The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
Goldline InternationalTerrible experience

J

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.

Responses

  • Bo
    Bobby Washington Jan 21, 2010

    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...

    2 Votes
  • Jo
    JoAnne Q Feb 15, 2010

    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.

    2 Votes
  • Hi
    Hinden Apr 10, 2010

    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.

    1 Votes
  • Da
    Daniel Harrison May 03, 2010

    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.

    2 Votes
  • Lo
    LostGold May 24, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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.

    2 Votes
  • Ma
    Marc Welby MD May 27, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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.

    1 Votes
  • Lo
    LostGold May 27, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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.

    2 Votes
  • Fo
    formerclient Jun 01, 2010

    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.

    1 Votes
  • Bo
    Bocales2008 Jun 09, 2010

    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.

    1 Votes
  • Az
    AZFlyer Jun 18, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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.

    0 Votes
  • ConsumerFraudLawyer Jun 18, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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 [protected] or e-mail me at [protected]@crafthugheslaw.com. Website is www.crafthugheslaw.com.

    Thanks,
    -Craft

    1 Votes
  • Lo
    LostGold Jun 19, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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?

    1 Votes
  • Ho
    Holding Jun 26, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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

    1 Votes
  • Lo
    LostGold Jun 29, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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!

    2 Votes
  • Do
    Donald T Oct 06, 2010

    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.

    0 Votes
  • Ro
    Roman1234 Oct 06, 2010

    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.

    1 Votes
  • Go
    Goldline_Crooks Oct 13, 2010

    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!

    1 Votes
  • To
    Tom Danford Nov 11, 2010

    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

    1 Votes
  • Ot
    OttoDog Nov 21, 2010

    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.

    1 Votes
  • Ch
    Charles NIcholas Dec 10, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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

    1 Votes
  • Go
    Goldline Victim Feb 09, 2011
    This comment was posted by
    a verified customer
    Verified customer

    I also had a horrible, nightmare experience with Goldline. I feel for everyone who has been treated poorly by this company. I invested in gold to gain more financial security and peace of mind. The truth is, what I got was financial LOSS, stress, confusion, anxiety, hype and in my opinion, a lot of BS.
    The worst experience in my life.
    I created a blog to tell my story and to help empower others to make better investment decisions. I hope it will add to a more honest investing world. Please visit. Let's all work together to out less than honest companies. www.mygoldlinedisaster.com

    1 Votes
  • Ih
    Ihategoldline Mar 09, 2011
    This comment was posted by
    a verified customer
    Verified customer

    I just found out I got ripped off by gold line, I setup account intended to purchase 1 oz maple leafs but the sales went his way to take me into the rare coins I did not fall for, but then he pushed me into the 1/10th oz to 1/2 oz coins where they have 35% markups, after research I found that I can easily purchase exact coins from other companies near the spot price! Gold line simply lie to it's customers for profit! Why are they still in business after reading all these complains?. Is there no justice in USA anymore?

    1 Votes
  • Be
    Ben26 Mar 16, 2011

    I had a very similar experience with an "advisor" from Goldline International. Fortunately I did not purchase anything from them.

    I filled out the on-line form requesting an investor kit. Soon after receiving the kit in the mail I got a phone call while at work. The woman from Goldline was using a scripted sales pitch which I recognized right away. I informed her that I would not be purchasing anything that day, but instead was gathering information in anticipation of making an informed decision in the near future. Her response caught me off guard... “What are you waiting for? The price of gold to go up?”

    I asked her what products she had to offer. She said that the hottest gold product was the gold Panda coins which weighed “nearly 1/10th of an ounce” and were 99.99% pure gold bullion. The word “nearly” was clearly a red flag!

    Keep in mind that the spot price for gold was around $970 at the time this conversation took place.

    I asked what the price for these coins was and she told me they were $190 each. I informed her that would come out to $1900 for “nearly” 1 ounce of gold. Her response “Oh no, it isn’t!” She then told me that 10 coins would make an ounce. I corrected her by including the word “nearly” again. She told me that most customers purchase a roll of these gold Pandas. She said that there were 100 coins in a roll and the cost was $19, 000!

    She continued with her sales pitch and basically ignored all of my concerns. I asked about storage fees and she could not answer because she “did not have her sheet in front of her.” Same story when I asked about shipping costs.

    I told her that I felt Goldline was a scam and I was not going to do business with them for any reason. At this point she hung up on me without saying another word.

    She called me about a week later obviously not remembering how the conversation had ended. When I reminded her she hung up on me again.

    This organization is CRIMINAL! Honestly, I don’t understand why they are still in business.

    1 Votes
  • Mo
    mollymaie Dec 07, 2011

    Please all, contact the Santa Monica DA's office. They would love to talk to you all.

    0 Votes
  • Be
    beakerfish Dec 15, 2012

    I bought gold from Goldline. My first two purchases, I made a profit on paper. I thought to buy gold because of the consistency of gold rise in prices over the years. Although, it was based on demand and supply, I decided to put some money into gold as a part of a try. I didn't completely understand it. I knew that gold was used in computers. Computers were being smashed for their gold. It's a precious metal. Limited amount. Growing need with population. My third purchase, I had a terrible experience. Perhaps, my profit on paper on the first two purchases caused that. I thought to put in $4, 000 this time into gold. Then, I found out about Goldline's price raise to make profit on the purchase which was a large percentage amount. When I saw that, I felt conflicted. I wanted to buy before I heard the price. it was probably 12%. That was greater than my expected rate of return from gold. My agent said "buy". "Hold it for two years". I felt pressured. I saved this money for this purchase. Now, it wasn't looking like a good purchase. Gold market price hasn't covered the difference yet. I made that purchase while feeling pressured. I look at that as a possible mistake. sometimes as a mistake perhaps. I hated being pressured and feeling pressured at that moment. I hate the idea that a person feels pressure to buy at a mistake to buy the product.

    1 Votes
  • Ja
    Jackie B. Jan 08, 2013
    This comment was posted by
    a verified customer
    Verified customer

    There are good and bad companies out there. I don't know much about Goldline but I will keep your warning in mind when talking with friends. It seams when ever there is money involved there are always dirt bags out there that are willing to take advantage of people. Like I said I don't know anything about Goldline so I will not place judgement on them. Instead I will heed your warning and use caution if dealing with them.

    I agree with Donald in regards to Regal Assets. I learned about Regal Assets after visiting a dot com site called irasgold that happens to be owned and operated by a married couple (or so they say) I don't have any reason not to believe them. I left a feedback on one of the articles on their site in an attempt to contact the couple. I am lucky I did because they are totally cool. They offered me a much better deal then if I had just called the 1-800 number or gone straight to the Regal Assets company.

    I don't know of anyone or any other site that offers money back on your gold and silver purchase. The prices Regal Assets offers on precious metals is extremely competitive so I was shocked when they offered me an even better deal. Keep in mind they do not advertise this special deal it is shared only with those that contact them directly. You will not find anything on their site that talks about the discount. Leave a comment on their site and tell them Jackie sent you. Not sure it will help but its worth a try. Of course I had to wait a while for a check to show up in my mailbox but it was kinda cool to get paid money back for investing in precious metals.

    Either way I feel Regal Assets is among one of few respectable companies you can work with and if you are not interested in the discount you could just go straight to the Regal Assets site. That is if Goldline hasn't scared you away from investing altogether. Just remember once you make direct contact with Regal Assets you can no longer qualify for the discount offered by irasgold (my buddy learned this the hard way) apparently the contact must start from the irasgold website. There might be others that offer this discount so take a look around if you want. I wasn't able to find one but it does not mean you won't have better luck then me . You could also try out Leer. I don't know anything about them but since Donald mentioned Leer and Regal Assets in the same breath, I would guess he must have put some time into researching the two companies. Good luck, be smart and invest wisely.

    1 Votes
  • Vw
    V Whittlehouse Aug 02, 2013

    By reading some of the comments here, I am not sure that these upset investors of gold from Goldline International (or similar companies such as Merit) understand the nature of precious metal purchases as investments. When I read the complaints about Goldline and similar companies, the complaints are all very similar, and all seem to be from investors that just don't understand precious metal investments in general. Most of the complaints are about high "buyback" costs associated with recent purchases, and therefore they deem companies such as Goldline a "scam". However, if investors would read the disclosures, the buyback costs are high and are fully disclosed. Goldline is one of the companies that do offer to buy back the gold it sells, but they buy it back at their current cost on that given day. If you don't like the associated costs, sell your gold where you will get as close to a retail return as possible. Ebay is a great place to sell gold, and there are hundreds of other places that buy gold...sell it where you will get the best price. The people on this complaint board have not done their homework prior to investing, and do not understand that one should not buy gold, or any metal, if they will need to sell it again within a year or two...They do not understand that gold is a great "long term" investment, not short term. If you are buying gold, and you will need to redeem your money within the next few years, stay away...you will lose money. But if you are looking to hang on to your gold for the long haul, create a hedge against a volatile economy, diversify your investment portfolio with something tangible (gold and silver and other metals have continuously outperformed most other investments, including real estate), then the metals offered by Goldline are a great investment. The account executives at Goldline are well trained professionals who are knowledgeable about the products they sell. They deliver what they promise, and I will continue to do business with this company which is an industry leader. They didn't become one of the best in the industry by ripping people off. Do your homework, and if gold is the right investment for you, then Goldline is one of the best and most reputable companies to deal with.

    0 Votes
  • Da
    Darlene Guarascio Jul 17, 2017
    This comment was posted by
    a verified customer
    Verified customer

    This company is just a real scam. Lisa, you got my money and good for you. No use crying over spilled milk. Get a real job where you have to work like the rest of us you scammed. SHAME on you for being a part of a company that was investtgated for fraud. Yes, investigated for fraud. Punch in Goldline complaints and see the video ABC news posted on November 1, 2011. Goldline execs being investigated for FRAUD. You have to be as ashamed of yourself for getting involved with a company involved in criminal activity as I am.
    I invested over $18, 000 into a gold IRA that was valued at a little over $8, 000 by Gold Star. Gold wanted to buy it back for $7, 500.00. Like they didn't swipe enough out of me. Lisa Weedman, Director of Client Relations, said I never called her concerning the devaluation of the account. I really did (always trying to cover her but) and she told me to leqve it in for at least 5-7 years, which I did. It is worth less than 1/2 of what I invested. Contacted the DA of California and she sent him a bunch of figures on meltdown values, basically saying what she sold me is a pile of junk. Please review that tape put out by ABC on November 1, 2011. It can't be scrubbed off the internet as bad comments can.. No one will help you if you get involved in a racket like this, so please do your homework before you buy gold. I do my buying from American Eagle Coins. No deceit involved with this company, they are straight forward.
    When I reviewed all the complaints about Goldline I felt grateful I only invested what I did and not anymore of my investments. Some people lost a lot of money investing with this company.
    Lisa seemed to know all about my transactions, but she never handled my purchases. Jim Gibbons, who flew the coop when the coop when things got hot lwas the agent in charge.. Goldline had to pay $4.5 million to customers who got scammed to avoid criminal charges. By the was, Lisa, the $800, 000 was agreed to be set aside for future claims, not unhappy customers. Get off my back and I will get off yours, Goldline. I am not in the habit of getting involved with a company that involves itself in criminal fraud.
    There a lot of good gold companies out there, but this company is not one of them. Please review that tape from ABC News. They can't take it off th4e internet and really think about you are doing before you invest.
    I don't want Goldline to EVER contact me again in anyway. If you read this, please know that I am informing people of your business practices so they don't get scammed. I am still reading reports coming in about you. GOLDLINE, YOUY STINK!

    1 Votes

Post your comment

    By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions