Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
A substitute teacher in California is the likely heir to a trove of gold coins worth over USD$7 million uncovered by a cleaning crew in the home of a recently deceased relative.
The National Post reports that Arlene Magdon is believed to be the sole remaining heir to the treasure amassed over many years by Walter Samaszko Jr., Magdon’s first cousin and a quiet recluse who passed away earlier this year at the age of 69.
Samaszko had resided in the Nevada capital of Carson City since the late 1960’s and led a quiet and frugal life. Records indicate he would withdraw only $500 a month from his stock accounts for the payment of modest costs.
Following Samaszko’s death genealogical researchers were unable to find any living family members in Carson City and were compelled to search further afield. Arlene Magdon is believed by them to be Samaszko’s last living heir.
A clean-up crew enlisted by Alan Glover, the Carson City Clerk-Recorder, following Samaszko’s death discovered a staggering trove of gold bullion in his garage. According to Glover the gold coins, many wrapped in foil and plastic cases, are numerous enough to fill two wheelbarrows.
A report filed by appraiser Howard Herz several weeks ago lists a total of 2,695 coins estimated to be worth over $7.4 million in total.
According to Herz Samaszko, far from being a reclusive crank, was in fact a canny bullion investor.
“What some individuals have called a hoard of gold is, in fact, a quite well-thought-out investment in gold,” wrote Herz in his report.
Comments
Belafrique
what the benefit of deprivining oneself the use of such millions? Now here is a relative whom he might not being even saying Hallo to, enjoy the Loot! crazy world!