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Carson City community curmudgeon found to be guarding $7M in gold
Old 12-24-2012, 10:19 PM   #1
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Carson City community curmudgeon found to be guarding $7M in gold

I can't imagine what must have been going through the mind of this guy when he started buying gold. I'd love to know how much he invested each year and how long he'd been doing it.

http://www.businessweek.com/articles...legacy#r=hp-ls

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Walter Samaszko Jr. was not a guy who wanted company. He covered the windows of his house in Carson City, Nev., with cardboard so the neighbors couldn’t see inside. He made the postman stick the mail through the slot in his garage rather than coming to the front door. He was so good at keeping people away that when he died of heart failure at age 69 in June, nobody noticed until his house began to smell. Someone called the sheriff’s department. A hazmat team removed Samaszko along with part of the floor he was stuck to.
That’s when everybody found out why he hadn’t been more sociable: The dour, white-haired recluse had been hoarding $7 million worth of gold coins, most of them hidden in the crawl space beneath the house. Some were in an old washing machine. There were British sovereigns dating back to the 1840s, Austrian ducats, and South African Kruggerands. But mostly Samaszko had collected rolls and rolls of $20 American gold pieces, the kind with double eagles on them. He also had $12,000 in cash, a stock account worth $165,000—and $200 in the bank.
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It took (a realtor) and three attorneys two days to count all the coins. With the help of a numismatic expert, they determined that Samaszko’s clutch was worth $7 million. The gold is being stored in a vault in Reno until a local probate court judge decides its fate.
Samaszko may have been prepared for a societal collapse, but not for his own end. He had no will. Nor did he have any children.
"God bless us, every one"...
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Old 12-24-2012, 10:26 PM   #2
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As for who can lay claim to the riches -- Glover said the Internal Revenue Service will take a sizable amount in taxes -- about $750,000 -- and that the rest will likely go to a first cousin, a substitute teacher in San Rafael, Calif., who is Samaszko's only relative as far as authorities can tell.
$7 million in gold found in dead Nevada man's home - U.S. News
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Old 12-24-2012, 10:46 PM   #3
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Kinda sad how folks can so callously pick on the mentally ill. I wonder if anyone ever reached out to try and help him? How much richer would his life (and his community) have been for it?
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Old 12-25-2012, 12:55 AM   #4
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I always thoughthalf the folks posting on this forum had at least a million dollars in gold coins somewhere on their property. Isn't that normal?
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Old 12-25-2012, 06:19 AM   #5
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I always thoughthalf the folks posting on this forum had at least a million dollars in gold coins somewhere on their property. Isn't that normal?
And plenty of ammo too.
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Old 12-25-2012, 08:10 AM   #6
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Kinda sad how folks can so callously pick on the mentally ill. I wonder if anyone ever reached out to try and help him? How much richer would his life (and his community) have been for it?
From what I've heard, behind every story of a mentally ill recluse, you'll find large numbers of family, neighbors, and attempted friends who tried to reach out and help, but were rebuffed time and again. No one's capacity for rejection is infinite.
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Old 12-25-2012, 09:24 AM   #7
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I always thought half the folks posting on this forum had at least a million dollars in gold coins somewhere on their property. Isn't that normal?
No, not I. Only a few hundred K's worth, for emergency use only. These gold coins do not pay dividends, you know.

OK, OK. Enough joking around. I guess I have often joked about hoarding gold, buried at home and even hidden in my RV, that people may start to take it seriously. No, other than what I wear on a finger of my hand, I used to have some shares of GLD, bought a couple of years ago. Sold them shortly thereafter for a measly gain. I even reported it here: Gold Vending machine.

So, for the record, NW-Bound has very little gold in his possession, despite numerous past references to his scroogy and gold-hoarding behavior.

And no, he's still not revealing where he lives and who he is.
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Old 12-25-2012, 09:48 AM   #8
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Kinda sad how folks can so callously pick on the mentally ill. I wonder if anyone ever reached out to try and help him? How much richer would his life (and his community) have been for it?
I"m missing something: Was this guy mentally ill? How is that known? Thanks.
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Old 12-25-2012, 09:49 AM   #9
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I'd love to know how much he invested each year and how long he'd been doing it.
Gold was not always this expensive. Its price was only $19/oz up until 1931. Then, it rose to $35/oz and stayed there until 1967.

So, assuming this man accumulated all of his stash at the price of $35/oz instead of higher prices between then and the current price of $1700/oz, his pile would have cost only

$7M X $35 / $1700 = $144K.

However, due to inflation the $144K in 1967 would be worth $992K now. So, even when gold was cheap, he did have some good income to buy it back then.
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Old 12-25-2012, 09:56 AM   #10
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If this man took his $144K in 1967 and bought Wellington MF and reinvested all dividends, he would have $8.5M. If he bought another long-tenured fund like Dodge and Cox Balanced, he would have $8.9M.

So, this man did OK with his gold hoard, but the return is actually not that exceptional.
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Old 12-25-2012, 10:19 AM   #11
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I always thoughthalf the folks posting on this forum had at least a million dollars in gold coins somewhere on their property. Isn't that normal?
No, it's usually much more ...
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Old 12-25-2012, 10:29 AM   #12
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I always thoughthalf the folks posting on this forum had at least a million dollars in gold coins somewhere on their property. Isn't that normal?
Great, I didn't know that. I'll have to look around the house & yard to find it...that would be a pleasant surprise - that I'd cash in an invest immediately.
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Old 12-25-2012, 10:32 AM   #13
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Kinda sad how folks can so callously pick on the mentally ill. I wonder if anyone ever reached out to try and help him? How much richer would his life (and his community) have been for it?
There are several self-professed recluses here you know (and defenders of same), who insist they are happy as clams...are they mentally ill in your view?
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Old 12-25-2012, 10:36 AM   #14
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I always thoughthalf the folks posting on this forum had at least a million dollars in gold coins somewhere on their property. Isn't that normal?
I wish.........
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Old 12-25-2012, 11:33 AM   #15
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I had a friend who's Father had silver coins stashed around his property. His Father had forgot some locations. He then passed away. My friend found some of the silver but not likely all of it. Sold the property. So someone may find a surprise sometime in the future.

I wonder how much is buried that will never be found?

Maybe I will tell my kids that I have some buried to make sure they get exercise after I am gone.
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Old 12-25-2012, 12:38 PM   #16
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In the comments to the articles, a waitress from a local establishment that this guy frequented wrote some things. He seemed a normal guy, so I don't know where this mental health thing came from.

At least he wasn't hoarding chihuahaus or cats.
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Old 12-25-2012, 01:17 PM   #17
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I"m missing something: Was this guy mentally ill? How is that known? Thanks.
I believe if he had come here prior to being scraped off the linoleum in his home he would have been an honored and perhaps emulated poster with many followers.

He might even have been able to start his own blog, Early Retirement Even More Extreme. I guess if you are a live miser and recluse you are lbym, but once you are found sticking to the floor, no more kudos, but instead we want to know who took your Paxil.

Ha
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Old 12-25-2012, 01:38 PM   #18
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At least he wasn't hoarding chihuahaus or cats.
I do know a guy that hordes "Precious Moments", though, (it ain't me)...Hmmmm...
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Old 12-25-2012, 03:26 PM   #19
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So, different people hoard different things. Many posters here hoard shares of Wellesley or Wellington.
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Old 12-25-2012, 11:41 PM   #20
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Kinda sad how folks can so callously pick on the mentally ill. I wonder if anyone ever reached out to try and help him? How much richer would his life (and his community) have been for it?
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And plenty of ammo too.
Even if people tried to help him, I doubt they could get onto his lawn...
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