Yup. Fake news. Which is exactly why we didn’t cover it. Here’s the details as the picture is becoming clearer about this “sunken treasure chest”…
We never covered this story of a sunken Russian ship discovered off the coast of Korea.
Zero Hedge covered it. Here’s a recap:
A South Korean marine exploration company claimed Tuesday to have discovered Dmitrii Donskoi, an armored cruiser built for the Imperial Russian Navy in the 1880s, reportedly transporting a cargo of gold worth an estimated $133 billion in today’s dollars.
Something about the news raised red flags.
You see, we were scouring the internet for information, and what we came across was that of 200 tons of gold and a dollar value of $130,000,000,000 USD.
A quick calculation revealed that the weight would have to have been 3,300 tons, which may or may not have been possible for the ship to carry, in addition to all the other cargo.
Well fast forward to today, and we see some of the reasons for the claims surfacing.
SEOUL (Reuters) – A South Korean company that claimed to have found the wreck of a Russian warship holding $130 billion in gold said on Thursday it has not verified the existence of any gold, while a financial watchdog said it was probing possible unlawful stock trading.
Shinil Marine said last week it had discovered the wreck of the Dmitrii Donskoi, a Russian armored cruiser sunk in 1905 after fighting Japanese warships off South Korea’s Ulleung Island, and that a staggering 150 trillion won ($130 billion) of gold was on board.
However, the company backtracked on those claims on Thursday and apologized for having cited unverified news reports saying the ship held about 150 trillion won ($130 billion) worth of gold.
The reports said the Donskoi held 200 tonnes of gold but that would only be 10 trillion won at current value,” said Shinil chief executive Choe Yong-seok.
“We apologize to the public for the irresponsible citation.”
South Korea’s financial watchdog said on Thursday it was investigating whether the company’s claims were part of any share price manipulation or other unlawful trade.
The Financial Supervisory Service (FSS) noted that shares of Jeil Steel, in which both current and former heads of Shinil bought stakes earlier this month, had seen increased trading and rising prices since May, an FSS official said.
The value of the shares jumped 139 percent after the “treasure ship” claim.
Ah, and just like that the picture is becoming clearer.
There may have been ulterior motives for the announcement of the discovery.
We’ll continue to monitor the story and cover any new developments.
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.