A 56-year-old man presented with pain in his right thigh for 15 days. Spinal magnetic resonance imaging revealed a collapsed L1 vertebra prompting a workup for myeloma/metastases. His prostate-specific antigen was 0.42 µg/L. The hemoglobin was 15.2 g/dL, total leucocyte count was 7.9×109/L, and platelet count was 256×109/L. Bone marrow aspirate revealed 11% plasma cells showing multiple Auer rod-like long inclusions (Wright-Geimsa stain; A, ×400, inset and panels, B-G, ×1,000). We performed myeloperoxidase staining, which was negative (Panel H, I, myeloperoxidase stain ×1,000). Congenital myeloperoxidase deficiency was excluded. Bone marrow immunophenotyping revealed 2.3% plasma cells on CD138-CD38 gating. Abnormal to normal plasma cell ratio was 0.98 and malignant plasma cells were CD45- and CD19-negative, kappa restricted, and positive for CD56, CD117, and CD28. CD20 was negative. Plasma cell-directed fluorescence-in-situ hybridization could not be done due to financial constraints. Total protein was 6.9 g/dL with albumin of 4.0 g/dL and globulins of 2.9 g/dL. A:G ratio was 1.41. Serum creatinine and calcium were normal. Serum protein electrophoresis (J, lane 4) showed a monoclonal band in early gamma region amounting to 0.65 g/dL. This monoclonal band was IgAκ on serum immunofixation electrophoresis (Panel K). However, vertebral biopsy showed only chronic inflammation. There were no other lytic lesions. The case was classified as smoldering multiple myeloma with Auer rod-like inclusions in plasma cells.