Auction of recluse's gold nets $3.5 million

[Merwanseth]

By MATT WOOLBRIGHT
Associated Press

CARSON CITY, Nev. (AP) - Bidders paid more than $3.5 million at auction for half of a Nevada recluse's gold collection.

Carson City's Alan Rowe of Northern Nevada Coin dominated the bidding Tuesday, winning four of the 11 lots for his own company and five for the Illinois-based Rare Coin Company of America Inc.

The total cost of his bids amounts to nearly $2.7 million - just over $617,000 of which was paid for by his local company.

Rowe says the coins have additional value because their story has captured national attention.

He adds that some of the collection will be available for locals to purchase individual coins packaged in a manner that commemorates the history behind them.

Others, he says, will be marketed nationally and perhaps on television.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

[theo]

Thanks for the post.

Notice how careful they are reinforce the notion that owning a large amount of gold is strange or anti-social while failing to point out that this investment left every other investment vehicle in the dust over the the past 15 years.

[JerrySpringer]

Thanks for the post.

Notice how careful they are reinforce the notion that owning a large amount of gold is strange or anti-social while failing to point out that this investment left every other investment vehicle in the dust over the the past 15 years.

I think it could be anything. Large amounts of money, aka wealth, garner attention. The recluse could of been a hayseed that bought antiques or real estate and had gains accrue. I often think that some of it is pure sour grapes by the media feeding people what they want to hear. People do not want to be reminded that fiat currency is illusory. Just pieces of paper backed by confidence. The more and more the general public catches on that money is losing its traditional channel of being privately tendered -ie- electronic currency and transaction tracking being normalized, I think it bodes well for metals. Consider it a secondary form of currency that people will recognize. The media is not puzzled by gold, I bet. The plan probably is to downplay metals' importance.