Goldline’s President, Mark Albarian, is a popular name in the precious metals trading industry. The company has made news for its global operations, which provide a platform for investors and collectors to trade in gold and silver coins, as well as other precious metals.
This article delves into Mark Albarian’s early days, the rich history, and the strategic shifts that have shaped Goldline into the industry leader it is today.
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Mark Albarian: Early Years
Attending UC Berkeley and UCLA (1978-1983), Mark Albarian dual-majored in Economics and Political Science. Between 1983 and 1984, he served as Assistant Vice President of West Coast Bank’s Numismatic Department. Following that, he held the role of Vice President at Valley State Bank Collateral Loan Division from 1984 to 1986.
During 1986-1991, he co-founded a successful rare coin and precious metals company in Los Angeles. With ANA membership since 1980, he consulted for numismatic firms (1979-1983). Taking office as Goldline’s President in January 1992, Mark Albarian assumed leadership.
About Goldline
Goldline traces its roots back to the formation of a Deak & Co. subsidiary in 1960. The company was founded by Nicholas Deak, a Hungarian immigrant who initially specialized in foreign exchange and gold coins and bullion. Over the decades, Goldline has been bought and sold multiple times, with each transition shaping its future direction.
The Deak & Co. Era
In the late 1970s, Deak & Co. emerged as the largest storefront gold retailer in the U.S. However, by the early 1980s, they experienced growing pains due to rapid expansion, particularly during the gold economic bubble which burst by 1982. It was during this time that the company decided to shift its focus to the wholesale market, providing services to companies rather than individuals.
Deak & Co. had a significant impact on the international gold market, particularly through the sale of South Africa’s Krugerrand. However, they were forced to halt sales due to pressures related to South Africa’s apartheid system in 1985.
The Transfer of Ownership
The transition phase saw Deak & Co. change hands multiple times. In 1985, a Singapore-based lawyer purchased the company for $52 million. The following year, Australia’s Martin Properties Ltd. acquired the foreign exchange and gold business for $12 million. By 1990, the London-based Thomas Cook Group bought the company for $10-$12 million.
The company saw a significant rebranding in the 1990s. It changed its name to Goldline International, Inc., and Mark Albarian, a prominent figure in the industry, became its president. Under his leadership, Goldline acquired the assets of Gold & Silver Emporium and later, Dreyfus Precious Metals, Inc., enhancing its market position.
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The Expansion Phase
The new millennium brought further opportunities for growth. In 2005, Goldline was sold to three investor groups: Prudential Capital, Goldline management, and Goldline’s former chairman. In 2009, CIVC, a Chicago-based private equity company, acquired a controlling interest in Goldline, marking a transaction worth over $50 million.
Goldline has made a name for itself as a reliable retailer of various precious metals. The company deals in gold coins, silver coins, platinum, bullion bars and coins, and other precious metals. It has managed to build a strong customer base, with its growth reflected in its revenue figures. In 2009, Goldline reported sales revenue of $825 million, securing its position among the fastest-growing companies in Los Angeles County, California.
Marketing Efforts
Goldline has adopted a multi-channel marketing strategy, leveraging the power of the internet, radio, and television. They have also enlisted the support of prominent figures like Jay W. Johnson, the former Director of the United States Mint, and John Mercanti, the retired 12th Chief Engraver of the U.S. Mint, as spokespersons.
Goldline operates through various modes, including phone, internet, and in-person. The company ensures transparency in its operations, with all fees, commissions, and pricing details disclosed in writing to customers. However, it has faced criticism for its high markups, particularly on collectible coins.
The Legal Controversies
Over the years, Goldline has faced several legal challenges. In 2011, the Santa Monica City Attorney’s Office charged Goldline with 19 counts of theft and fraud. However, in 2012, all criminal charges associated with the investigations were dropped as part of a settlement agreement.
Conclusion
The journey of Goldline is a testament to the company’s resilience and adaptability. Despite facing numerous challenges, it has managed to steer its course and emerge as a leading player in the precious metals trading industry.
The company’s commitment to transparency, customer service, and ethical business practices continues to guide its operations as it looks towards the future.
To find a detailed analysis of the company, I suggest checking out Goldline Reviews.
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