I was talking about Merit Financial/Goldline, who relentlessly advertise buying physical gold bars and coins as a safe haven asset for people easily confused by the economy. They encourage listeners to put their IRA in physical gold instead of stocks, bonds, or $USD, and allow you to keep the gold you bought safely insured in their vaults (for usurious rates) for retirement.

I suppose you're probably right, their claim that they're superior to other securities and exchanges would not actually bring them under the jurisdiction of the SEC.