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Sunken treasure reminds investors about value

July 29, 2013 in Gold, History, Investing, News, Precious Metals, Ship Wrecks, Silver, Treasure, Treasure Hunting

Eric McWhinnie, Wall St. Cheat Sheet  July 27, 2013 (http://www.usatoday.com)

It’s been a brutal year for precious metals. Despite logging 12 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.

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