“I defy Glenn Beck to dispute the premise of the report.” -Weiner- part 4
Thursday, May 27, 2010 at 04:43PM
Here is the final post in our series of defying Weiner and disputing the Weiner report and its “substance” (after conducting an extensive archaeological expedition to find some.)
Remember, Weiner never contacted Goldline before writing the Weiner report. Perhaps, Goldline could have taught him something about the industry he was attacking before he was overrun by embarrassment and regret, like he was after his appearance on The O’Reilly Factor. Onto the Weiner report, some of Goldline’s answers, and WeinerFacts commentary.
Weiner Report: Goldline charges more for collector coins than the “melt value”…meaning, if you melted them down and sold them on the open market.
Goldline response: Congressman Weiner improperly characterized Goldline’s mark-ups by looking solely at a coin’s metal content rather than Goldline’s selling price and buy-back price for that coin. He also ignores that some coins, because of their collectible value, could be worth thousands more than their metal value.
WeinerFacts notes: Think of it this way. What is the most expensive piece of wood furniture in your house? An armoire? A table? An entertainment center? How much would you get for it if you took a chainsaw to it and sold it as firewood? If it’s less than what you paid for your armoire in the store, Weiner may launch an investigation against the furniture store. He also might investigate the US Mint, which sells collectors coins at markups over 600%.
Weiner Report: Goldline won’t guarantee that it will buy back products it sells.
Goldline reponse: The law prohibits Goldline from making that guarantee.
WeinerFacts notes: Once again, this report was put together so sloppily and hastily, that Weiner didn’t realize he was encouraging laws to be broken. He doesn’t understand the business he’s attacking, and he never even bothered to call Goldline before releasing the report because his mind was already made up.
Weiner report: Goldline does not explain what “bid” and “ask” mean when explaining its spread.
Goldline reponse: These terms are defined in the account and storage agreement, risk disclosure booklet and on Goldline’s website.
WeinerFacts notes: They only explained it in three separate places? No wonder Weiner missed it.
Weiner report: Congressman Weiner claims there are “hidden” storage and delivery fees.
Goldline reponse: Goldline’s account and storage agreement explicitly sets forth the storage fees. Further, Goldline informs every client if delivery fees apply and the amount of those fees at the time of purchase.
WeinerFacts notes: Sure, but Weiner can’t be expected to read.
Weiner report: Goldine doesn’t tell customers how much gold must rise for a product to be profitable.
Goldline reponse: Goldline explains this fact clearly in its risk disclosure materials which include a simple mathematical example showing how Goldline’s spread works.
WeinerFacts notes: When you’re talking about Weiner, there is no such thing as a “simple mathematical example.”
Weiner report: Goldline was fined by the State of Missouri.
Goldline reponse: Goldline was never fined. Goldline agreed to repurchase certain items from a customer. Goldline also agree to pay investigation costs and to contribute to an investor education fund. The total amount paid by Goldline to Missouri was less than the civil penalty imposed against Congressman Weiner for his Federal Election Commission violations.
WeinerFacts notes: Other than the previously discussed incorrect message board claims, this was the extent of the problems discussed in the Weiner report. Inaccurate information about one customer in Missouri, that Goldline rectified. The last part is worth repeating however: “The total amount paid by Goldline to Missouri was less than the civil penalty imposed against Congressman Weiner for his Federal Election Commission violations.”
Weiner report: There is no definition of coins which were exempt from confiscation during the 40+ year period that Americans were barred from owning gold.
Goldline reponse: The Treasury Department's Office of Domestic Gold & Silver Operations issued regulations defining those coins exempt from confiscation.
WeinerFacts notes: Sure, they might have issued regulations. But if a regulation is issued, and Weiner doesn’t know about it, did it really happen?
Weiner. Premise. Disputed.