£100 billion in gold

Zkribbler

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Hey! I think this maybe the ship I lost in that area. Give it back!


Russian warship ‘carrying £100 billion in gold’ discovered off South Korea


Russian Imperial Navy cruiser Dmitrii Donskoi is thought to have been carrying gold bullion worth as much as £100 billion when it was sunk in 1905

A South Korean salvage team has discovered the wreck of a Russian warship that was sunk in a naval battle 113 years ago and is believed to still contain 200 tons of gold bullion worth 150 trillion won, or £100 billion.

The Russian Imperial Navy cruiser Dmitrii Donskoi was discovered at a depth of more than 1,400 feet about one mile off the South Korean island of Ulleungdo.

A joint team made up of experts from South Korea, Britain and Canada discovered the wreck on Sunday and used two manned submersibles to capture footage of the vessel, with the company behind the discovery promising to use a percentage of the money to fund the construction of a railway line linking Russia and South Korea through North Korea.

The video includes images of extensive damage to the vessel caused in an encounter with Japanese warships in May 1905, along with cannons and deck guns encrusted with marine growth, the anchor and the ship’s wheel.

“The body of the ship was severely damaged by shelling, with its stern almost broken, and yet the ship’s deck and sides are well preserved”, the Seoul-based Shinil Group said in a statement.

Launched in St Petersburg in August 1883, the Dmitrii Donskoi was designed as a commerce raider and fitted with both a full set of sails and a coal-fired engine. The ship spent most of its career operating in the Mediterranean and the Far East and was deployed to Imperial Russia’s Second Pacific Squadron after the Japanese fleet destroyed the majority of Russia’s naval power in the Far East in the opening salvoes of the 1904 Russo-Japanese War.

The squadron was intercepted by the Japanese fleet in May 1905 and decimated at the Battle of Tsushima.

Assigned to protect the transport ships at the rear of the formation, the Dmitrii Donskoi managed to evade the attacking force, but was later intercepted steaming for the Russian port of Vladivostok.



Wreckage of Russian Imperial Navy cruiser Dmitrii Donskoi
Around 60 of the 591 crew were killed and further 120 injured before Captain Ivan Lebedev anchored off the island of Ulleungdo and ordered his men ashore. The following morning, May 29, 1905, the ship was scuttled offshore and the crew were taken prisoner by Japanese landing parties. Captain Lebedev later died of his wounds.

There are reports that the Dmitrii Donskoi was carrying the fleet’s funds and went down with 5,500 boxes of gold bars and coins still in its holds to stop the Japanese seizing it. Shinil Group estimates the gold would have a value today of £101.3 billion.

The company says it is aiming to raise the ship in October or November. Half of any treasure found aboard the vessel would be handed over to the Russian government, the company said, while 10 percent of the remainder will be invested in tourism projects on Ulleungdo Island, including a museum dedicated to the vessel.

A portion of the rest of the treasure will be donated to joint projects to promote development in north-east Asia, the company said, such as a railway line from Russia to South Korea through North Korea.
 
Idiots !
I wouldn't have told anyone and I would have taken the gold, sold highsest unsuspicious amounts of it every year and used some of the money to secretly move the wreckage to another harder to find location.
And then I would laugh when they find it and wonder where all the gold is.
And then I'd write a memoir with the title "I took the gold" and have it published when I'm 100 years old and nothing matters anymore.
 
And why would it be carrying all that gold?

I woulnd't have told the world. Just salvage it all and sell it quietly.
 
Loading ships with 200 tons of gold and sending them to battle is common practice in Russia.
Spoiler :
not.
It's not common practice in any navy, but the Baltic Fleet at Tsushima was in unusual circumstances. I can believe that they had to carry more cash than usual for a combination of pay/rations and purchasing supplies en route from foreign vendors, and at that point in history bullion would be the best way to do that.

That said, I think that the quoted estimates are fantastically high and that it's unlikely that the salvagers will find gold in the amounts they're looking for.
 
Total worth of all gold every mined ~ £6 trillion. That would mean that ship has 1/60 of all gold currently in the world.

Google tells me 2/3 of that £6 trillion has been mined since 1950. Extrapolating a little, I'd say that in 1904 there was probably around 1/6 as much gold mined as now. So, at the time it set sail, that ship would have had 10% of all gold ever mined. I doubt the entire Russian gold reserves was large enough for that, and if it was, why send it all to war? Its not like they were still paying wages in bullion at that time, and even if they were, they wouldn't need this much gold for it.
 
Total worth of all gold every mined ~ £6 trillion. That would mean that ship has 1/60 of all gold currently in the world.

Google tells me 2/3 of that £6 trillion has been mined since 1950. Extrapolating a little, I'd say that in 1904 there was probably around 1/6 as much gold mined as now. So, at the time it set sail, that ship would have had 10% of all gold ever mined. I doubt the entire Russian gold reserves was large enough for that, and if it was, why send it all to war? Its not like they were still paying wages in bullion at that time, and even if they were, they wouldn't need this much gold for it.
In 1914, the Russian gold reserve was the largest in the world, at 1,400 tons. 200 tons in 1904-05 would therefore be, yes, a humongous expenditure and highly unlikely.

I can see needing gold to possibly pay for colliers, maybe? The Baltic Fleet was unable to restock its coal bunkers from neutral ports during its extremely long voyage before the battle. Maybe additional supply, as well? I don't really know. Some sort of contingency fund might have been on board, but 200 tons is just such a fantastic amount that it's almost impossible to take seriously.
 
It's not common practice in any navy, but the Baltic Fleet at Tsushima was in unusual circumstances. I can believe that they had to carry more cash than usual for a combination of pay/rations and purchasing supplies en route from foreign vendors, and at that point in history bullion would be the best way to do that.

That said, I think that the quoted estimates are fantastically high and that it's unlikely that the salvagers will find gold in the amounts they're looking for.
IIRC there's no evidence even that fleet cash supplies were carried on this particular ship. Most likely whatever will be found on it, will be interesting only for military historians. But that's already enough reason to raise it anyway. 200 tons of gold is obviously a PR stunt.
 
I personally doubt it was carrying that gold.
BBC said:
Kirill Kolesnichenko, a professor of social sciences at Russia's Far Eastern Federal University, told Russian news site RIA Novosti that keeping all your money on one ship would be too dangerous. He asked why Russia would send gold by ship when it could move it by train to Vladivostok without any risk.
https://www.bbc.co.uk/news/world-asia-44876968
Here's a pretty picture

https://en.wikipedia.org/wiki/Russian_cruiser_Dmitrii_Donskoi
 
He asked why Russia would send gold by ship when it could move it by train to Vladivostok without any risk.

Why not ship it across thousands of miles of wild Siberia, a land peopled by criminals? What could go wrong?
 
There was also a 51-gun frigate that was stricken in 1872, but it doesn't have a wikipedia page. Yet.
 
Why not ship it across thousands of miles of wild Siberia, a land peopled by criminals? What could go wrong?
Russia was at war with Japan. This cruiser was sent to combat action as part of Russian fleet.
(Technically, the fleet didn't have the task to fight the Japanese, but it was very unlikely they would break through to Vladivostok without a fight)

I'm not sure whether you want to seriously compare danger of travelling by Trans-Siberian railway with war battle.
 
This does all seem rather unlikely. The amount of gold proposed is mind-boggling, particularly considering that the ship was being sent into a war zone, and it was supposedly all concentrated on this one cruiser, not spread out at all. Even if it weren't a war zone, that would be a high risk, should a severe storm or a boiler explosion sink the ship. But in a war zone, I can't see any point. And what could they even use that much gold for in eastern Siberia? War supplies would have to be largely shipped in from western Russia; surely pay was not that high.

As for the railroad, it wasn't entirely finished yet. But if that much gold was really needed in Vladivostok for some reason, it still stands to reason that you could send it on a well-armed military train, with land convoys where necessary due to incomplete track sections, and not have as high of a risk.

It makes for a nice story, sure. But I'd like to see some supporting evidence, at least a reason why the Tsar would have a reason to have that much gold in eastern Siberia and ship it by sea.
 
As for the railroad, it wasn't entirely finished yet. But if that much gold was really needed in Vladivostok for some reason, it still stands to reason that you could send it on a well-armed military train, with land convoys where necessary due to incomplete track sections, and not have as high of a risk.
Yeah, the only plausible explanation for any gold being on the ships is that it was needed for the journey, not that it had to be shipped to Vladivostok. The sea journey would be longer than the land journey, significantly less safe, and would still require the government to ship the gold from Vladivostok down the Chinese Eastern Railway to somewhere where it might actually be useful, like Harbin.

I mean, we shouldn't underestimate the tsarist government's capacity for doing dumb crap - as mentioned before, the entire journey of the Baltic Fleet was...extremely poorly thought-out...but I'm pretty sure that even the tsarists weren't this incomprehensibly stupid.
 
Keep in mind that on a boat the gold is harder to steal. The sinking risks were downplayed by 1900. Capturing a warship at sea while in a fleet is harder than robbing a train. You can wreck a train and still get the gold. You cannot sink a ship and get the gold. You have to capture it mostly intact.
 
Keep in mind that on a boat the gold is harder to steal. The sinking risks were downplayed by 1900. Capturing a warship at sea while in a fleet is harder than robbing a train. You can wreck a train and still get the gold. You cannot sink a ship and get the gold. You have to capture it mostly intact.
In 1904-05, the land route to Manchuria was the Russians' main artery for transporting troops, munitions, clothes, and other supplies east for the war. It was guarded by thousands of soldiers. It was, to all intents and purposes, one of the safest places in Russia - arguably more so than many cities in European Russia, given the revolutionary violence that was already starting to break out.

I mean, the Russians almost certainly didn't ship 200 tons of gold to the Far East, but if they did need to ship it there, the overland route was a much safer option than loading it all on one cruiser and hoping the Japanese decided not to fight them on the way in.
 
Idiots !
I wouldn't have told anyone and I would have taken the gold, sold highsest unsuspicious amounts of it every year
And your hypothetical annual sales of gold wouldn't have been noticed by anyone. :coffee:
 
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