Treasure Hunters in Boston Preparing to Recover Platinum From Shipwreck

Contributed on January 31, 2012

BOSTON -- January 31. 2012. A Boston CBS-TV affiliate is reporting that a salvage crew could be getting closer to recovering a massive load of platinum from a long-lost British vessel, the Port Nicholson, that was sunk by a German torpedo just 50 miles off the coast of Massachusetts in 1942.

The crew from the MV Sea Hunter located the wreck three years ago and has been working to positively identify it as the vessel in question. Captain Gary Esper of the Sea Hunter says, "We’re just about ready to pull it up. It’s fantastic, can’t wait for it. Been a couple years, we’re ready."

The platinum was a payment from the former Soviet Union to the U.S. and was worth $53 million at the time. The shipwreck sits in water that is more than 700 feet deep, which has been complicating the recovery effort.

The find could contain up to 2 million ounces, with a bullion value estimated at $3 billion dollars at today's prices. Though platinum is considered to be quite rare (more than 10 times more rare than gold, in fact), that still only represents .3% of the world's estimated demand for platinum through the year 2050 (see source below), so the find is not expected to have much of an impact on the price of platinum in the precious metals market.

The U.S. Gold Bureau constantly monitors the bullion market and recognizes that bullion can be a volatile and risky investment. For that reason, investors that are risk averse and are investing for long-term protection and growth are wise to create a diversified precious metals portfolio, with a balance of both bullion and certified coins.

Since certified coins are considered collectibles, their value is based purely on supply and demand and their price is not nearly as susceptible to the ups and downs of the bullion market.

"There could be 1,000 platinum shipwrecks discovered, but there will never be another 2005 Platinum American Eagle Set minted," said Josh Hinsdale, Communications Director for the U.S. Gold Bureau. "That's why we recommend that our clients seriously consider adding certified coins to their portfolios."

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United States Gold Bureau is a private distributor of Gold, Silver & Platinum coins from the U.S. Mint and is not affiliated with the U.S. Government. Information on this web site is intended for educational purpose only and is not to be used as investment advice or a recommendation to buy sell or trade any asset that requires a licensed broker. As with all investments there is risk and the past performance of a particular asset class does not guarantee any future performance. The United States Gold Bureau, principals and representatives do not guarantee to clients that they will realize a profit or guarantee that losses may not be incurred as a result of following its coin collecting recommendations, or upon liquidation of coins bought from the U.S. Gold Bureau. All content and images are owned by USGB and may not be reproduced without written authorization. Copyright 2012.

 

 

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