While 61 tons of silver were just salvaged, can silver's price be salvaged, too?
Finding buried treasure may be the dream of every kid on a beach but finding sunken treasure in the ocean is the reality for Odyssey Marine Exploration. The company announced yesterday it salvaged 61 tons – about $36 million worth – of silver from a ship sunk during World War II.
The SS Gairsoppa was a British vessel torpedoed by the Germans in February 1941. Odyssey has been recovering silver ingots from its wreck since 2012, hauling up 2,792 ingots in total with 1,574 ingots this past month. Each of the silver ingots weighs 1,100 ounces.
The company will only keep 20% of their find, with the rest going to the British government. So, while $7.2 million is a lot of money to take home, perhaps there’s one way to make that number higher – through increased silver prices.
Silver has lost a third of its value since the start of 2013 and over the last two years, it has halved. However, it’s up 4% since Friday as traders take a shine to silver once more.
So, is silver still a shipwreck or is it salvageable?
We ask Talking Numbers contributors Richard Ross, Global Technical Strategist at Auerbach Grayson, and Enis Taner, Global Macro Editor at RiskReversal.com, to look at the charts and fundamentals on whether silver is a good haul or ready for another dive.
To see Ross and Taner analyze silver, watch the video above.
- Commodity Markets
- Odyssey Marine Exploration