(updated December 19, 2014)
Goldline was started in 1960 as Deak & Company, founded by a Hungarian immigrant named Nicolas Deak. They are considered a pioneer of the precious metals industry and are one of the largest precious metals dealers in America. According to Wikipedia, in 1984, Deak & Co. was alleged to have laundered money for Latin America Drug Traffickers, by the President’s Commission on Organized Crime. They were also accused of being involved in the Lockheed bribery scandals, and smuggling currency from the Philippines.
The company has been bought and sold several times since then, and changed their name to Goldline International in 1992. In 2005, Goldline was sold to 3 investor groups and moved its headquarters to Santa Monica, California. In 2009, CIVC, a Chicago-based private equity company, acquired controlling interest in Goldline.
Although a private company, it has been reported that Goldline has over 300 employees and an annual revenue over $700 million.
From 2010-2012, the company came under some serious queries, lawsuits, complaints and backlash from the public and government concerning their prices, merchandise and legitimacy. According to the Santa Monica City Attorney’s Office, Goldline marked up coins as high as 55% above their melt value. This ultimately resulted in the Santa Monica City Attorney’s Office being awarded an Injunction against Goldline, which required them to refund up to $4.5 million to former customers and to pay $800,000.00 into a fund for future claims.
Additionally, 100 complainants on ABC News accused Goldline of misrepresenting their member services. A court settlement ruled that Goldline must operate under a strict new set of rules as part of a 19-count criminal fraud complaint brought against the company in 2011.
In 2012, one of Goldline’s compliance officers, Carol Taylor Gabrelow, filed a lawsuit against her former employer, alleging that she and her husband were fired by Goldline after she reported to her superiors that their telemarketing sales tactics were in violation of the law.
Several years have now passed since the above controversies occurred. However, at the time of this writing, Goldline remains an unaccredited business with the Better Business Bureau.
Third Party Reviews
Goldline has a 2 and a half star rating on Trustlink based on 45 reviews.
Goldline is not currently accredited by the Better Business Bureau and has 7 complaints on file.
Goldline has a rating of 1 star out of 5 on Yelp.
At the Business Consumer Alliance, Goldline has a “BBB” rating with 11 complaints filed.
Here are a few comments from happy Goldline customers:
“I just wanted to mention that Goldline has been a pleasure to work with. I have made 3 purchases from them and each time they has been very helpful and knowledgeable.” – R. P., Washington, 7/17/09“I have an ongoing purchasing relationship with Goldline and have thus far been completely satisfied. Their disclosure is full; their prices are competitive or better; their delivery is prompt; their packaging is secure, and my representative, Peggy Gates, is both pleasant and professional–as are other staff members I have dealt with at Goldline. While I am not new to this market, I fully intend (and I strongly recommend to others) to do my “homework” before making continued precious metal purchases, and I surely will post to this site any negative experiences I may have in the future with Goldline. But, at this point, all my trades and other interactions with Goldline have been most positive and I am pleased.” – David V, New York, 4/28/2010
They also have celebrity endorsements from Glenn Beck and Mark Levin:
“Before I started turning you on to Goldline, I wanted to look them in the eye. This is a top notch organization that’s been in business since 1960.” – Glenn Beck
“In today’s economic climate, I think everyone should consider owning tangible assets like gold. My choice for buying gold is Goldline.” – Mark Levin
Working at Goldline
According to GlassDoor.com, 15 reviews have been given from employees about the quality of the work environment at Goldline, with an average rating of 2.7 out of 5. Additionally, 9 people have reviewed the job performance of the current CEO, Brian Crumbaker, with a 70% approval rating.
The Company We Recommend:
(as of December 19, 2014)
Phone: 855-712-0016 (Open Monday-Friday from 8am to 5pm PST)
BBB: A+ Rating with Zero Complaints
TrustLink: Five Star Rating Based on 500+ Reviews
Business Consumer Alliance: AAA Rating with Zero Complaints
Yelp: 5 Star Rating
Read our complete review of Regal Assets here.
You can also see our other reviews of gold investing companies.
Editor’s note: If any information contained herein is found to be inaccurate, please notify us here.