraud, scams, and other unethical behavior.
The Better Business Bureau has even put out an alert on Goldline which we’ll go over a bit later. For now, let’s take a look at what customers (and employees) are saying about Goldline.
This particular customer who was refereed to the company by Glenn Beck regrets investing with Goldline:
“Unless you are uber wealthy, you will never make your money back on your gold purchase from Goldline. Their hidden fees and phony names for commissions drive the price up so high you will never make your money back. I truly wanted to believe this was a great company, and I went in blind on a Glenn Beck referral.” – Tprty1
This particular customer experienced significant losses to her investment which she attributes to Goldline’s fees:
“I invested $22,000 which is worth less than $16,000 one year later. Their fees are very high. This was not explained to me. Do research first. I didn’t and I am very sorry now that I made this investment.” – Cheryl C.
Here is another customer who feels ripped off by Goldline:
“On 1/13/2009 I purchased 122 units of gold, (1 DUCAT AUSTRIA) from Lance Brown of Goldline for $19,908.56.
On 3/10/2010 I about more GOLD 20 FR SW PRE-33 from Justin Polk, another representative of Goldline, for $50,782.30.
I was influenced by FOX News honesty and integrity so I trusted Goldline International completely. Recently, I have learned that 35% of the gold I purchased is being taken off the top of my purchase price as commission. Why was this information not given to me at the time of my first purchase?” – Karolina B.
And just so you don’t think I’m being biased here, here is a positive review for Goldline:
“I worked with Goldline for about six months and invested about $50,000 in gold Eagle Proofs. The resent comments of the New York congressmen Mr. Anthony Wiener reminds me I have to contact my account Executive at Goldline to buy more Gold Eagle proofs as I feeling a bit under insured lately. Thank you Congressmen Wiener, Don Corsaro Cleveland, Ohio” – Don C.
Though one of Goldline’s own employees had this to say about the company:
“The company itself is unethical, marketing overpriced gold coins to undereducated investors.” – Compliance Assistant
Moving on, let’s take a look at Goldline’s review scores from several places across the Internet:
1/5 – Yelp
2/5 – glassdoor
2/5 – TrustLink
F – Business Consumer Alliance
As you can see, Goldline’s reputation is pretty bad.
WARNING: Goldline has received an alert from the BBB. Here is what was posted in their listing on the BBB website:
“On February 22, 2012 the Santa Monica Attorney’s Office obtained a judgment and injunction against Goldline International, Inc.
The injunction requires Goldline to change its sales practices, to provide accurate pricing to consumers, to refund up to $4.5 million to former customers, and to pay $800,000 into a fund for future claims.
The deadline to file a claim under the injunction was May 22, 2012.”
Furthermore in November 2011, coinweek.com reported that Goldline had been charged with 19 charges of theft and fraud (in a criminal complaint brought by the Santa Monica City Attorney’s consumer protection agency).
It is alleged that Goldline ran “a bait and switch operation in which customers, seeking to invest in gold bullion, are switched to highly overpriced coins by using false and misleading claims.” Specific charges include theft by false pretenses, false advertising and conspiracy.
In 2012, all criminal charges were eventually dismissed, but not before Goldline refunded 43 customers for a total of $4.5 million.
Goldline looks like a solid company on the surface. They offer everything you’d expect from a gold investment company and even specialize in IRAs. Additionally they even have some extra bells and whistles like a radio show and statistical data on the precious metals market.
However, the vast majority of Goldline reviews are very, very negative. This combined with the legal injunction filed against them and the fact that their own employees described the company as unethical is a huge warning sign.
Which leads me to my final verdict:
This is the first time I’ve ever given a gold IRA company a 0/10. And it honestly has nothing to do with Goldline’s services or business set up. The reason I’m giving them a zero is because of all the red flags and legal issues that have popped up surrounding this company.
The bottom line is this: Stay away from Goldline, the risk isn’t worth it.
If you’re looking for a reputable company to help you protect your savings with a gold IRA and other precious metal investment options, my #1 recommendation is Regal Assets.
Regal Assets is an industry leader in the gold investment industry and has perfect review scores with the BBB, BCA, TrustLink, Personal Income, and Yelp just to name a few.
Regal Assets is also offering you a FREE gold investment kit to help you learn how you can protect your savings from the threats of hyperinflation, the failing US dollar, and other economic factors that have cost people their entire life savings.
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