At work, but this tweet showed up on my phone.
More silver hits market ($230 million). Yikes!
7 million ounces of silver.
That's really not much.. less than 1% the total annual supply. And that's the largest precious metals treasure chest, ever. :D
It's only 70,000 100-ounce bars.
"The company said it recently collected video and photographs from the site using a remotely operated vehicle, which it used to confirm the identity of the shipwreck. It is now working on plans to recover the treasure, with operations expected to begin in the spring of 2012."
Looks like it wont be hitting the market, till Spring of 2012 anyhow.
This is like finding an a ton of silver pieces of eight. This silver will be collector bars and coins. I don't see it hitting the streets as bullion. Therefore, even if the quantity was greater, it would have no effect on the price of silver.