Thursday, September 16, 2010

Hearings Announced on Regulating Gold Dealers

Here we go.

A press release from Rep. Anthony Weiner, Democrat of New York announces that a September 23 hearing of the Subcommittee on Commerce, Trade, and Consumer Protection (a subcommittee of Rep. Henry Waxman's Commerce Committee) will focus on "legislation that would regulate gold-selling companies, an industry who's [sic] relentless advertising is now staple of cable television."

The release goes on to state that : "Under Rep. Weiner's bill, [gold sales]companies...would be required to disclose the reasonable resale value of items being sold."

Although the disclosure requirement that Weiner is proposing is alone troublesome on the grounds that it is simply meddling with private commerce, the real fear for all gold coin holders should be that this is the first step to even greater regulation of the gold coin industry and ultimately tracking of all gold coin purchases.

It is also curious that this uproar over the pricing of gold coins is not coming from the many dealers that buy and sell bullion coins with thin margins, but is the result of coins sold by Goldline International.

Goldline is a major sponsor of Glenn Beck's television shows, which may explain why the Democrat Weiner, is hot on their tail, but Goldline also has a tangled history that leads to murder and CIA connections.

On its web site, Goldline states:
Goldline began with its founding as Deak Investor Services, Inc. in 1960.
As I pointed out just recently, the founder of Deak was Nicholas Deak who was murdered under odd circumstances by a "lone nut". I further noted that Deak's son appears to possibly have CIA-type connections and that it his money that is funding the Iman who wants to build a Mosque at ground zero.

Robert J. Fazio a current executive vice-president of Goldline started his career with Deak way back in 1986, the year after Nicholas Deak was killed.

All these facts may be coincidental and having nothing to do with the upcoming hearings, on the other hand, Goldline has sure set things up nicely for the government to come in and "help" protect gold buyers.

This hearing and the evolution of the bill need to be watched very closely. It sure smells like the bill will eventually be much more than a requirement for gold dealers to disclose what the resale value of gold coins might be and go much beyond


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