Precious Metals & Bench:Data & Statistics
Japan's Gold & Silver
Newly discovered underwater deposits may be world's largest
What may turn out to be the largest gold and silver deposit in the world
has been discovered off the coast of Japan.
The deposit is in a crater in an undersea volcano in 4,000 feet of water
about 250 miles south of Tokyo, according to the journal Science.
It reportedly holds gold deposits and silver deposits each worth $2 billion.
This also gives credence, says Science, to the belief by some biologists
that precious metal deposits on land are actually remnants of ancient volcanoes
that first were active beneath the sea. That's quite a story to share with
Economically, the discovery could be a boon to Japan. The bad news: when
mined it will add to a glut of gold already on the market, keeping profits
low for gold miners. The good news: for retailers, the continuing healthy
supply should keep prices low.
Copyright © 1999 by Bond Communications.