Is the new Klondike underwater?

Is the new Klondike under water? Is the new gold rush at the bottom of the worlds oceans? Is the concentration of gold in the seabed greater than on land? Have all the shipwrecks been found or do some remain undiscovered? Did the Spanish plunder the wealth of the Americas? Is deep sea mining the key to future gold production?

When we think about gold our minds immediately spring to inhospitable mines which are hot, held up by wooden beams with narrow gauge railway tracks running through them. That at least is the image we have all seen in innumerable films. However, the new Klondike could in fact be below the waves.

 Surely all the shipwrecks have been found by now?

With the breadth of modern tracking technology one could be forgiven for thinking that all the shipwrecks in our oceans would have long since been found. However, in reality nothing could be further from the truth! Given that 70% of the earth’s surface is covered with water and we are only just beginning to be able to explore at depth, probably the vast majority of the sea bed remains undiscovered. By implication therefore, there will also be many shipwrecks down there that also remain undiscovered.

The Spanish plundered the wealth of the Americas

For several hundred years the Spanish plundered gold and silver from the Americas to be brought back to Europe and rather surprisingly they kept meticulous records and manifests of these trips. As a result, there is significant historical data that shows that many of these vessels never actually made it back to Europe as they foundered in the rough Atlantic. It is in fact estimated that there could be anything up to $100 billion worth of gold waiting for the brave marine salvagers to find. But it won’t be easy!

But shipwrecks are not the only source of riches on the seabed!

The diamond company, De Beers, has been harvesting diamonds from the seabed  off the coast of Southwest Africa since the 1960’s but this has only been possible because the water is relatively shallow. But elsewhere the seabed also contains a vast supply of gold and diamonds but getting at these resources is going to be difficult and costly. That said deep sea mining projects are starting all over the world (mainly in the Pacific) and with the benefit of new technology and practices the rewards will be huge. Scientists believe that the concentration of gold in the seabed will be far greater than anything found on land and have estimated that the value could be anything up to $150 trillion!

But it is not just the seabed!

The water in the oceans is also known to contain gold although it is found in such low concentrations that such dilution will very probably make any extraction completely unviable.

So the new gold rush could in fact be at the bottom of the worlds’ oceans. Whilst the price of gold remains relatively high the lure of this enticing, lustrous precious metal will almost certainly prove too great for deep sea mining companies.


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About the author

Phil Blackett

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I am an entrepreneurial retailer and wholesaler with a strong track record of achievement and success in E-Commerce within a B2C environment.

For over 30 years I have successfully founded, created and operated businesses within Men’s High St retail and online optical. I’ve built successful, high-performing teams – both technical and non-technical and always enjoyed developing profitable, long-term relationships with clients. 

It hasn’t all been plain sailing. I’ve learnt some hard lessons along the way that have shaped my ‘people first’ approach. I have a laser focus when it comes to margin, I believe profit tops turnover, cash is king and putting the customer first builds the right reputation. I’ve worked extensively with clients and suppliers all across the globe – giving me a truly international perspective in understanding cultural nuance and sensitivity.

By the very nature of my career to date, I have a very broad business experience and perspective. From developing international supply chains, merchandising and store design to raising VC funding, negotiating with banks and property agents and building high performance E-commerce sites – I believe I can bring value and insight to solve a broad range of business challenges.

Throughout my business career hindsight would have been a wonderful thing. I feel that I’m now able to share my knowledge and experience with others and help them avoid pitfalls and overcome the challenges that I’ve faced over a thirty-year career. In addition I believe my e-commerce knowledge and experience is very much at the cutting edge – enabling me to not only support ‘traditional’ small business – but also add value to those looking to establish themselves in the digital economy.

Additional Skills

E-commerce business seeding and transformation

I am also a Director of London Gold Bullion.



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