$38M in Silver Salvaged from WWII Atlantic Wreck

RichR

Impresive...brought up from 3 miles down:

http://www.bloomberg.com/news/2012-07-18/wwii-shipwreck-yields-38-million-of-silver-from-atlantic.html

DrBuster

And they did all that work and the Brits are going to reclaim it.

Wolf359

Will JP Morgan seize it?

Zoins

Linky



<< <i>The company retrieved 1,203 silver bars, or about 1.4 million ounces of the metal, from the SS Gairsoppa, a 412-foot (126-meter) British cargo ship that sank after being torpedoed by German U-boat in February 1941, Tampa, Florida-based Odyssey said today in a statement. The metal, worth $38 million at today’s prices, is being held at a secure facility in the U.K. [...] Odyssey last year announced plans to recover another 600,000 ounces of silver from the SS Mantola, a British vessel sunk by a German submarine in 1917, which lies about 100 miles from the the Gairsoppa. >>



I hope they make a Diver's Commemorative for the Gairsoppa and Mantola like they did for the Atocha.

DrPete

Interesting how the Brits will split 80% with the salvors, yet the Spanish take it all.

Zoins

<< <i>Interesting how the Brits will split 80% with the salvors, yet the Spanish take it all. >>



I agree, giving salvagers 20% of the net proceeds provides some incentive to undertake the expeditions. This business-minded approach may be one reason the British economy is doing better.

TwoSides2aCoin

With the price of silver dropping, I'd just leave it there.

johnny9434

<< <i>And they did all that work and the Brits are going to reclaim it. >>

and you dump it right where you found it then and tell the brits its right there.

Timbuk3

Cool !!!

Weiss

In 2010, the United Kingdom (UK) Government Department for Transport awarded Odyssey, through a competitive bid, the exclusive salvage contract for this cargo from the SS Gairsoppa. Under the salvage contract, Odyssey will retain 80% of the net salved value of silver bullion recovered under the contract. Additional, uninsured silver may be aboard as well. Sources, including Lloyd’s Record of War Losses indicate a cargo of silver worth £600,000 at the time, which would equate to approximately 7 million total ounces of silver.

So Odyssey gets 80%, the UK government gets 20%.

And, if I'm reading correctly, Odyssey gets to keep all of the silver they find above and beyond what the UK government claims as their right.

From Odyssey's site

Zoins

<< <i>In 2010, the United Kingdom (UK) Government Department for Transport awarded Odyssey, through a competitive bid, the exclusive salvage contract for this cargo from the SS Gairsoppa. Under the salvage contract, Odyssey will retain 80% of the net salved value of silver bullion recovered under the contract. Additional, uninsured silver may be aboard as well. Sources, including Lloyd’s Record of War Losses indicate a cargo of silver worth £600,000 at the time, which would equate to approximately 7 million total ounces of silver.

So Odyssey gets 80%, the UK government gets 20%.

And, if I'm reading correctly, Odyssey gets to keep all of the silver they find above and beyond what the UK government claims as their right.

From Odyssey's site >>



Hmm, you're right. I misread which entity "it" was referring to in the article