by Peter Cooper
Still shining after 71 years some five kilometres under the Atlantic Ocean off the coast of Ireland, this hoard of 1.4 million ounces of silver was recovered by the SS Gairsoppa owned by Odyssey Marine Exploration, its heaviest and deepest underwater mission to date.
The silver has kept its value of around $38 million but it is still very undervalued in comparison to gold. A comparable cargo of 1,203 gold bars would be worth $2.2 billion at today’s prices.
The silver still belongs to the UK Government that has paid $500,000 to the owners of the cargo, according to The Daily Telegraph today. The ship was sunk by a German torpedo in February 1941 and the silver being transported was part of the British Government’s War Risk Insurance programme.