Uncovering a Century-Old Mystery: Russian Shipwreck Laden with Treasure Valued at $100 Billion Resurfaces
The Shinil Group said it plans to raise the ship in October or November, with a plan to give Russia half the gold found on the vessel.
Did The Dmitrii Donskoi Really Hold So Much Gold?
US NavyThe Dmitrii Donskoi at New York Harbor in 1893.
However, doubts and speculations have overshadowed the initial reports in the days following the ship’s discovery. Despite the reporting of tons of gold aboard the ship, Russian researchers have said that trains would have been a more secure option for transporting the wealth since there was an extensive rail network that ran from East to West in Russia. And the war was far from the railway.
Therefore, the idea that this Donskoi contains such a large amount of money isn’t likely. Additionally, the Donskoi physically wouldn’t have had room to store that much gold. The ship, the researchers said, had 1,600 tons of coal, 500 sailors, and more than a dozen pieces of artillery.
And even if the Russian ship was carrying money on it, the Bank of Korea holds 104 tons of gold in reserve, which is worth about $6.5 billion. Meaning that 200 tons would be worth just $13 billion at most.
The South Korean Financial Supervisory Service put out a statement in which they said, “Concerning the treasure ship salvage project, investors’ discretion is recommended as there are risks of them suffering great losses if they rely on rumors.”
As the AP noted, the Shinil Group’s estimation of the ship’s treasures “appears to be a huge overvaluation” and that “Investors should beware because it’s uncertain whether the ship is salvageable and whether Shinil would be able to gain ownership of the assets even if it gets permission to raise it.”
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