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Review 3/12/2011
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*****UPDATED STATUS REPORT******
Goldline has been working with me over the last few weeks and we have come to an accepatable agreement. I'm significantly impressed with how they handled the situation and how they self-regulated themselves. As a result I was able to see first hand improvements to their internal process since my original purchase. I have rated them three stars for now but will continue to do business with them and I'm very confident that this will result in a five star rating once it's all said and done.
Old Status - A few months ago I purchased some gold from Goldline, I wanted to try and find a safe storage for my families savings. The account executive worked hard to convince me to go with numismatic coins. He used fear tactics regarding confiscation in the 30's/40's in the U.S. During the entire transaction he kept bringing up the "spot" price of gold. He never indicated any other price other than the spot price of gold. The coins are not exact so I figured I was paying the correct price. I purchased the gold and thought great I purchased a good spot price and felt good as the price soared.
However, recently I sat down because we were thinking about making another purchase and what I found when I was going over the records is that I paid almost DOUBLE SPOT PRICE. The account executive not only made an effort to bring up the spot price during the transaction but he also failed to bring up what they call the "spread". I only learned about the "spread" after I called to complain. A supervisor spent 30 minutes on the phone with me explaining the exact process. Obviously that is to little to late, the sales person apparently is supposed to go over that with the consumer. Unfortunately for me it appears that Goldline could not care less, the supervisor apologized but said there was nothing he could do. I come to find out that on my purchase they even charged more than their stated "spread" which the max apparently is 35% and they charged 59%!!!
I'm going to seek legal counsel and see if there is any action I can take. But it's just sad because we put our savings in to that purchase and we definitely got taken advantage of by the sales person.
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