Spain and the Odyssey Marine have been in a legal battle since 2007 over 500 000 pieces of gold and silver. Spain believes that the gold was on board a Spanish ship while the Odyssey Marine has other ideas regarding the source of the treasure. Sadly for Odyssey Marine, the matter looks like being settled in Spain as the American courts have no jurisdiction in this matter.

Spring of 2012 is likely to be exciting for many people who are interested in silver as it has been discovered that there is a sunken wreck at the bottom of the ocean with roughly 7 million ounces of silver in it. Investigations have revealed news that the SS Gairsoppa has been located in the ocean, some 16 000 feet below the sea. The wreck is situated nearby the coast of Ireland in the North Atlantic Ocean. The silver would have been worth about 600 000 British pounds at the time. Today at $30 per ounce, it is valued at a little more than $210 million dollars.

When and if this silver is found, it will be the largest amount of precious cargo to ever be brought to surface from the sea. A salvage agreement has been signed between the United Kingdom Department for Transport and the Odyssey in 2010. According to the agreement, 80% of the cargo will remain in the possession of the Odyssey. Plans are already in place to salvage the cargo and operations are set to begin in 2012 during springtime.

While this project is most certainly complex, the CEO of the Odyssey, Greg Stemm, is confident that this salvage can be concluded on time. One of the reasons for his confidence is that the ship is in an upright position. It is also easy to access the ship as the holds are easy to open. Stemm believes that it will be simple enough to transfer the cargo from the wrecked ship to the Odyssey. It is believed that there were no survivors of the wreck, even though evidence reveals that a number of lifeboats were launched from the vessel prior to it sinking.

These sentiments were echoed by Andrew Craig. Craig believed that the plans for the salvage would suit the recovery of the silver from the sunken wreck. Craig is the senior manager for the project.

The salvage team has been taking photographs and videos of the site via a vehicle that operates remotely. The team could identify the vessel in this way. While this news is exciting, it should be kept in mind that this information is based on reports that the vessel was carrying this amount of silver. It is not really known if there are indeed 7 million ounces of silver on board.

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