ComplaintsforGoldline, Inc.

• Initial Complaint

  12/19/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  We withdrew $20,000.00 from our retirement account, and were scammed by ****************************We were never notified about the court settlement. What I dont understand is how these predators could get away with so much and still be in business. They should have been made to contact every person they stole from.And yet the BBB still rates them an A.

  Business response

  12/22/2023

  Goldline, Inc. is a separate entity unrelated to Goldline International, **** (the Company). Since ******************** 2010 precious metals purchase (more than 13 years ago), the Company sold its assets and ceased its business as a precious metals dealer. *********** also changed its name to GL Liquidating LLC. Any concerns regarding this purchase should be directed to GL Liquidatings representative, *****************, whose address is **************************************************
  
  With regard to the action by the ************ ********************** the Company resolved the matter without any admission or finding of liability over ten years ago. Any qualifying claims related to that settlement had to be submitted to ****************** by May 22, 2012.  *********** was not involved in contacting clients regarding the action. 

• Initial Complaint

  08/24/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I am simply asking for a list of gold purchases my husband may have made from Goldline. I submitted information about the one I know about, and asked if there were any more in order to confirm what I suspect that some gold coins were stolen from his church office (he was a pastor) when he died. There is no estate probate to file, All assets are in my possession. It is an unrealistic, and unreasonable request that I would spend the money on that to get information on whether he purchased a few gold coins. They claim legal reasons and I claim its not necessary. All I am asking is if there was any other purchases. Yes or no and amount of coins, in order to include the loss on tax return, if applicable.

  Business response

  09/05/2023

  We appreciate the opportunity to respond to this complaint.It should first be noted that ************************* is NOT a client of Goldline and has never made a purchase from Goldline. Through her son that contacted Goldline, she requested transaction information for deceased client ******************************Goldines policy is to release information about a deceased clients account only to the party that submits legal documentation showing that they are the Executor, Personal Representative or Administrator of the clients estate along with a copy of the death certificate. Neither ******************** nor her son has provided such documentation. Our records show that the company sent ******************** letters that included the coins purchased, date and current values on May 13, 2014 and June 10, 2015. Perhaps they should look for these letters in his estate paperwork.  It is unfortunate that the client failed to adequately provide his spouse and son with information regarding his transactions but without the proper documentation Goldline will not release any information regarding the deceaseds account with ********************** regardless of kinship.
  
  If we can provide you with additional information to the BBB, please do not hesitate to contact us.
  

• Initial Complaint

  07/25/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  The Goldline employee I made the transaction with made promises over the phone, verbally, that he did not keep and refused to return any and all attempts to contact him through many emails and phone calls. I contacted Goldline IN WRITING about this issue, FIVE TIMES and they REFUSED to discuss ANYTHING in writing, they simply sent me a phone number to call back, all five times. I called and they told me they would not ever discuss this issue in writing, only over the phone, verbally, which is meaningless, they know it and that's why they only VERBALLY discuss their dishonorable business practices. It's clear that EVERYONE at Goldline is INSTRUCTED to ONLY discuss business VERBALLY, NEVER IN WRITING. They avoid writing like the plague, for obvious reasons. The subsequent Goldline employees I talked to all rejected my claims regarding the original employee promises to me, because I don't have proof IN WRITING and the company doesn't put their sales tactics and promises in writing, only their boiler plate pabulum used to dismiss liability for their blatant fraudulent sales scam activity. I'm disgusted with my purchase as I was MOST DEFINITELY lied to and scammed. Goldline's refusal to put ANYTHING in writing and refusal to discuss the issue IN WRITING only confirms what a dirty, deceitful business they are.WARNING TO POTENTIAL CUSTOMERS OF GOLDLINE; always get EVERYTHING they tell you IN WRITING or they're lying to you.I warn everyone I know about Goldline and tell everyone online that will listen. They're crooks and have a well premeditated system for concealing their crooked 'business' scheme. _______________________________________________________________________________________________________________________________________________________________________________________________________DESIRED SETTLEMENT: IN WRITING; a detailed, sincere apology from the *** of GOLDLINE, a refund of my purchase and promise to put their future sales promises IN WRITING.

  Business response

  07/31/2023

  We appreciate the opportunity to address Mr. *********** concerns, however, it should be noted that his purchase was made in June 2009 which was more than 14 years ago.At the time he received Goldlines Account Agreement, among other disclosures in writing, which included information on pricing structure and refund policy which he was required to read and sign as a condition of his purchase. Had he not signed the agreement his order would have been cancelled.  In March of 2012 ************************ asked to be placed on Goldlines internal Do Not Call which was done. The refund policy is clear and in writing in the Account Agreement and was also stated on the back of his trade confirmation that was mailed to him the business day following his purchase.  It is not reasonable to request cancellation and a refund 14 years after the purchase.    
    
  

• Initial Complaint

  07/19/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  On July 17, 2023 I placed an order for over $2500.00. After placing the order, the employee, *******************, refused to provide any type of receipt for the transaction. I called back several times and was told he was on lunch. I informed his coworker I would like to cancel the order. Some time later there was a receipt sent to my email, however I wanted the order cancelled. I waited all day with no call back. I called back on July 18,2023 and requested to speak with ******. I advised him that I would like to cancel my order and he stated he did cancel it and hung up on me. I called back thinking it was accidental and ****** advised me it was not. I asked for confirmation that the order was cancelled and he said there was none. On July 19,2023 the money was taken from my account by **********************, even after I was told the order was cancelled. I attempted to speak with a supervisor and was given a voicemail with no call back. The agreement states that I can cancel my order within 7 days. They were given notice of my cancellation just one hour after the order, and still debited my account.

  Business response

  07/28/2023

  We appreciate the opportunity to respond to Ms. ******* concerns about her July 17, 2023, purchase. According to Goldlines records, Goldline emailed her a Purchase Summary which shows the products purchased and details of the transaction which is a receipt of the purchase.  There was no refusal to provide a receipt.  When **************** called back later that day requesting cancellation of the purchase the Account Executive submitted a request to cancel.  **************** knew her credit card had already been charged as she provided the ****** Services Representative with her credit card information at the time of her purchase and was advised that the credit card charge had gone through.  Goldline received the funds from her credit card company on July 19th and processed a credit back to her **** card on the same day.  Her desired settlement of a refund was made timely and in the normal course of business.  It could not have been done any quicker.
  
  If we can provide you with additional information to the BBB,please do not hesitate to contact us.
  

  Customer response

  07/31/2023

   
  Better Business Bureau:
  
  While I am disappointed that this business tried to charge me much more than the going rate charged by other businesses  I have received my refund and would not recommend this company to anyone.

  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *********************

• Initial Complaint

  04/20/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  in late November 2022, my husband and I made a purchase with Goldline. the company was highly recommended by radio personalities *******************, ******************* and a friend who had used them for years. having never made a gold purchase before we thought that the trader had our best interests. we later found out that was not the case. the trader, *****************************, sold us gold that immediately had no comparable value to the current gold trading price. we took a major hit on our purchase as soon as the transaction was completed. we have gone to local gold dealers and they are only willing to give us a fraction of what we paid for it. we only learned this after spending months contemplating additional precious metal purchases. when we tried to reach ********, she does not return our call. as a matter fact, she has stopped all communications with us. I now see that there are many others customers that have been duped by them as their premium charge for precious metals purchases is much higher than many other platforms. I now also see many poor reviews from other dissatisfied customers. Goldline Trade Reference: S0545581

  Business response

  05/01/2023

  We appreciate the opportunity to respond to Ms. ********** concerns about her and her husbands November 2022 and December 2022 purchases. 
  
  Our records indicate that the ********** initially contacted Goldline on April 7, 2022, after being referred by a valued Goldline client.  There were a number of conversations with their Account Executive through the months until their first purchase on November 29, 2022. Also, Goldlines extensive disclosure information, including its Account Agreement was sent via email on June 7, 2022 for both of them to review.  Goldline requires all its clients to read and sign its Account Agreement as a condition to finalize their purchase and to ensure they have all the information necessary to make an informed decision. Both reviewed and signed the agreement on November 29, 2022 at the time of their first purchase.
  . 
  In the section titled Price Spreads/Breakeven we provide information about the difference between the price Goldline sells the product for and the price that is offered when the client chooses to liquidate.  There is even an example of the calculation. Had they not read and signed this Agreement, the Company would have cancelled their purchase and refunded their money.  At the same time, Goldline relied upon her statement that they read and understood the Agreement when their purchase was finalized and their coins were shipped.   
  
  Goldline also provided ********** with its risk disclosure booklet, Coin Facts for Investors and Collectors to Consider, which includes a section on holding period.  Specifically, precious metals should be considered a long-term investment.  We believe that precious metals should be held for at least 3-5 years, preferably 5 to 10 years, to maximize your potential for gain. This holding period was also reiterated to ********************** during the recorded confirmations of the details of the transactions.
  
  With regards to the coins purchased, according to their Account Executive, ********************** read about a special Goldline had in November 2022 that offered the M62 US $5 **** gold Indian coins and also provided an additional 80 silver coins at no charge so that is what they purchased.  He saw the promotion, knew what he wanted to order (older gold coins) and told his wife to call in and order the special.  These coins are very popular among Goldline clients and are hard to find among other precious metals sellers. 
  
  Ms. ********** statement that they took a major hit on their purchases would not be true unless they sold the coins a mere few months after their purchases, which would not make sense as they had not yet overcome the price differential or spread.  
  
  While Goldline disagrees with Ms. ********** depiction of being duped, purely for good client relations and for being a referral from a valued client, Goldline will offer to cancel their November 29 and December 15, 2022  purchases for a full refund provided that Goldline receive 100% of the coins shipped to them (including the 87 free silver coins they received as part of the promotions and referral coins) in the same condition as they were sent. This cancellation offer is valid until the end of the business day on Friday, May 5th and will require the ********** the sign a release.  Should they wish to cancel their purchase she should email Goldlines client concierge at **************************************** by that time. 
  
  

  Customer response

  05/04/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *****************************

• Initial Complaint

  01/26/2023

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  Much like other complaints against Goldline, I purchased gold coins on 2/4/2010. I was told that the government could confiscate bullion but not numismatic coins. Being an unsophisticated investor I bought 90 ********************* coins at a total cost of $39,540.40. The spot price was $1066. I have held onto these coins for 13 years. The price today is $1929. Great investment right? WRONG. If I sell back today per Goldline I will still lose $1000. Unbelievable. This company took us to the cleaners. There apparently was a class action lawsuit in 2012. Wish I had known about this. I feel completely taken. We could use the money, but I need to at least break even. I was told that the value today is based on the gold content only and when I bought this was likely not the case. Would appreciate at least any premium or shipping and insurance cost be covered if I sell back. Very unhappy with this company's practices. Thanks.

  Business response

  02/09/2023

  
  We appreciate the opportunity to respond to **************************** concerns about her precious metals purchase that occurred 13 years ago.  

  
  We thought it may be helpful to review the information related to their purchase. Our review of her account indicates she received extensive disclosures regarding the Companys pricing policies at the time of her purchase. This included the Companys risk disclosure booklet, Coin Facts for Investors and Collectors to Consider, and its Account and Storage Agreement. 
  
  Coin Facts was written in a large, easy to read font and contained important information regarding the acquisition of precious metals.  In Coin Facts, the Company explained its pricing policies in extensive detail and provided a mathematical example to ensure its clients understand how the pricing works: 
  
  OUR PRICES: Our prices are set internally based upon our analysis of a variety of factors and are not necessarily tied to the prices quoted by any other organization.  The prices charged by Goldline for coins are subject to change based on market conditions.  Our total profit before operating expenses may be more or less than our spread based on various factors including, but not limited to:quantity purchasing, favorable or unfavorable purchases, and positive and negative market conditions.  Goldline acts as a principal, not as a broker, and generally owns the coins and precious metals it buys and sells.
  
  There is a price differential or spread between our selling price (the ask price) and our buy-back price (the bid price).  This is often referred to as a transaction cost.
  
  A typical spread on our most common bullion coins (e.g. ******** Maple Leaf or South African Krugerrand gold coins)may range from approximately 5% to 20% depending on the coin though spreads may increase based upon market conditions, availability and demand.  Our spread on semi-numismatic coins, rare or numismatic coins and rare currency currently ranges from 30% to 35%.  Examples of coins which have a 30% to 35%spread include European gold coins such as the Swiss 20 Franc, the **** certified First Strike coins, coins which have been encapsulated by a grading service such as **** or NGC, the ****** and Peace silver dollars in all grades, and the Walking ******** ******** and ******* silver half-dollars in all grades.  Spreads may change based upon market conditions,availability and demand.  
  
  With the exception of the most common 1 oz. bullion coins, Goldline charges clients its numismatic spread,which currently ranges from 30% to 35%, on coins and currency.  To earn a profit upon resale to us, your coins, currency or bullion must appreciate sufficiently to overcome this price differential. 
  
  (Emphasis added.)
  
  To ensure its clients understood the spread, the Company provided a specific example using the very spread which applied to their coins:
  
  To illustrate how this spread works, consider the following example.   If the spread on a coin is 35% and Goldline's ask/sell price is $500 for the coin, then Goldlines bid/buy price is $325.  Your coin must appreciate more than $175 to earn a profit. If you choose to sell your coin back to Goldline, you must also pay a 1% liquidation fee (the minimum liquidation fee is $15). 
  
  (Emphasis added.)
  
  When they reviewed the risk disclosure booklet, they also read the following:
  
  RISK: All *********** involve risk - -coins, currency and bullion are no exception.  The precious metals, rare coin and rare currency markets are speculative, unregulated and volatile and prices for these items may rise or fall over time. Goldline does not guarantee that any client buying for investment purposes will be able to sell for a profit in the future.
  
  The value of a bullion coin (e.g.******** Maple Leaf or South African Krugerrand gold coin) is largely determined by the current spot or market price for bullion.  This price fluctuates throughout the trading day.
  
  The value of a numismatic or rare coin is determined by multiple factors which can do fluctuate independently from bullion prices.  These factors include: the perceived scarcity of the coin, its quality, current demand, market sentiment, and economic factors.
  
  Bullion, rare coins and rare currency can go down as well as up in value.  These items may not be suitable for everyone.  Goldline does not determine the suitability of any specific person to purchase rare coins,bullion or rare currency.  You should consult with your independent financial advisor regarding whether an investment in rare coins, bullion or rare currency is right for you.You should obtain a thorough understanding of the coin and bullion products before you acquire these products as a collector or investor.
  
  (Emphasis added.)
  
  The Companys Account and Storage Agreement reiterated much of the information in the Coin Facts booklet.  She acknowledged reading and understanding the Account and Storage Agreement when she signed the Agreement on February 4, 2010. As part of the Account and Storage Agreement, she expressly told the Company that she had read and understood the Coin Facts risk disclosure booklet.
  
  Client has read Goldlines risk disclosure booklet, Coin Facts for Investors and Collectors to Consider, which provides additional information about pricing as well as information about the risks of buying and selling precious metals, rare coins and rare currency. This booklet is updated periodically and it is Clients responsibility to remain up to date by requesting a copy or reviewing the most recent version at Goldlines website, www.goldline.com.
  
  However, as the Company explained in its materials, all markets have their *** and downs.  Currently,the premium on a majority of the fractional European gold coins is less than 1%.  Although the spot price of gold has increased since her purchase it has not increased enough to offset the decrease in premium as well as the original spread. 
  
  Finally, there was not a class action lawsuit in 2012 against the company.  There was an action by the ************ ********************* in which the Company resolved the matter without any admission or finding of liability over ten years ago. Any qualifying claims related to that settlement had to be submitted to ****************** by May 22, 2012. 
  
  We hope this information is helpful in reminding her of the extensive disclosures provided at the time of her purchase..
  Tell us why here...

  Customer response

  03/02/2023

   
  Complaint: 19321670
  
  While I agree that information was provided upon the original purchase. The seller recommended these coins knowing the markup was very high and unlikeky I would ever see a positive return on my investment. I believe the company in good faith could make a pricing concession on the buyback or liquidation fee. I am forced to continue holding this asset until it reaches 2k per ounce. Hoping this is in my lifetime. So I am rejecting the response to warn others to read the fine print when purchasing from Goldline and not assume the salesperson is advising you in your best interest. 

  Sincerely,
  
  *******************************

  Business response

  04/06/2023

  **************************** statement that the seller recommended these coins knowing the ****up was very high and unlikely I would ever see a positive return on my investment is not true. The company disclosed the spread in its materials to the customer and would not know that she would unlikely ever see a positive return on her investment.  To the contrary, gold has recently surpassed the $2k/oz **** and her coins have been in a profit.  When we reached out to her to let her know she informed us that she had already sold the coins and broken even.  

  Customer response

  04/16/2023

   
  Complaint: 19321670
  
  I am rejecting this response because:
  
  Sincerely,
  
  *******************************

• Initial Complaint

  11/03/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  bought gold for ******* on oct 13 was not happy with gold sent it back they refused to refund money called discover **** filed a dispute got temp. refund waiting on dispute resolution but thier web site says they a bbb acreditated a+

  Business response

  11/21/2022

  We appreciate the opportunity to respond to ********************** concerns about his September 2, 2022 (not October *************** the complaint) purchase.
  
  Based on the contract between ****************** and Goldline, he is not eligible for refund as he did not contact Goldline within the required timeframe.
  
  1.Exhibit A - Copy of the trade confirmation for the purchase made on September 2, 2022. in the amount of $7.039.35. Note Goldline's refund policy on the back of the trade confirmation.
  
  2.Exhibit B - Signature page of Account Agreement executed by ****************** electronically on September 2, 2022.
  
  3.Exhibit C - Page from the Account Agreement with the specific refund policy: ****************** State Refund Policies #2 ***** (credit card purchases only) of the signed Account Agreement states that "Goldline provides you the right to receive a full refund for the return of undamaged and unused metals or coins, provided that Goldline receive written notice of the return within seven (7) calendar days after the date you receive the merchandise. Your "receipt" of metals or coins is deemed to occur at the earliest of: (a) the date you receive actual possession of the metals or coins: or (b) the date that you receive written confirmation that the metals or coins have been deposited on your behalf in an independent depository."
  
  4.Exhibit D- Addendum to Trade Confirmation executed electronically by ****************** on September 2, 2022 acknowledging and agreeing to the terms and conditions of the contract between him and Goldline and his agreement to purchase the items listed on the September 2, 2022 trade confirmation (Exhibit A).
  
  5.********* - *** Proof of Delivery - ****************** signed for the package containing his purchase on September 12, 2022.
  
  ****************** had until September 19, 2022 to send written notice to Goldline stating he wanted to cancel his order and receive a refund. Goldline did not receive any such written notice from *******************
  
  Goldline received the order that ****************** returned without authorization on October 24, 2022, which is more than a month past the agreed upon refund period. Since he is not eligible for a refund his coins have been placed in a storage account for which he will be billed storage fees until he decides to take delivery or wants to liquidate his holdings.
  
  See Attachment/File: ********************* Exhibits for BBB complaint.pdf

  Customer response

  11/28/2022

  (The consumer indicated he/she DID NOT accept the response from the business.)
  i was told at time of purchase i could send gold back at any time i was not pleased with purchase and they have the gold back in their possession .

  Business response

  12/14/2022

  We appreciate the opportunity to respond to ********************** rebuttal. As we stated in our earlier response Goldline fully disclosed its terms and conditions, which ****************** acknowledged understanding when he executed Goldline's Account Agreement on September 2, 2022 as well as the Addendum to Trade Confirmation executed by ****************** on the same day.
  
  Goldline has performed within the terms of the contract between the two parties and since ****************** is not eligible for a refund his coins have been placed in a storage account for which he will be billed storage fees until he decides to take delivery or wants to liquidate his holdings.
  

• Initial Complaint

  09/07/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  They charge me $25 for shipping when it was supposedly the first shipping was supposed to be free I called to talk about this and they hung up on me and argued with me and provoked me and said a whole bunch of rude things they called me poor they told me that I have no business because I be mad about it not being shipped and I'm having no answers and then they sent me a letter saying that they sent my stuff to storage facility depository when they said they were shipping it to me and when you fill out the information for them they have you put shipment and shipping addresses in to make it look like you're getting it shipped to you and you can request that and I did and then they canceled my order and refused to refund me and refused to send me the stuff and they're posting stuff replying to the review that I sent of a one star review about them they're posting court cases that are mine or or not mine in these cases are either dismissed or the charges were dropped and they're posting this on there that I have all these convictions and they're sharing all this on this reply and this is a review of my business transaction with them because I chose to give them a one star review because they act like a 13-year-old on the phone when they were talking to me they had absolutely no customer service skills whatsoever they were rude arrogant and very very just an *******. So they have resorted to defamation in slander in liable claims are gonna be followed Up in court. Because this is ridiculous they would do such a thing. Ethical that they would post cases that are not convictions that were never real and I was harassed by the police for many years that's why you'll see if there was 138 conviction that would be something but there's only 138 arrest but there's only like five convictions are misdemeanors so they posting all these felonies. They all were dismissed on my review of their business.

  Business response

  11/03/2022

  Business Response /* (1000, 5, 2022/09/26) */ We appreciate the opportunity to respond to ***********'s concerns about his accumulation program purchase that began upon his initial enrollment through Goldline's website on September 1, 2022. It would not be productive to address ***********'s complaint as prior communications have been met with profanity, harassment and threats of violence against Goldline and its employees. Goldline does not engage with clients that choose to communicate in this manner, so his order was cancelled and 100% of his payment was refunded to him. With regards to the consumer's desired resolution, the review site has hidden the review from Goldline's profile while it is being reviewed for being defamatory; however, since he posted the original review he can remove the review at any time. Consumer Response /* (3000, 7, 2022/09/27) */ (The consumer indicated he/she DID NOT accept the response from the business.) I will be filing a lawsuit for libel claims. No Response Is needed. Business Response /* (4000, 9, 2022/10/06) */ Although ***********'s rebuttal stated that no response was needed, the BBB asked for a response from the Company and we do have an update to provide. On October 2, 2022, the review site notified us that they concluded their investigation and the review has been taken offline. Consumer Response /* (-5, 12, 2022/10/18) */ (The consumer indicated he/she DID NOT accept the response from the business.) They are nuts. **** them

• Initial Complaint

  09/29/2021

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I began the accumulation program in March of 2000. I noticed that the price of a 1/10 oz coin was about 250.00 and that would make the rate about ******* per oz. That was obviously far more than the trading price of gold which has been around ******* per oz. When asking about large difference, as I was not sure to proceed with the program, I was assured by sales agent that despite the price being higher, I could always sell it right back, implying Goldline already made money because they are selling holdings to me from years ago...like the 90s when hold was selling for 400.00 per oz. Over the past year I understood I would be able to get my investment back, less some processing fees, and that was why I didn't mind paying this premium for the gold. Now that I requested they buy back, they are only willing to give me about ******* after investing about *******. I was simply misled in the beginning. I am requesting a refund due to their deception. I asked clarifing question & they lied.

  Business response

  10/21/2021

  Business Response /* (1000, 5, 2021/10/08) */ We appreciate the opportunity to respond to **************** concerns about his accumulation program purchases that began upon his initial enrollment through Goldline's website in April 2020 (not 2000 as stated in the complaint). Goldline requires all its clients to read and sign its Account Agreement as a condition to finalize their purchase and to ensure they have all the information necessary to make an informed decision and understand the company's terms and conditions. ************** reviewed and signed the agreement on April 16, 2020. Had he not done so the monthly accumulation purchase program would have been cancelled. Nothing in the Account Agreement under the accumulation program, liquidation or spreads and pricing align with **************** unsubstantiated claims. To the contrary, under liquidations on page 6 it states, "2. The law prohibits Goldline from guaranteeing to repurchase the items it sells, although Goldline has historically made buy-sell markets in bullion and rare coins it offers. Therefore, Goldline's buyback policy is not a guarantee and is subject to change without notice." Page 12 of the Account Agreement under Spreads/Prices states: 1. There is a price differential or "spread" between Goldline's selling price (the "ask" price) and the price a Client can sell precious metals or numismatics (the "bid" price). The bid price is the amount a Client receives when it sells a product. The "ask" is the price Goldline charges Clients for a product, and includes a premium over the metal content. The premium varies based on the specific item sold. This means some forms of precious metals, such as numismatic coins will typically have a greater premium than others such as bullion. 2. The spread is calculated by subtracting the bid price from the ask price and then dividing the difference by the ask price ((Ask - Bid)/Ask.) i. To illustrate how a spread works, consider the following example: If Goldline's ask/selling price is $500 for the coin, and if an available bid/buyback price for the coin is $390, the spread for the coin is 22% (($500-$390)/$500 = 22%). The bid price would have to appreciate $110 ($500-$390), or approximately 22%, before breaking even (excluding any fees and other costs.) 3. In order to break even, the bid price must increase over the ask price to compensate for the spread, and any other costs associated with owning precious metals and numismatics (such as storage) before a Client can realize a profit. This means even in the event of a favorable upward price movement, a Client will lose money unless the bid price moves sufficiently up to cover the spread and other costs associated with owning precious metals and numismatics. ************** agreed to these terms and conditions of his purchases and was not misled in any way. Since ************** decided to liquidate his coins on September 30, 2021 there is nothing to refund or exchange.

• Initial Complaint

  09/14/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  in 2010 I called Goldline to purchase gold boullion. I was new to this investment & trusted that Goldmine would advise me honestly. The employee, ***** ******* convinced me to not purchase the bullion but rather various gold coins. Ultimately, I purchased almost ******* in gold coins from XXXX-XXXX upon his insistence. He stated that the coins were a better purchase, that I was getting an amazing deal & they were a much more reliable investment than the bullion I wanted. Yesterday, I went to sell the coins due to financial need & was told by the dealer how they were worth much less than what Goldmine told me. Ultimately, I lost(what is for me) a large sum of money. Golmine charged me on average $600 a coin when they were worth so much less than that at that time. I lost money on the purchase & made no profit at all. I've attached my purchase receipts & his business card. I cannot believe I fell for this scheme or that they cheat people who trust their expertise. any help is apprec

  Business response

  11/09/2021

  Business Response /* (1000, 5, 2021/09/30) */ Letter of response attached. Consumer Response /* (3000, 7, 2021/10/08) */ (The consumer indicated he/she DID NOT accept the response from the business.) This reply is a "canned" response sent by the company to any possible complaints received. It does not address the specific issue here, which is the fact that their employee took outright advantage of customers and sold overpriced coins which had no greater value than their weight in gold. They pushed these coins on me, and others, by claiming their rarity and value above and beyond the gold content itself which simply was false. They have none of the additional value ********** claimed and to be blunt he and other employees of Goldline took advantage of myself and surely thousands of others with these same claims. I found a lawsuit from approximately 2012 which further upholds my claim. Unfortunately, I was not privy to the lawsuit until now, but it is obvious that I was also a victim of the predatory nature of their sales team at that time. When I went to buy bullion I was convinced on three occasions that these overpriced gold coins were the much better purchase. ********** called me multiple times and aggressively pushed me to purchase more coins. Had I heard of the 2012 lawsuit years ago, I certainly would have realized the scam much sooner rather than this year. I should have known by the pushiness of the salesman, and his insistence that I not buy bullion (but rather these coins) that something was amiss. However, I believed Goldline was a reputable company that could be trusted....when obviously it is not. Business Response /* (4000, 9, 2021/10/22) */ We appreciate the opportunity to respond to*************'s rebuttal. The Company's response is not a "canned" response but serves as a reminder to************* of the extensive disclosures provided to him both verbally and in writing to make sure that he understood all of the terms and conditions of his purchases, which************* acknowledged understanding when he executed Goldline's Account Agreement on November 12, 2010. At the time of his purchases (over 9 years ago) the coins he chose to purchase did have a higher premium due to the supply and demand. The spread on the coins was also provided in writing and verbally before his purchase. The ultimate decision of which product to purchase was*************'s. He had 7 calendar days after his purchase in which he could cancel and receive a full refund (again, over 9 years ago). According to our records************* never requested that he be placed on Goldline's internal Do Not Call list. If he had he would not have received any further calls from any Account Executive. Finally, there was an action by the Santa Monica City Attorney's office that the Company resolved without any admission or finding of liability over 9 years ago. Consumer Response /* (4200, 11, 2021/11/03) */ (The consumer indicated he/she DID NOT accept the response from the business.) The terms and conditions you mention above were flat out false. Goldline charged me, and many others, double the value of the gold coins. The latter is supported by the lawsuit you admit to resolving without "any admission of guilt". Therefore, I would like my issue to be resolved as well; in a manner similar to that of the parties in that lawsuit. Business Response /* (4000, 13, 2021/11/05) */ We appreciate the opportunity to respond to*************'s rebuttal. As we stated in our earlier response Goldline fully disclosed its terms and conditions, which************* acknowledged understanding when he executed Goldline's Account Agreement on November 10, 2010. As stated in the initial response, with regard to the action by the Santa Monica City Attorney's office, the Company resolved this matter without any admission of quilt or finding of liability over nine years ago. Any qualifying claims related to that settlement had to be submitted to Santa Monica by May 22, 2012.

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