Options
What a total weiner!!!!!!!
Goldbully
Posts: 18,500 ✭✭✭✭✭
Government Considers Coin Buyer Protection
By David L. Ganz, Numismatic News
September 30, 2010
Do buyers of popular precious metal investment coins need added protection from the federal government when they make purchases?
That was the focus of a hearing Sept. 23 held in Washington, D.C., by the Commerce, Trade and Consumer Protection subcommittee of the House of Representatives’ Energy and Commerce committee. The hearing was shown live on a webcast.
Subcommittee member Anthony Weiner, D-N.Y., thinks added protections are necessary and he introduced H.R. 6149, the “Coin and Precious Metal Disclosure Act,” Sept. 16 to spell this out.
The legislation, which has no co-sponsors yet, says dealers must disclose in writing any fees that will be charged in a transaction as well as the purchase price of a coin or precious metal bullion, its melt value and reasonable resale value.
If the communication is by telephone, “the person making the solicitation shall orally disclose the information required ... clearly and conspicuously to the consumer before the transaction is consummated.”
An exemption is given by the legislation for sales of collector coins where the precious metal content is limited or an insignificant part of overall value.
Weiner used the hearing as theater. He called this a classic consumer issue and he was defending the middle class and those struggling to make it.
Though there were other witnesses present, he zeroed in on Scott Carter, vice president of Goldline International.
Weiner held up a copy of President Roosevelt’s executive order recalling gold in 1933 and asked whether it was part of Goldline’s sales materials.
Carter said it was.
Inclusion of this in the materials engenders fear among potential clients, Weiner asserted. He then demanded, “Did you know it was overturned the following year?”
Whatever Weiner’s point might have been, perhaps that Americans might mistakenly line up tomorrow to turn in their gold under the mistaken notion that the recall was still in effect, the facts remain that the Americans who were forced to give up their gold coins for face value in 1933 did not get them back and it was illegal for Americans to own gold bullion from the effective date of that order until the end of 1974.
Weiner asked Carter if it was reasonable to fear another recall.
Carter said it was.
Weiner wanted to know why certain gold coins wouldn’t also be seized in a new recall and Carter responded that it was based on the historical record.
The proceedings seemed to boil down to Weiner’s contention that selling coins for more than they can be purchased for elsewhere by Goldline is fraud perpetrated on the buyers despite the fact that the price spread on coins bought and sold was fully disclosed in materials given to all Goldline clients and the account agreement that they must sign before any purchases can be made.
The Federal Trade Commission witness, Lois Greisman, associate director, thought the collector coin exclusion in the legislation should be dropped, thereby expanding its scope.
For collectors, perhaps the funniest moment was when Rep. Ed Whitfield, R-Ky., revealed that his staff purchased a roll of Native American dollar coins from the U.S. Mint. He said they paid $35 for $25 face value. The price is 2,393 percent over melt value, he said.
The congressman, who seemed skeptical about the legislation, did not seem to know that the gold-colored dollars were not made of gold or any other precious metal that would be covered by the proposed bill. His actual point was the federal government through the Mint was “doing a tremendous job of marking up as well.”
With Congress chomping at the bit to recess for the election campaign, there is little likelihood the legislation will pass.
NN Link
By David L. Ganz, Numismatic News
September 30, 2010
Do buyers of popular precious metal investment coins need added protection from the federal government when they make purchases?
That was the focus of a hearing Sept. 23 held in Washington, D.C., by the Commerce, Trade and Consumer Protection subcommittee of the House of Representatives’ Energy and Commerce committee. The hearing was shown live on a webcast.
Subcommittee member Anthony Weiner, D-N.Y., thinks added protections are necessary and he introduced H.R. 6149, the “Coin and Precious Metal Disclosure Act,” Sept. 16 to spell this out.
The legislation, which has no co-sponsors yet, says dealers must disclose in writing any fees that will be charged in a transaction as well as the purchase price of a coin or precious metal bullion, its melt value and reasonable resale value.
If the communication is by telephone, “the person making the solicitation shall orally disclose the information required ... clearly and conspicuously to the consumer before the transaction is consummated.”
An exemption is given by the legislation for sales of collector coins where the precious metal content is limited or an insignificant part of overall value.
Weiner used the hearing as theater. He called this a classic consumer issue and he was defending the middle class and those struggling to make it.
Though there were other witnesses present, he zeroed in on Scott Carter, vice president of Goldline International.
Weiner held up a copy of President Roosevelt’s executive order recalling gold in 1933 and asked whether it was part of Goldline’s sales materials.
Carter said it was.
Inclusion of this in the materials engenders fear among potential clients, Weiner asserted. He then demanded, “Did you know it was overturned the following year?”
Whatever Weiner’s point might have been, perhaps that Americans might mistakenly line up tomorrow to turn in their gold under the mistaken notion that the recall was still in effect, the facts remain that the Americans who were forced to give up their gold coins for face value in 1933 did not get them back and it was illegal for Americans to own gold bullion from the effective date of that order until the end of 1974.
Weiner asked Carter if it was reasonable to fear another recall.
Carter said it was.
Weiner wanted to know why certain gold coins wouldn’t also be seized in a new recall and Carter responded that it was based on the historical record.
The proceedings seemed to boil down to Weiner’s contention that selling coins for more than they can be purchased for elsewhere by Goldline is fraud perpetrated on the buyers despite the fact that the price spread on coins bought and sold was fully disclosed in materials given to all Goldline clients and the account agreement that they must sign before any purchases can be made.
The Federal Trade Commission witness, Lois Greisman, associate director, thought the collector coin exclusion in the legislation should be dropped, thereby expanding its scope.
For collectors, perhaps the funniest moment was when Rep. Ed Whitfield, R-Ky., revealed that his staff purchased a roll of Native American dollar coins from the U.S. Mint. He said they paid $35 for $25 face value. The price is 2,393 percent over melt value, he said.
The congressman, who seemed skeptical about the legislation, did not seem to know that the gold-colored dollars were not made of gold or any other precious metal that would be covered by the proposed bill. His actual point was the federal government through the Mint was “doing a tremendous job of marking up as well.”
With Congress chomping at the bit to recess for the election campaign, there is little likelihood the legislation will pass.
NN Link
0
Comments
I wish the Goldline exec was better prepared because he could shot massive holes in Weiner's bogus contentions about what happened back in 1933-34. In fact the govt did confiscate the gold, it did then raise the price 70%, and it never returned the gold to previous owners. Now it Weiner says gold confiscation was essentially repealed why did it take another bill in 1975 to restore unlimited bullion gold ownership to the American people?
Oh, I'd love to be an Oscar Mayer Weiner...
roadrunner
<< <i>Don't tell me he tweeted a photo of his roll of dimes again!
He He, that roll of dimes is a little tarnished
Steve
<< <i>Don't tell me he tweeted a photo of his roll of dimes again!
<< <i>He He, that roll of dimes is a little tarnished
Steve >>
Acetone or MS70 for a long period of time should fix it right up.
Not really looking for much these days but if I were, it might be a toner.
<< <i>Who is in charge of this now that Weiner has pulled out? >>
Successful BST transactions with: copperhunter (2010), Tdec1000 (2010), barrytrot (2011), kaz, (2011), Metalsman (2011), jimineez1 (2020), U1chicago (2020)
"A car is a tool that takes you from one place to another. Everything beyond that is a payment for other people's perception of you."
With Gold Buffalo Proofs selling for $1810. each, at a time when gold is at the $1530 level, I think our government has enough padded protection in place for it's people.
``https://ebay.us/m/KxolR5
<< <i>Do buyers of popular precious metal investment coins need added protection from the federal government when they make purchases?
With Gold Buffalo Proofs selling for $1810. each, at a time when gold is at the $1530 level, I think our government has enough padded protection in place for it's people. >>
Hello, I'm from the government and I'm here to help!!!! Need Gold or cheese??? 800-got gold
<< <i>
<< <i>Do buyers of popular precious metal investment coins need added protection from the federal government when they make purchases?
With Gold Buffalo Proofs selling for $1810. each, at a time when gold is at the $1530 level, I think our government has enough padded protection in place for it's people. >>
Hello, I'm from the government and I'm here to help!!!! Need Gold or cheese??? 800-got gold >>
Got milk spots on them hockey pucks ?
``https://ebay.us/m/KxolR5
<< <i>With Gold Buffalo Proofs selling for $1810. each, at a time when gold is at the $1530 level, I think our government has enough padded protection in place for it's people. >>
I agree with Frank, the criminal enterprise known as the US Mint needs to be shut down immediately.
Calling Anthony Weiner.
<< <i>Frank, isn't all market nothing more than a "scheme" to get you to buy. If television is not selling us a product it is selling us something else. I'll have to differ with you again on another socialist agenda: I don't want the government telling me what to buy and I don't want them telling business what their profit can be. If they want to help, then tell them to educate shoppers, hopefully better than they are educating our children. >>