Monday, September 26, 2011

Latest Spin/MOPE: Silver Collapse Due to Largest Shipwreck Discovery of Silver Ever

*Reader Update:  This find was not discovered several months ago (when The Doc first heard about it), but rather 4 YEARS AGO!  Think it's just coincidental that the find is "officially confirmed" on the day the cartel is attempting to induce holders of physical silver to panic out of their positions?

The Odyssey publicly reported this find ($200 Million worth of silver) months ago- no one finds it interesting that the find is finally "confirmed" this morning, as explanation for silver's plunge to $26?
7 million ounces is roughly enough to supply the US Mint's ASE blanks for  2 months.
The silver bull must have ended because of a single 7M oz shipwreck discovery.

TAMPA, Fla. (AP) — Odyssey Marine Exploration Inc. on Monday said it confirmed the identity and location of a World War II-era shipwreck believed to be carrying 7 million ounces of silver.

The SS Gairsoppa, a British cargo ship torpedoed by a German U-boat in February 1941, is sitting nearly 4,700 meters, or 15,419 feet, below the surface of the North Atlantic, about 300 miles off Ireland's coast in international waters. The 412-foot ship was operating for the United Kingdom Ministry of War Transport. Records say it was carrying silver valued in 1941 at approximately 600,000 British pounds.

Based on Friday's closing price of $30.10 per ounce, the trove would be worth more than $210 million today.

Odyssey Marine said it would be "the largest known precious metal cargo ever recovered from the sea."

The salvage agreement signed last year with the United Kingdom Department for Transport calls for Odyssey to retain 80 percent of the net salvaged value of the silver recovered.

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