Seeking Alpha

Colin Lea's  Instablog

Colin Lea
Send Message
The author is Australian with a long term interest and personal stake in financial planning and management. He works within the Financial Services Industry, is a member of the FPA Australia, and is a Certified Gold Seeking Alpha Contributor. Prior professional background of 20 years in military... More
My company:
Carey Group
View Colin Lea's Instablogs on:
  • $200 In Bank, $7M In Gold Hidden Inside Home

    One for all the Gold (NYSEARCA:GLD) bugs out there !!

    A Carson City, Nev., recluse whose body was found in his home at least a month after he died left only $200 in his bank account.

    But as Walter Samaszko Jr.'s house was being cleared for sale, officials made a surprise discovery: gold bars and coins valued at $7 million.

    "Nobody had any clue he was hoarding the gold," Carson City Clerk-Recorder Alan Glover told the Las Vegas Sun, adding it was found stored in boxes in the house and garage.

    The 69-year-old Samaszko was found dead in his home in late June after neighbors called authorities. He had been dead of heart problems for at least a month, according to the coroner.

    He had lived in the house since the 1960s, and his mother lived with him until her death in 1992.

    He left no will and had no apparent close relatives. But using a list of those who attended the mother's funeral, Glover's office tracked down Arlene Magdanz, a first cousin in San Rafael, Calif., the Sun reported.

    A recording said her phone number had been disconnected.

    "Our goal is to get the most money for the heir," Glover said.

    The gold coins had been minted as early as the 1840s in such countries as Mexico, England, Austria and South Africa, he said.

    Based on just the weight of the gold alone, Glover estimates their worth at $7 million. Because some of the coins appear to be collector's items, the value could go much higher, he said.

    Neighbors told authorities they knew little about Samaszko other than he was quiet and not a problem.

    Samaszko was "anti-government," Carson City's Nevada Appeal reported, and a few conspiracy theory books were found in the home along with several guns.

    "He never went to a doctor," Glover told the newspaper. "He was obsessed with getting diseases from shots."

    Samaszko also had stock accounts of more than $165,000 and another $12,000 in cash at the house.

    Glover said he wants to start selling off the gold as soon as possible. The IRS wants a share of the total, he said, and the case is relatively simple other than the agency's involvement.

    "At least you don't have 12 relatives fighting," Glover told the Appeal.

    www.foxnews.com/us/2012/09/17/nevada-man...

    Tags: GLD, Gold, Silver, Stocks
    Sep 17 7:36 PM | Link | 2 Comments
  • BHP Billiton's $15 Billion Temptation
    By Robb M. Stewart

    BHP Billiton BLT.LN +0.47%may have as much as US$15 billion locked into assets it could sell, which if released could lessen pressure on waning cash flow to fund the mining giant's spending plans.

    The company has raised more than US$2.3 billion with the sale of a large uranium deposit in Western Australia and a 37% stake in a mineral sands venture in South Africa in the past two weeks alone. Deutsche Bank DBK.XE +4.10%analysts think efforts to streamline its portfolio of businesses are unlikely to end there.

    In a research report, they identified a further US$10 billion-US$15 billion of possible disposals that could be made over the next two to three years, which would allow BHP to funnel the proceeds into high-returning growth projects such as shale oil in the U.S., the Escondida and Spence mines in Chile and getting rid of capacity bottlenecks in the Pilbara iron ore operations in Western Australia.

    Read more here.

    Disclosure: I am long BHP.

    Additional disclosure: This is a shared article from the WSJ online.

    Sep 11 2:56 PM | Link | Comment!
  • Utilities Purchase For Sun Tzu Portfolio

    I have made a decision to allocate the remaining portion of cash in the Sun Tzu Portfolio to a utilities BUY for PPL Corporation (NYSE:PPL).

    250 x PPL @ $29.185 p/s @ 12:30pm = $7296.25

    I will outline the reason for the purchase in Part V of my Sun Tzu Series.

    Disclosure: I am long PPL.

    Additional disclosure: This advice is general advice only. You should seek independant financial advice prior to making any investments of your own.

    Sep 07 1:08 PM | Link | Comment!
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.