New research has revealed that British ships sunk by German U-boats during the two World Wars may contain gold bullion worth at least £4.5 billion. A team of marine experts has compiled a secret database of gold movements from Britain to the US and elsewhere, cross-referencing classified Bank of England records with new archive material.
The City of Benares, a British liner torpedoed in September 1940 while carrying evacuee children to Canada, is among the wrecks believed to hold gold. The ship was part of a convoy of 19 vessels, and its targeting may have been due to its precious cargo. The sinking killed 262 passengers and crew, including five siblings from the Grimmond family.
The research suggests that German intelligence had methods to identify gold-carrying ships, and U-boat commanders were ordered to prioritise them. The plan was to sink the vessels to cripple Britain's ability to pay for munitions and food, then salvage the gold after winning the war.
A pioneering £15 million recovery operation is set to begin west of Ireland, using precision robotics to target a cluster of three wrecks in international waters. If successful, the salvaged gold will benefit investors, the taxman, and charities.
