Shipwrecked gold to be salvaged

An operation is underway to try and salvage approximately £125 billion worth of gold and other precious metals sunk during the first and second world wars by German U-boats.

The UK firm Britannia Gold will set sail from an undisclosed port to explore the first cluster of shipwrecks where the loot is thought to be.

The shipwrecks are littered ship all the way from the north Atlantic to the Caribbean, and are thought to boast over 2,000 tonnes of metal.

Will Carrier, operational director of Britannia Gold, said one of the company’s senior researchers first struck gold when he was analysing insurance records over two decades ago.

He said: “He came across a document written by an adviser to wartime chancellor of the exchequer Reginald McKenna, in amongst a box of last will and testaments of deceased sailors.

“It clearly indicated gold movements made on behalf of the government on requisitioned merchant liners, which were named, with values of gold and when they sailed.”

During the wars the precious metals were being transported to the US or to parts of the British empire when many were sunk by German U-boats in an effort to prohibit the UK’s importing and exporting ability.

Once the mission has been completed, the findings will be taken to a secure location where the firm will negotiate with the UK government on pricing.

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