Japan's Gold & Silver

July 1999

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 customers.

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.


 

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