# big silver find



## Geo (Jul 22, 2013)

i wonder what this will do to the silver market? it cant be good for people holding silver right now. http://www.nbcnews.com/id/21134540/vp=52543627&#52543627&from=en-us_msnhp&snid=18424696?ocid=msnhp


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## NobleMetalWorks (Jul 22, 2013)

Geo said:


> i wonder what this will do to the silver market? it cant be good for people holding silver right now. http://www.nbcnews.com/id/21134540/vp=52543627&#52543627&from=en-us_msnhp&snid=18424696?ocid=msnhp



There is less silver in the world, and it's being mined as a natural resource at a much slower rate than gold. The truth is, that silver should be worth more than gold because of it's usefulness, and it's rarity.

So far as the world is concerned, and the silver markets in general, 70-80 million worth of silver really doesn't amount to that much. Specially when you consider that last years world production of silver, from silver mines, amounted to over 150 billion at today's current market prices.

https://www.silverinstitute.org/site/supply-demand/silver-production/

I do have to admit though, I wish I would have found that much silver sitting on the bottom of the ocean, cool story.

Scott


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## MysticColby (Jul 22, 2013)

"$36 million under the sea"
"110 silver tons uncovered 3 miles under sea"
"Salvage team uncovered 2792 silver bars from 1941"
"The exploration & salvage cost over $20 million"

honestly, I would of expected a larger profit margin than that. cool find.
reminds me of Battlefield Earth when they turned in gold bars instead of gold ore. "yeah, uh, we found it that way, engraving and all"
79 pounds per bar? is that normal? (110 * 2000 / 2792 = 78.796 pounds)


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## rickbb (Jul 22, 2013)

And thats before all the legal costs from eveyone and their brother all over the world claiming it belongs to them.


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## MysticColby (Jul 24, 2013)

are there any? I thought there's some international law that once something valuable is lost at sea, anyone who finds it keeps it. I imagine there's a grace period where the person who lost it can try to recover it themselves.


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## Geo (Jul 24, 2013)

actually, shipments that were insured belong to the insurance company even if its sitting on the ocean floor. theres a famous instance http://en.wikipedia.org/wiki/SS_Central_America 

The ship was located by the use of Bayesian search theory and a remotely operated vehicle (ROV) operated by the Columbus-America Discovery Group of Ohio, that was sent down on 11 September 1987. Significant amounts of gold and artifacts were recovered and brought to the surface by another ROV built specifically for the recovery. Tommy Thompson led the group. 39 insurance companies filed suit, claiming that because they paid damages in the 19th century for the lost gold, they had the right to it. The team that found it argued that the gold had been abandoned. After a legal battle, 92% of the gold was awarded to the discovery team in 1996.
The total value of the recovered gold was estimated at $100–150 million. A recovered gold ingot weighing 80 lb (36 kg) sold for a record $8 million and was recognized as the most valuable piece of currency in the world at that time.


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## rickbb (Jul 24, 2013)

And look at what happend in FL when they found the Atocha, the state sued, the county, the city, the feds, even Spain sued. All claimed it was theirs, for one silly reason or another. The boat sank in like 1525 or so. Took years and years to settle.


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## MysticColby (Jul 25, 2013)

frivolous lawsuits aggravate me to no end.
"If you wanted it, you should of spent millions trying to get it. Here, if it's yours, I'll throw it back in for you to go get. good luck! no? then you don't have a claim to it!"
People and their greed... gerrr.


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## goldsilverpro (Jul 26, 2013)

Since 60 tons represents only about 0.0085% of the total silver in existence, I can't see it having any effect on the market.


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## Geo (Jul 26, 2013)

i was thinking that normal transactions has silver entering and leaving the market at a more or less steady rate over a period of time. a really large amount entering the market all at once such as this has got to have some kind of effect, especially if they intend on dumping it all at once. on a global scale, of coarse its a small amount but the bulk of all the mined silver is sitting in depositories and not really moving that much. im not really market savvy but that really is a lot of silver to drop all at once.


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## glorycloud (Jul 26, 2013)

I wonder how much if any of this find will be sold to "collectors"
for more than the spot value of the silver? 8)


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## patnor1011 (Jul 29, 2013)

With demand far bigger than supply few tons of silver cant be considered as dumping on market, I mean that every mint will be more than happy to buy all of it.
90% of mint produce is heading straight under the ground be it some safe or shoe box buried in garden. :twisted:


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## rickbb (Jul 29, 2013)

glorycloud said:


> I wonder how much if any of this find will be sold to "collectors"
> for more than the spot value of the silver? 8)



I thought "collectors" bought that silver "clad" commemorative coin of whomever for 1,000 times the value of the silver from the _(name omitted on purpose)_ mint. :lol:

Edited to correct my bad spelling.


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## Geo (Jul 30, 2013)

patnor1011 said:


> With demand far bigger than supply few tons of silver cant be considered as dumping on market, I mean that every mint will be more than happy to buy all of it.
> 90% of mint produce is heading straight under the ground be it some safe or shoe box buried in garden. :twisted:



not really a few tons, it was 110 tons. in the video, they said it was all going to be melted down.


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## patnor1011 (Jul 30, 2013)

In a manner of speaking it is really just few tons. Insane amount for you or me but consider this:



TheWallStreetJournal said:


> The Mint has already sold 23.3 million ounces of silver coins so far in 2013, with two more weeks of June to go.



Which is nearly 725 tons for less than 6 months.
Believe me that it is by any means just small amount in bigger picture of silver market. And I do not even want to start talking about thousands of tons of paper silver trading out there on market.


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## ilikesilver (Aug 4, 2013)

being smelted in 1941, into such large bars and the amount overall for the war effort what would the quality be? and is that the reason they will melt it down again to possibly refine it?, i saw the original episode of that when they found it originally. They have a television show out quite regularaly. It was very interesting. But would the quality range in the .900 scale, or for the war effort would it be lower? tim


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## Harold_V (Aug 4, 2013)

ilikesilver said:


> being smelted in 1941, into such large bars and the amount overall for the war effort what would the quality be? and is that the reason they will melt it down again to possibly refine it?, i saw the original episode of that when they found it originally. They have a television show out quite regularaly. It was very interesting. But would the quality range in the .900 scale, or for the war effort would it be lower? tim


While it would be difficult to predict how the silver was processed, it would be my opinion that it is quite pure. Electrolytic parting has been used for many years, as silver is a carrier of not only gold, but the platinum group. They are easily recovered in the refining process, making the procedure almost mandatory. 

Harold


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