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Russian Shipwreck Allegedly Carrying $130 Billion In Gold Has Been Rediscovered (popularmechanics.com)
An anonymous reader quotes a report from Popular Mechanics: A salvage company has located the remains of a Russian warship lost during the the Russo-Japanese War. The battle-damaged cruiser Dmitrii Donskoi was scuttled off the coast of Korea in 1905, reportedly carrying a cargo of gold worth an estimated $130 billion in today's dollars. An international consortium of companies plans to salvage the gold.
According to the Telegraph, the Donskoi was found less than a mile off the coast of Ulleung island, at a depth of 1,423 feet in the Sea of Japan. A submersible descended to the wreck and captured an image of the ship's name on the stern in the Cyrillic alphabet. The South Korean Shinil Group, which discovered the wreck, plans to recover the gold sometime later this year with help from companies in China, Canada, and the U.K. At the time of her sinking Donskoi was reportedly carrying 5,500 boxes of gold bars and 200 tons of gold coins with a street value today of $130 billion. That's more than twice Russia's 2017 defense budget, which was $61 billion. If the treasure does materialize, the Russian government will receive half of the recovered amount. The money that's not going to Russia will reportedly be invested in a railroad line linking North Korea, South Korea, and Russia. A small percentage (10%) will also be invested in tourism projects on Ulleungdo Island, including a museum dedicated to the vessel.
According to the Telegraph, the Donskoi was found less than a mile off the coast of Ulleung island, at a depth of 1,423 feet in the Sea of Japan. A submersible descended to the wreck and captured an image of the ship's name on the stern in the Cyrillic alphabet. The South Korean Shinil Group, which discovered the wreck, plans to recover the gold sometime later this year with help from companies in China, Canada, and the U.K. At the time of her sinking Donskoi was reportedly carrying 5,500 boxes of gold bars and 200 tons of gold coins with a street value today of $130 billion. That's more than twice Russia's 2017 defense budget, which was $61 billion. If the treasure does materialize, the Russian government will receive half of the recovered amount. The money that's not going to Russia will reportedly be invested in a railroad line linking North Korea, South Korea, and Russia. A small percentage (10%) will also be invested in tourism projects on Ulleungdo Island, including a museum dedicated to the vessel.
If the gold does exist and is recovered, what will so much gold coming onto the market do to the price of gold?
The real "Libtards" are the Libertarians!
Re 'What I don't see is why Russia would let others keep half?"
To not be Spain. Better to get something on good terms than go full Spain in a court over a transfer of the treasure.
Any salvage company, other nations will then be happy to work with Russian on any new project in the future.
Should Russian need something around the other side of the world in the future a skilled salvage company will remember events like this.
A salvage company will contrast that with what Spain can do.
Domestic spying is now "Benign Information Gathering"
Gold is not immune to inflation. The price of gold has been going down under inflationary pressure lately. Gold, silver and platinum have been dipping since the GOP tax cut bill went into effect. And judging by the volatility, nobody's looking to start buying any time soon.
Gold is basically 19th century Bitcoin.
You are welcome on my lawn.