Gold companies make big profits with Glenn Beck

Hate radio is extremely profitable, particularly if you are in the gold business. How profitable and in what ways will be the subject of a hearing Thursday looking into the business practices of Goldline International, a seller of gold coins. The hearings are being called by Reps. Anthony Weiner, D-N.Y., and Henry Waxman, D-Calif.

The House Subcommittee on Commerce, Trade, and Consumer Protection is going “to discuss legislation that would regulate gold-selling companies, an industry whose relentless advertising is now a staple of cable television,” according to a statement by the subcommittee, chaired by Rep. Bobby Rush of Chicago.

Goldline International advertises widely on Glenn Beck’s show and other right-wing talk shows. Civil rights groups have called on advertisers to withdraw from sponsorship of Beck because of the host’s hate-filled rhetoric.

Goldline has repeatedly declined. Scott Carter, executive vice president of Goldline International, Inc., told The Hill that the firm is “‘very pleased’ with its advertising relationship with Glenn Beck and other radio and television pundits that are popular among conservatives.”

Goldline’s great pleasure seems due to a special relationship with Beck and other right-wingers who spin doomsday scenarios pressing an urgent need to buy gold. Weiner suggests there is an “unholy alliance” between Goldline and conservative pundits, who “promote the purchase of gold as the only safe investment alternative for consumers who want to safeguard their livelihoods,” and then cut to a Goldline commercial, TPMmuckraker reports.

Other right-wingers reported to be in on the scheme include: Fred Thompson, Dennis Miller, Mark Levin, Laura Ingraham, Lars Larson, Michael Smerconish, Monica Crowley and Mike Huckabee.

Beck naturally denies the charges. “A story on TheBlaze.com noted, “Beck (full disclosure: he owns this site) has commented on Weiner’s allegations in the past calling them false, and has stood behind Goldline International’s ‘A+’ rating from the Better Business Bureau as a customer himself.”

Rep. Weiner points out that Beck and the gold corporations play on fear to drive up the price of the valued commodity. “They prey on fear. They prey on insecurity. And they prey on the ignorance that most Americans have when they buy and sell a rare commodity, like a collector coin or gold bullion,” Weiner said.

Weiner has introduced a bill to give consumers greater protection, including on purchase price and resale value.

Gold recently closed at a record of $1,271.90 per ounce.

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