Goldline International

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Goldline International, Inc.
Company typePrivate company
GenreGold and precious metals trading company
Founded1960 Edit this on Wikidata
Headquarters
Santa Monica, California
,
U.S.
Area served
United States and Canada
Key people
Mark Albarian (CEO)
Scott Carter (EVP)
Robert Fazio (EVP)
Joseph Ozaki (COO & CFO)
WebsiteGoldline.com

Goldline International, Inc. is a retail seller of gold and silver coins, and precious metals for investors and collectors.[1] Headquartered in Santa Monica, California, Goldline has more than 300 employees and are projected to have $1 billion dollars in revenues in 2010/2011. The company has a Better Business Bureau A+ rating. The key executives are Mark Albarian, president and CEO, executive vice presidents Scott Carter and Robert Fazio, and chief operating officer Joseph Ozak.

Goldline traces its formation to a Deak & Co. subsidiary created in 1960, a firm that in the late 1970s was the largest storefront gold retailer and later went into bankruptcy in the 1980s in order to reorganize the business due to allegations of money laundering for drug traffickers. The company was later bought and sold several times in the ensuing years. The current incarnation of selling gold by phone began in 1992 when A-Mark Precious Metals principals Albarian, Fazio and Ozak became key executives of Goldline, then a subsidiary of A-Mark.

Goldline advertises on several television channels and also sponsors some of the more popular conservative radio talk shows. They take orders over the phone, and for smaller purchase amounts via their Yahoo Store.[2] Goldline states their price spread is 5-20% for bullion coins and 30-35% for all other coins. They have historically repurchased coins they have sold, offer a price guarantee program, and allow first-time coin buyers to request a refund within seven days. Though they don't offer investment advice, they recommend that the buyer invests 5%-20% of their portfolio in gold.

Goldline has been criticized for some aspect of its sales tactics, charges the company denies, and is under investigation by a U.S. congressional committee and by local officials in California. Additionally, its actions have prompted a class action lawsuit.

Business operations

Overview

Goldline is a retail seller of gold coins, silver coins, platinum, bullion bars and bullion coins, special collections, currencies, and other precious metals for investors and collectors.[1] According to the Los Angeles Business Journal, in 2008, Goldline had more than 300 employees and sales revenue of $525 million which the newspaper said made it the "8th fastest growing company" in Los Angeles County, California for 2008[3] and the 30th largest Los Angeles County private company with headquarters in Santa Monica, California.[4] David Lazarus, the business columnist for the Los Angeles Times, said revenues are expected to climb to $1 billion dollars in 2010/2011.[5]

Corporate officers

Today's Goldline, selling gold by phone, began in earnest in 1992 as a subsidiary of A-Mark Precious Metals Inc., a rare coin and precious metals company founded in 1965 (see Goldline history for details) where three of the current key executives hail from.

Mark Albarian has been the corporate president since 1992 and CEO.[6][7] Albarian attended the University of California majoring in economics and political science. After graduating, he was assistant vice president in the Numismatic Department of West Coast Bank and then, until 1986, was a vice president of Valley State Bank. From 1986-1991, he was a company director of A-Mark Precious Metals Inc.[7][8] In 2010, he was a finalist for the Ernst & Young Entrepreneur Of The Year award in the Greater Los Angeles Area.[9]

Scott Carter is executive vice president. He is a graduate of Valparaiso University and holds a graduate degree from Lake Forest College. Carter was president and chief operating officer of American Horizon Insurance Company, an auto insurance company, until it was liquidated in 2002 due to insolvency.[7][10][11] Subsequently he was the president of Unitrin Direct Auto Insurance.[12] Carter is a part of the governing board for Trinity International University and was a member of the Woodrow Wilson Council.[7]

Robert J. Fazio is an additional executive vice president. Fazio graduated from Marist College in 1986 with a major in Communication Arts.[7] He started working at Deak International Goldline Limited/Deak International Goldline (US) Ltd. in 1986 and became part of Goldline International and A-Mark Prescious Metals Inc. in 1992.[7] Joseph P. Ozaki, the chief operating officer and chief financial officer, studied at California State University, Long Beach in 1978 with a B.S. degree in Business Administration with emphasis in Accounting and Finance. He also attended UCLA with course emphasis in Computer Science. He joined A-Mark Precious Metals Inc in 1985.

Marketing

File:Glenn Beck and Goldline.jpg
Glenn Beck Goldline commercial

Goldline advertises through a variety of marketing channels including the internet, radio, and television. Former Director of the United States Mint and Democratic Congressman Jay W. Johnson was Goldline's television spokesperson from June 2009 until his death in October of that same year.[13] Goldline's television advertising includes cable networks such as CNN, CNBC, Fox News, History International and Fox Business.

Goldline also sponsors the shows of a number of conservative radio and television hosts, including The Glenn Beck Program,[14] The Laura Ingraham Show, The Fred Thompson Show,[15] The Huckabee Report,[16] The Lars Larson Show, The Monica Crowley Show, and The Mark Levin Show.[6][17][18]

New York Representative Anthony Weiner characterized these sponsorships as an "unholy alliance" between Goldline and the commentators whom Weiner said push gold as an investment as part of their expressed political opinions.[17][18][19] In response, Albarian said Goldline likes to sponsor commentators who have a "passion for gold" and said Weiner's attacks were politically motivated because of Goldline’s sponsorship of conservatives. He stated they have advertised on CNN and the above-mentioned Democratic Congressman had been a paid spokesperson for six months. But talk show host Michael Smerconish claimed Goldline stopped advertising on his show because he was not conservative enough.[17][19][20][21][22]

Conservative commentator Glenn Beck and Goldline have been closely associated in the public's mind.[23] In 2009, Goldline mistakenly identified Glenn Beck as a "paid spokesman" on their website which raised concerns with his employer, Fox News, who prohibit such a relationship; they later changed it to "radio sponsor".[6] Beck appeared on Albarian's radio show, the company was the exclusive sponsor of his 2009 comedy tour, and previous to his Fox News employment, Beck had appeared in a Goldline website video.[6] The late night satirical television program The Daily Show with Jon Stewart has skewered the relationship,[6][24] and in 2010 some alleged that there is a conflict of interest which both Beck and Goldline deny.[14][6][17][18][22][21][25]

Business policies

Sales

The company sells over the phone to customers responding to an advertisement, calls past customers when new collectibles arrive but does not do cold calling.[26][5] Purchases are made by check or wire transfer.[27] Additionally, for orders less than $2,500, a buyer may purchase coins at their Yahoo Store; however prices are about 3 to 5 percent more due to credit card transaction fees.[28][27] Purchases are either delivered to the buyer within 28 days or stored with a third party storage facility.[29] Customers may cancel their first order of coins (but not bullion nor subsequent orders) within seven days — state law may require a more liberal policy.[30] Goldline characterizes this policy as "one of the most generous in the industry".[31]

Prices

Price of 1 troy ounce (31 g) of gold since 1960 in nominal US-Dollars and inflation adjusted by Consumer Price Index CPI-U.

The spread is the difference between Goldline's price for an item and how much Goldline will buy it back from the customer — the bid and ask prices. For instance, if Goldline sells a coin containing an ounce of gold for $1,500 and will buy it back for $1,200, the spread is $300. Calculated as a percentage, the spread would be 25% (100 X $300 / $1,200). On their website, they state their spreads are generally 5-20% for bullion coins (typically .999 pure gold) and 30-35% for all other coins.[29] Albarian told The New York Times they range from as low as 5% for bullion coins and as high as 54% for unusual and historical coins.[19]

The markup is the difference between Goldline's price for an item and the coin's melt value — the market price of its metal content. Using the same example as above, if Goldline sells a coin containing an ounce of gold for $1,500 and the price of gold that day is $1,000 per ounce, then the coin's melt value is $1,000, and the markup is $500. Calculated as a percentage, the markup would be 50% (100 X $500 / $1,000). The markup, also called the premium, is a common way to list gold bullion and coin prices.[32][33]

New York Representative Anthony Weiner accused Goldline of overcharging with average markups of 90% to 152%.[22][19][17][18][20][21] Dylan Ratigan, a television financial commentator, said that because Goldline is selling gold at 90% more than one could buy it on a gold exchange-traded fund, it would be a "dumb" purchase. He went on to characterize Beck and Goldline as "largely snake oil salesman and scumbags trying to create money for themselves" by "fear mongering" at the buyer's expense. [34]

Buy-back

The law does not allow Goldline to guarantee a buy-back, but historically they have repurchased the coins they have sold and indicate they will continue to do so. The customer will pay a 1% liquidation fee on the bid price of the coin (the price Goldline is willing to buy back the coin before discounting for the fee). For example, if Goldline sells a coin for $1,500 and their bid price is $1,200, the seller would receive $1,188 ($1,200 - $12).[29] Goldline will consider purchasing coins sold by other companies but generally their offer will be less than equivalent coins originally sold by them.[29]

Price guarantee program

Goldline offers a "price guarantee program": if the price of selected coins (not bullion) declines within two weeks, the buyer may request the difference be used to purchase coins of the same type (not a refund).[30] However, this can only be done once in the two week period; therefore, If the price decreases further, the buyer will not get the difference. Similarly, if a buyer purchased a coin for $100 and Goldline's price decreased to $90 on day 7 but increased again to $95 on day 14, and the buyer requested the difference on day 14 instead of day 7, the amount would be $5.[30]

Investment advice

Goldline sales staff is trained not to provide investment advice; if they did, they would be subject to regulations by the Security and Exchange Commission and state regulators. In consequence of that, they have no fiduciary responsibility to the buyer.[29][35][25][18][19]

However, a Consumer Reports reporter was told by a sales rep that they should liquidate their IRA and retirement account in order to have 20% of their portfolio in gold.[36] Additionally, in an October 2006 consent order, Goldline voluntarily agreed to return $217,000.00 to a Missouri elderly couple after the Missouri Securities Division alleged that the couple was pressured by a Goldline salesperson to liquidate all their investments and put it into gold. The Missouri Secretary of State Securities Division had investigated and alleged that the company's agent was acting as an unregistered investment advisor, but the consent order did not judge whether the accusation was true or false.[37]

Goldline recommends that the buyer invest no more than 5-20% of their portfolio in precious metals while Consumer Reports recommends 5-10%.[38] In order to maximize their profit potential, Goldline recommends holding their products for three to ten years.[29]

Government and private gold

Executive Order 6102

Controversially, Goldline uses the terms "government gold" and "private gold".[29] They claim that "government gold" would more likely be "confiscated" if the government followed the precedent set by U.S. President Franklin D. Roosevelt.[29] Gold was never confiscated.[27] During the Great Depression in order to stabilize the dollar then backed by gold and to avoid a run on the banks, Roosevelt issued a 1933 executive order requiring citizens to surrender their gold for which they were reimbursed[25][39][27] (whereas confiscation is a legal seizure without compensation[27]). By "private gold" Goldline means coins having a "special value to collectors"[29] — coins that were explicitly exempted from the 1933 order.[40]

The Roosevelt order resulted in only one failed prosecution, and the dollar is no longer backed by gold thereby putting into question why the government would again ask for its surrender.[27][39] Weiner described this fear as "fiction" and the American Numismatic Association said it was "a non issue".[25][27][38] The Santa Monica and L.A. County investigators alleged that the distinction is used to spur the sale of the more-profitable collectible coins.[25] While Goldline-sponsored Glenn Beck encouraged the purchase of collectible coins due to this fear of "confiscation", he acknowledged it is "the most expensive way you can buy gold".[25][41][38]

Goldline included a replica of the 1933 order in their sales material.[42][43] When asked about this by George Stephanopolous on ABC's Good Morning America,[44] Scott Carter, the Executive Vice President of Goldline, said he didn't know if the government would again "confiscate" bullion but some saw a parallel between 2010 and 1933.[45]

Goldline further maintains that “private gold” does not require a person's Social Security number (SSN) when the seller liquidates, whereas many of the “government gold” products would require one.[29] While this allows customers to sell anonymously, they are required to report the sale to the Internal Revenue Service.[27] However, because many did not and thereby illegally evaded taxes, beginning in 2012, sales of more than $600 of so-called "private gold" in a year will require a SSN.[46]

Collectible coins versus bullion

American Gold Eagle

Because of collectible coins' higher markups and Goldline's marketing campaign warning of possible government "confiscation" of bullion, Weiner accused the company of pushing these "so-called collectible coins" over the less-profitable bullion — coins that may be unusual but are not rare collectible coins. Goldline denied this saying some customers prefer collectibles because they are recognizable, government-issued coins, and may be less expensive.[47]

Goldline explained collectibles have a greater markup due to the costs of shipping, paying the sales staff, and the company's compliance department.[48] Additionally, customers are given complete information before purchasing, "pricing is transparent", "fees and commissions are disclosed in writing", and all complaints are investigated. They also offer a "price guarantee program" (see Goldline's price guarantee for details).[25][49][50][29][30]

However, ABC reported the sales staff are encouraged to promote coins over bullion.[25] ABC gave an account of a customer pressured into buying $5,000.00 of such coins which a dealer later told him were worth only $2,900.00.[25][51] Another purchased $13,000.00 of "overpriced Swiss gold coins" in 2007 — while the price of gold doubled, the coins were only worth $10,764 in 2010, leaving her feeling "suckered".[25][52][53] Consumer Reports noted that Goldline was selling a Gold Eagle set for $5,924.63 while a competitor had them for $3,295.00.[38] However, they went on to say that Goldline's bullion prices were competitive.[38]

History

File:Nicholas L. Deak gold coin issued by Deak and Co.jpeg
1/20 ounce gold coin with Nicholas L. Deak's likeness issued by Deak & Co. in 1980

Goldline traces its corporate history to Deak Investor Services, Inc. formed in 1960 by Nicholas L. Deak of Deak & Co.[54][55] Nicholas Deak, a Hungarian immigrant, founded Deak & Co. in 1939 and served in the OSS (precursor to the CIA) during World War II.[56][57] Deak & Co. specialized in foreign exchange, gold coins and bullion, and was considered a pioneer in the business.[56]

By the early 1980s, the company was the largest retailer of gold bullion and the oldest and largest retail foreign exchange dealer in the United States.[58][59] While Deak described himself as a gold bug,[60] the company felt the strain of growing too rapidly during the gold economic bubble which burst by 1982.[59] At that point, they planned on expanding into the wholesale market, offering services to companies instead of the public.[59] The company was the country's leading seller of South Africa's Krugerrand before it was pressured to halt sales because of South Africa's apartheid system in 1985.[56][61][62][63]

In 1984, Deak & Co. faced allegations from the President's Commission on Organized Crime that they laundered money for Latin American drug traffickers, facilitated the Lockheed bribery scandals, and smuggled currency from the Philippines.[64][65][66][67] As a result, shortly thereafter, Deak & Co. declared bankruptcy in order to reorganize.[64][68] In 1985, the company was purchased by a Singapore lawyer for $52 million — the most valued asset was Deak's Swiss bank.[69][70] In 1986, the foreign exchange and gold business was sold to Australia's Martin Properties Ltd. (later renamed Deak Morgan[71]) for $12 million.[72][73][74] In the following year, the company was transferred to New Zealand based NZI and expanded its gold coin dealerships by one-third.[75] At the same time, Deak Investor Services, Inc. changed its name to Deak International Goldline Ltd.[54]

File:A-Mark Precious Metals logo.jpg

Unfortunately, due to the 1987 worldwide market crash, the company floundered,[76] and was sold to the London-based Thomas Cook Group in August 1990 for $10-$12 million.[77][78] Several months afterward, Deak International Goldline (US) Ltd. was bought by A-Mark Precious Metals Inc, a wholesaler dealer in precious metals, thereby adding a retail presence.[79] In 1992, Deak International Goldline (US) Ltd. changed its name to Goldline International, Inc. and Mark Albarian, an A-Mark company director, became president.[54][8] In 1994, Goldline acquired the assets of Gold & Silver Emporium, [54] and in 1998, acquired Dreyfus Precious Metals, Inc., the precious metal brokerage and storage subsidiary of the Dreyfus Corporation.[54]

CIVC Partners
CIVC Partners

In 2005, A-Mark Precious Metals sold Goldline to Irvine, California-based Spectrum Group International, an auctioneer of stamps, coins, arms, armor and militaria, and other memorabilia, for $20 million.[80][81] Two years later, Goldline moved its headquarters and trading floor across Santa Monica, California to offices at the Water Garden complex.[54] In 2009, CIVC Partners, a Chicago based private equity firm, along with executives from Goldline, acquired the company for over $50 million dollars.[82][83]

Investigations and lawsuits

The cover of Representative Anthony Weiner's report "As Seen on TV: An Investigation of Goldline International"[18]

In addition to the 2006 Missouri investigation, liberal New York Representative Anthony Weiner and Democratic Rep. Bobby Rush announced in July 2010 they will hold a hearing scheduled for the end of September[23] on Goldline's sales tactics[84] which Weiner described as "shady" and "overly agressive". He claimed the company overcharged, an allegation Albarian strongly denied (see Goldline's markups and Collectible coins versus bullion for details). Wiener also alleged Goldline provided investment advice meant to mislead buyers, again vehemently denied by Albarian (see Goldline's investment advice for details). Weiner said he would introduce legislation requiring precious metal retailers to disclose their fees, the price of gold, and its melt value along with telling the buyer how and when they may see a profit. He also called on the Securities Exchange Commission and the Federal Trade Commission to investigate.[17][18][19][20][21][22]

Goldline responded to Weiner's report saying, “Unfortunately, Congressman Weiner chose not to contact Goldline regarding this investigation or provide Goldline the opportunity to correct the misstatements in his report. Goldline has and will continue to be committed to the highest ethical business practices.”[23] Glenn Beck attacked Weiner for using McCarthy-like attacks, saying he was assailing Goldine at the request of the Barack Obama administration, and Mark Levin called him “a grandstanding leftist".[17]

At the same time, the offices of the Los Angeles County District Attorney and the Santa Monica City Attorney launched an investigation into Goldline and Superior Gold Group.[85][25] One hundred customers from around the country complained the two firms misled them or received a different item than the one purchased.[25][86] Goldline said the one hundred complaints were misleading since it included a smaller firm with an "F" rating with the Better Business Bureau without revealing how many were about Goldline.[49] In comparison, as of September 2010, the Better Business Bureau gave Goldline an A+ rating and had received few complaints.[87] The Santa Monica City Attorney set up a website for lodging complaints at www.gold.smconsumer.org.[25] Concurrently South Carolina customers filed a class action lawsuit against Goldline alleging them of "overcharging consumers, deceptive advertising and deceptive sales techniques", in violation of the Racketeer Influenced and Corrupt Organizations Act, unfair and deceptive trade practices, and unjust enrichment.[84][88][89][90]

Later in September, 2010, Goldline hired a top Washington D.C. lobbying firm to assist the company with the investigations.[23][91]

Glenn Beck defended Goldline saying the California investigation was about "politics", and he expected them to address any complaints.[25] He added that this is a government conspiracy:

They are going to nudge the gold industry out of business. They are going to regulate it ... until you won't be able to buy gold anymore. ... [T]hey can't have people buying gold. They need to own all the gold.[92]

Beck's cable channel Fox News said they never heard of a single viewer complaint about the company.[25]

See also

References

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External links

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