Explore your opportunities! Create an account or Sign In
The most trusted and popular consumer complaints website

Goldline International

Posted:    

Terrible experience

Complaint Rating:  97 % with 126 votes
97% 126
4.85
Contact information:
Goldline International
United States
goldline.com
Several years ago, I filled out an online form of Goldline Interntional's to receive some literature about investing in precious metals. Soon after I was contacted by John Arnette, a salesperson with Goldline. John was pleasant and convincing. He informed me that I should view him as an 'adviser' similar to my stock broker. I was interested in buying gold but was not yet ready. When the time was 'right', I called John back with the intention of purchasing a large amount of Bullion gold. The price of gold at the time was $420/ oz. and the price of silver was less than $7 per oz. In my opinion that was pretty good timing. John 'advised' me to talk further with one of Goldline's Numismatists. I was young as a precious metals investor and was looking forward to the education and 'advice'. The Numismatist sounded very educated and convinced me to invest half of my money in Silver PCGS MS64 Peace Dollars. I agreed, as he told me that these had sold for as high as $250 each in the 1980's. I purchased 1000 of them at a price of $52 each ($52, 000 in Peace Dollars).

I recently called them back to re-sell my Peace Dollars. They told me that they would pay $47 each. At this time, the price of silver had doubled from the price it was when I first bought from Goldline. I asked the representative, 'What would the price of silver have to be for me to get my money back?' The buyer from Goldline informed me that it would likely have to hit $20 per oz. before I could get $52 a piece for them. When my stock broker 'advises' me on an investment, he certainly does not trick me into buying something that would have to more than triple before I can break even. It was this phrase from John and I quote - 'We are telling our customers that they should view us as someone similar to a stock broker' that hooked me. What a bunch of liars and deceivers these scam artists are at Goldline. Beware friends. If there is a class action suit against this company, I want in.
Complaint comments Comments (28) Complaint country United States Complaint category Products & Services

Comments

Sort by: Date | Rating
A  21st of Jan, 2010 by    +1 Votes
I had the same experience!! with both silver and gold. I purchased over $150, 000. They told me to buy more silver because the price was so low...try to sell some back and the guy told me it would have to appreciate at least 40% from the purchase price to break even.

Hey, don't feel bad the guy who sold me by stuff was a friend..for over 10 years...

BUYER BEWARE...
N  15th of Feb, 2010 by    +1 Votes
This company defrauded my father. With as many complaints as I have read about the malpractice of this business, a class action lawsuit is in order. If anyone has further information, please contact me.
A  10th of Apr, 2010 by    +1 Votes
Do not fall for Gold or Silver bullion/numismatics sold by these so called precious metals dealers. I have been a customer of Goldline and other entities. Every single one of them is a scam. You will lose more than you can ever breakeven on your "investment" or is it "insurance policy". Cons every single one of them.
N  3rd of May, 2010 by    +2 Votes
I am amazed how many people have been scammed by different companies. I have found a great company regalgoldcoins.com. They have an A rating with the BBB and no customer complaints, they gave me great customer service and low prices. I would refer them to everyone, go check them out.
N  24th of May, 2010 by    +1 Votes
Goldline sells you on two aspects - 'private' or numismatic gold (with the 'threat' of an Obama/FDR like confiscation of gold hanging out there.) So they steer you away from registered gold coins like the Krugerrand, Gold Eagle, and Maple Leaf, and into, in my case French Angels (.1876 troy weight gold) which are pre-1933 'private', gold. I was led down a primrose path to believe that the 35% premium they charged was part of the value of these 'private' gold coins, and that when gold rose, of course the value of the French angels would rise.

I've since learned that you could purchase the same coin I bought at $409 for about $253 to $270 give or take depending on the spot price of gold.

The second thing they sell you on, is their buy back promise, which is within 1% of the market price for the coins at the time they buy back from you. And they will buy them back. That's fine and dandy, but 35% front end loaded cost will minimize your gold holdings and set you in a hole to begin with - so the buyback is only after you've tossed 35% out the door. I'm still stunned. I've since called around and determined that you can pretty easily sell your French angels or what have you, and while there may be some discount for doing so, imho, that approach far outweighs the 35% front end load that Goldline charges, imho. Goldline also tries to scare you into thinking that when Gold goes way up ('like it did in the 1980s') that unscrupulous gold dealers will charge 10 to 20% back end premiums, or even up to 50%. I've determined that I'd have to suffer a 23% back end discount to make my 'investment' as horrid, as what Goldline just did to me.

Please do your homework, as I only did mine too late. I feel dumb, dumb, dumb, having relearned that lesson.
A  27th of May, 2010 by    +1 Votes
I can only commiserate with the above comments. I just sold my Goldline holdings to another company at a loss ( less than Goldline's offer) and had the best night's sleep in a year. Please keep me posted on a class action suit. Karma will get them.
N  27th of May, 2010 by    +1 Votes
As I've mentioned above, I bought numismatic gold coins (NGC) from Goldline a couple weeks ago. I was NOT told verbally about the 35% front end spread on NGC. I did not closely look at the transaction and was preparing for a trip, so my 7 day 'first day' grace period was gone in the middle of my trip. When I returned I was shocked to see what Goldline does to you - how they steer you to private gold - NGC - and then charge you a HUGE front end spread. In my case, they didn't inform me verbally - although there are 2 lines out of 310 lines in their Account and Storage agreement:
http://www.goldline.com/buygold-preciousmetalstorage

The Goldline 35% front end 'spread' on numismatic gold coins (NGC) is so steep, and so out of line with other dealers, that you'd have to sell on the backend for a 33.6% loss (spread below the market ask (which is within 1% of what Goldline asserts it will buy back from you)) to come out even with the Goldline approach. The claim and fear put out by Goldline reps is that when gold is very high, like it was in the late 70s through 1980 or so, there won't be dealers that will buy back, you'll get disconnected numbers, or you'll be in a line to sell back, won't be able to make a market for them at that point, etc.

Also, Goldline, nor anyone by law, can guarantee that they will buy back, so Goldline is not required to buy back your gold, and their Account and Storage Agreement clearly states that their policy toward buy back can change at any time.

What Goldline does is scare you about the back end, and in do doing charge you an exorbitant front end spread. It's like buying an expensive insurance policy that is never required to pay out.

Might you lose money on the back end by not being able to sell part of your gold at the very peak? Perhaps.

But Goldline removes all doubt from that equation, by removing 35% of your money at the outset. They told me - 'you won't have to monkey over selling the gold' - but is that worth the guaranteed 35% hole you'll start out in?

Let's look at a scenario - you buy $10, 000 worth of NGC from Goldline and gold goes from $1, 200 to $3, 000 ounce, with some additional premium for whatever NGC coinage you have. You decide to liquidate half of your position at gold $3, 000 to sell into strength. Let's say Goldline actually does buy your coins back at 1% to market ask - they are not required by law to do so, but say they intend to. If you'd purchased elsewhere - without the huge front end spread - you'd have to not be able to sell your gold all the way down to gold $1990 ounce, to have the equivalent return of the 35% front end hit you take with the Goldline approach.

Please, consider these things before buying NGC, or anything, from Goldline.
A  1st of Jun, 2010 by    0 Votes
I dealt with these idiots when Joe owned gold & silver emporium. Same BS there too. Probably sold to Goldline just before the fed's were about to step in.
Goldline is just a boiler room filled with any tom, dick, and harry to sell their products and with zero educated in financial assets. Believe me, you can get the same for less anywhere else. Look for reputable dealers on PCGS.com.
This company should be shut down.
A  9th of Jun, 2010 by    0 Votes
I trusted the National TV and Radio advertisements. I also trusted the BBB logo on their site. I just found out today that gold will have to double in value for me to recover my Goldline purchase prices. Buyer beware.
Leslie Auburn, AL.
A  18th of Jun, 2010 by    0 Votes
Goldline makes its money off the ignorance of their customers. Numismatic coins are only an investment for experienced coin collectors. Why would someone "invest" in something they know nothing about? Additinally, though they claim to charge a 35% premium (clue : If you have to pay that much, it's not an investment) for their top selling coin (the French rooster, which is kind of a joke in the gold world), their real markup over true market prices (i.e. other dealers' legit prices) are closer to 65%.

There's no such thing as "private gold" it's just a sales gimmick to get you to pay more.

The highest markup I've every paid for gold is 4% over the spot market price. Often less. When friends ask me about investing in gold, I give them one basic piece of advice. If they advertise heavily on TV or Radio, you're going to get ripped off. I have never seen a TV or radio ad from any of the legitimate, reasonably priced gold dealers I've dealt with. If they charge a reasonable markup, they cannot afford expensive media.

Rule #1. Before investing in gold, get educated. That does not mean listening to some paid sponsor or sales hack. That means spending many hours or days to find out how real investors buy and sell precious metals. The Internet is a valuable resource, as long as you're willing to take the time to THOROUGHLY research before parting with your money.
A  18th of Jun, 2010 by    0 Votes
Please contact the law firm of Craft Hughes Law, P.C. about your complaint with Goldline International, Inc. We are investigating a nationwide class action and would like to speak with you. Please call (888) 350-3931 or e-mail me at craft@crafthugheslaw.com. Website is www.crafthugheslaw.com.

Thanks,
-Craft
N  19th of Jun, 2010 by    +1 Votes
AZFlyer: "I have never seen a TV or radio ad from any of the legitimate, reasonably priced gold dealers I've dealt with."

OK, you've told us to do good research. Help people start by giving a testimonial or two for the 'legitimate, reasonably priced gold dealers' you've dealt with. I've been hearing good things about RegalGoldCoin and Blanchard - do you recommend either of those dealers?
N  26th of Jun, 2010 by    +1 Votes
Blanchard charged me a premium over spot of $136 for each Liberty Head Double Eagle $20 VF random date when spot was $850 on May 1, 2008. That's a huge 16% premium, much more than the fairdealing competition's prevalent average of 6% to 7% at that time. Yes, I was new to the gold coin market and, yes, Blanchard took full advantage of my ignorance. I wrote several letters of complaint to Blanchard's management hierarchy from the top down, but they never responded. I will never deal with Blanchard again. I made subsequent purchases from Tulving, APMEX, and Gainesville Coin, and I have no complaints with those other firms prices and performance
A  29th of Jun, 2010 by    +1 Votes
Here's a good review of some Gold and Silver dealers:
http://inflation.us/reviews/
http://inflation.us/reviews/reviewupdate.html
Gainesville Coins is rated very highly there also.

Goldline and Blanchard are both rated very low.

Holding - you should report your experience about Blanchard as a separate complaint - so people can reference it on the net when they're doing their research.

Thanks all and best!
N  6th of Oct, 2010 by    0 Votes
I fully understand your frustration and disappointment with Goldline, but like anybody else, you have to do research before you buy. Salesman can be very, very good. Before you know it… you have spent all your money, are extremely excited, and then you find out you have been taken. I recently started investing in gold and silver and found that Regal Assets has compentitive prices and great customer service. I am happy with the gold purchases that I have made and I am making money so that's a good thing.
N  6th of Oct, 2010 by    0 Votes
It is so unfortunate to read your horror story about working for Goldline. I have never personally EVEN spoken with a rep at Goldline, but I am definitely not going to purchase gold or silver from them. I am an avid precious metals investor and I have been extremely happy with the firms that I have used. I have been buying from Blanchard and Regal Assets becuase they have great customer service, competitive prices, and fast delivery.
A  13th of Oct, 2010 by    0 Votes
Mark Albarian and Robert Fazio are crooks. They train their account executives based on a lie. They teach all their employees and tell them its a 35% spread on the coins, when in FACT it is 53.8%. Call them anytime and ask about any private asset bid(buyback) is and ask what their ask(selling price) is. It is a constant 53.8% spread plus a 1% on buyback. So right off the back you loose 54.8% of your investment. The worst gold company out there! They are ripping people off. They also bait and switch people who initially wanted to buy bullion. I am ready for them to be shut down!
N  11th of Nov, 2010 by    +1 Votes
I must first start by saying that I wish I would have bought gold back when it was at $900 / ounce...or even at $1200 / ounce. I didn't want to miss out on the gold 'bull' market, yet also didn't want to risk having to spend 2+ years just to gain back the percentage of the commission costs. It seems a lot of the gold brokerages were charging anywhere from 20% - 30% commission for the amount I was going to invest in gold coins. From all my research, both online and calling, I narrowed it down to two companies: Blanchard and Precious Metals Brokerage Group. I have made 3 transactions in the past 4 months, and both Blanchard and PMBG offered me the BEST commission spreads, as well as costumer service and FAST delivery. While I believe Blanchard has been around longer, what really impressed me about PMBG was their knowledge and up-to-date information on the investment market surrounding gold. Here is where my preferred gold companies are are at:
Precious Metals Brokerage Group: www.pmbg.net Blanchard: www.blanchardonline.com
Good luck with finding the right firm! -Tom
N  21st of Nov, 2010 by    0 Votes
Tulving, APMEX, and Gainesville have the lowest commission, and, although Tulving is gruff as hell and has a unique definition of "spot" (kitco offer price), the spread between buyback and sell price is minimal.

GoldLine is (up til now) legalized theivery on a monstrous scale. Blanchard's shills keep posting here, but they have a 16% premium on their product, unlike the 2% to 4% typical of the three aforementioned firms.
A  10th of Dec, 2010 by    0 Votes
In 2007, I purchased from Goldline, two $20 gold pieces from the SS Republic Shipwreck. I was assured that these coins were rare and would go up in value at a rapid rate. My Goldline rep advised that I buy two for $35, 000 each (35 % was commission) and sell one when the price increased to a value to give me one of the coins at no cost. Boy, was I a sucker; I bit hook, line and sinker. In 2010, five years later, I found that Goldline was making a market in the SS Republic coins and that they were still selling the $20 gold pieces for $35, 000. I decided to take my beating. Goldline paid me the bid price, $22, 750 for each coin (the ask price less 35%) less one percent liquidation charge. I had to pay plus $80 postage and insurance to return the coins. Goldline didn't do anything illegal but they did represent that the coins were more valuable than the actual value and they represented that the market would bid the prices up because the coins were so rare. The only thing that was rare in this situation was a healthy quantity of common sense on my part. Chuck

Post your Comment

Please check text spelling before submitting a comment
Your attitude towards Complaint Agree Neutral Disagree
Comment text
Attach photos (optional)

Contact Us
bdomains.com
     

Reply to

Send