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REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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$7 Million In Gold Bars Found In Reclusive Man’s Home Month After He Died
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Poster Handle
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Anonymous Coward |
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Post Content
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ok, but how did he amass 7 million in gold?
at 1500/ounce thats 4666.666_ ounces
$163,333.333_ at the 1967 rate
but by 1974 it was 4 times that and would have cost more than 3/4 million dollars
asuming he squirreled it away over time the ammount of money involved becomes more than anything but a high paying job could have bought, or he had a profitable business or farm.
google 'what was the price of gold in 1967' and you can get a pdf chart showing historical gold prices
so where did the old geezer come up with the bread?
He must have gotten a sizeable inheritance, had his house and land paid for, and/or had a really good job/scheme to be able to save that much beyond living expenses.
Quoting: Anonymous Coward 22894284 When they first "deregulated" gold off of it's $35/oz government controlled pricing virtually unlimited quantities could be bought in the sub $50/oz range, though it quickly took off with the inflation of the 70's peaking in the $800's as I recall before it went into it's multi year bear market. My guess would be that he accumulated a good chunk of it back when it was in the $50/oz range, and then once it was down in the $200 range he bought more. His gold holding probably are around 4100 oz (@$1700/oz) so his entire investment could have been bought for as low as $200,000, but more likely around $600,000 - $750,000 give or take a little. (my experience with true "gold bugs" is that they ALL bought early with EVERYTHING they had - old tales from the Depression having had a HUGE impact on their mindset, and then added to their "collection" when gold would take it's big dips. most have NEVER sold even an ounce!! even when it has been hard for them to put food on the table)
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