Sunken Treasure Reminds Silver Investors about Long-Term Value
It’s been a brutal year for precious metals. Despite logging twelve consecutive annual gains, gold and silver are among the worst performing assets this year. Many analysts have lowered price targets, and proclaimed once again that the great bull market is dead. However, precious metals are still highly sought after, even at three miles below the ocean’s surface.
Odyssey Marine Exploration, a world leader in deep-ocean shipwreck exploration, recently announced it recovered more than 61 tons of silver bullion from the North Atlantic this month. The haul consists of 1,574 silver ingots, weighing around 1,100 ounces each, or almost 1.8 million troy ounces in total. The treasure sets a new record for the deepest and largest precious metal recovery from a shipwreck.
The silver was aboard the SS Gairsoppa, a 412-foot steel-hulled British cargo ship that was torpedoed by a German U-boat, and sank in three miles of water off the coast of Ireland during World War II. Including the 48 tons of silver recovered last year, Odyssey has recovered 2,792 silver ingots from the SS Gairsoppa, or more than 99 percent of the insured silver reported to be on the ship when it sank. More uninsured silver may be aboard, but none has been found so far.
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