Goldline CEO Testifies Before Congress

Goldline Executive Vice President Testifies Before Congress

Touts 50-Year Record of Quality Products and Customer Satisfaction,
Addresses Motivations Behind Proposed Legislation to Further Regulate Industry

September 23, 2010

Santa Monica, CA, September 23, 2010 - Goldline International, Inc., Executive Vice President Scott Carter testified before the US House Energy and Commerce Subcommittee on Commerce, Trade, and Consumer Protection today. Carter discussed Goldline's role as an industry leader in the precious metals and rare coin markets, the company's comprehensive disclosures and responded to proposed legislation by Representative Anthony Weiner (D-NY, 9th) that would harm people interested in shopping for gold and other precious metals.

"Goldline has been offering precious metals to individuals for fifty years and provides comprehensive information to its clients about the risks and costs of acquiring precious metals. In addition, we have an internal compliance program to ensure best practices among our sales staff," Carter stated after the hearing. "The existing federal regulation, coupled with intense competition in our industry, offers the protection that individuals require when choosing if and where they acquire precious metals. The legislation proposed by Representative Weiner is detrimental because it creates an insurmountable burden on precious metals dealers and likely will lead to consumers receiving misleading information. Legislation which stifles innovation and the marketplace through narrow exemptions and further regulation will only harm clients and the industry."

Goldline recognizes the importance of providing relevant and timely information to individuals seeking to acquire precious metals, while also communicating the risks. Goldline has among the most comprehensive and clearly written industry disclosures - Coin Facts - including pricing policies and important information about customer portfolio diversification.

Goldline was the only precious metals company invited to testify at the legislative hearing in an industry of more than five thousand precious metals and rare coins dealers. The legislative hearing panel also included Dr. J. Howard Beales, III, the former Director of Consumer Protection for the FTC and a now a Professor of Strategic Management and Public Policy at George Washington University School of Business. In this written testimony, Dr. Beales stated, "Goldline provides potential customers with a clear, well-written disclosure document, Coin Facts for Investors and Collectors to Consider, explaining the market and the company's practices in detail. In my experience, Goldline's pamphlet is a vast improvement over the disclosure documents that typically accompany other investment opportunities. In addition, all first-time buyers of Goldline's higher margin products have an unconditional seven-day cancellation period (longer in some states), providing significant time for any consumer to consider their potential purchase, compare prices and offerings among other precious metal sellers, and access information from readily available sources on the value, prices, and risks of rare coins and precious metals."

Release Date: 
Thursday, September 23, 2010