As local and federal investigations get underway regarding the company Goldline, endorsed by celebrity Glenn Beck and others, there are some additional things to consider. These things are not necessarily directly relevant to the scandal itself but they may be the result of it. Whether they will happen or not remains to be seen but the possibilities are definitely worth exploring.
The first item is the statement by Anthony Weiner, a NY congressman, regarding the fact that government seizure of gold is a ludicrous concept. It seems that the federal government can do much worse things, such as confiscating homes due to drug use on the property and allow known criminals to walk free in exchange for their testimony against someone else. The act of confiscating gold pales in comparison to these, and many other, things currently being done by the government.
Next, we have the statement by the Executive Vice President of Goldmine pertaining to the advice that his sales reps provide to clients. These reps are not licensed investment advisors, so it makes sense that they should not be advising customers on the best types of coins to purchase. With a congressional committee, ironically co-sponsored by Congressman Wiener, reviewing the issue, the result may be additional regulation of the gold coin industry.
Last of all, Glenn Beck may be the subject of a government-sponsored attack. He is a known critic of the Obama administration and past Democratic attempts to remove him from the air were unsuccessful. Perhaps the Democrats are now going after Beck by attacking Goldline, the biggest sponsor of his show.
The most likely outcome of the Goldline scam is increased SEC regulation of gold dealers due to new legislation regarding financial reform. There is already a new reporting requirement on relevant purchases over $600. Having this information will make it easier for the government to purchase your gold if they ever want to. How Glenn Beck will be affected by this scandal is unknown, but things are sure going to get messy.
Source: Galland, David. The Daily Crux. Casey Research: Three scary facts about the Glenn Beck/Goldline scandal.
Tags: Gold News