Shipwreck may hold nine tonnes of gold coins; should Christians buy gold?


The price of gold in Sydney fell by USD$3.80 to USD$658.80 per fine ounce yesterday. However, this did not impact on gold miners, with Lihir (ASX:LHG) putting on 1c to AUD$3.26 and Newcrest Mining (ASX:NCM) lifting 25c to AUD$23.81, The Herald Sun reports.

Reuters reports that with gold prices remaining buoyant, gold mining firms in South Africa are rushing to reprocess mountains of waste to extract small amounts of gold in crushed, processed ore that has been discarded.

“The stuff that’s on surface, it’s low-hanging fruit in a strong rand gold price environment,” an analyst said. “Right now these guys are just making hay while the sun shines.”

Bloomberg reports that Tiffany & Co (NYSE:TIF) said fourth-quarter profit was little changed after the company wrote down the value of its stores in the Caribbean. The company’s net income rose to USD$140.5 million, or USD$1.02 a share, in the three months through Jan. 31, despite higher platinum, gold and silver prices increasing costs.

Odyssey Marine Exploration (AMEX:OMR) has concluded negotiations with Spanish officials and can now resume a once-suspended search for the wreck of a British vessel, the HMS Sussex, in the western Mediterranean off Spain. According to reports from IOL, the warship was leading a British fleet into the Mediterranean for a war against France when it sank in a storm in 1694. Historians believe the ship was carrying nine tonnes of gold coins for buying the loyalty of the Duke of Savoy, a potential ally in southeastern France

Art auctioneer Christie’s is organising an exhibition of international jewellery and art auction highlights in Dubai, reports. The exhibition includes Moroccan diamond studded gold jewellery from the late 19th century and a twenty-six piece European collection of Mughal, Indian and Persian miniatures. An enameled gold eagle pendant in emeralds and other precious stones from the 15th century will also be showcased.

TransWorld News reports that  the world’s largest Christian portal, has conducted a survey asking readers, “Should Christians invest in gold and silver?” Out of 346 surveyed, 171 participants think that Christians should make investments in precious metals if they believe it is a wise choice.

However., 62 respondents polled do not think Christians should invest in precious metals “because they are storing up their treasures upon the earth”.

The Daily Reckoning Australia

The Daily Reckoning
The Daily Reckoning offers an independent and critical perspective on the Australian and global investment markets. Slightly offbeat and far from institutional, The Daily Reckoning delivers you straight-forward, humorous, and useful investment insights from a world wide network of analysts, contrarians, and successful investors. Founded in 1999, The Daily Reckoning is published in 7 countries with a worldwide readership of almost 1 million people.

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