Carson City community curmudgeon found to be guarding $7M in gold

[Independent]

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.

The reason the price stayed at $35/oz was that US citizens couldn't own gold coins. The the $35 was just used for international settlements.

If I read this correctly, he couldn't legally buy gold coins until Dec 1974.
Executive Order 6102 - Wikipedia, the free encyclopedia

 

[Free To Canoe]

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.

Like on that movie God's Little Acre

 

[NW-Bound]

The reason the price stayed at $35/oz was that US citizens couldn't own gold coins. The the $35 was just used for international settlements.

If I read this correctly, he couldn't legally buy gold coins until Dec 1974.
Executive Order 6102 - Wikipedia, the free encyclopedia

Yes!

The confiscation of gold by FDR was before all of our time, so I should be forgiven of this big error of mine. I was told about the history of this, but did not research this further. The link you provided is a very good narration. The fact that gold price appeared so stabilized over such a long period should have jogged my memory.

And about the reason for disallowing ownership of gold in 1933, a good discussion could be found here: The Myths and Reality of Gold Confiscation. It also describes how gold price went up an abrupt artificial step from $20/oz to $35/oz.