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Shipwreck found over a century after bodies of crewmembers washed ashore: “120-year-old mystery” solved
In July 1904, the steamship SS Nemesis was transporting coal to Melbourne, Australia, when it ran into a powerful storm and vanished. All 32 people on board were considered lost, and in the weeks that followed, the bodies of crewmembers and debris from the iron-hulled ship washed ashore, but the location of the 240-foot vessel remained a mystery.
Until now.
The ship has finally been identified more than a century later. It was initially spotted when a company searching for sunken shipping containers came across the wreck by accident, the New South Wales Ministry of Environment and Heritage announced this weekend.
“The 120-year-old mystery of SS Nemesis and the 32 crew members lost at sea has been solved,” government officials declared in a news release.
CSIRO
In 2022, a remote sensing company called Subsea Professional Marine was trying to find cargo boxes lost off the coast of Sydney when it came across the shipwreck by chance, officials said. The vessel, which could not be officially identified at the time, was about 16 miles offshore and 525 feet underwater.
Government officials suspected the wreck might be the doomed SS Nemesis but it wasn’t officially confirmed until September 2023 when CSIRO, Australia’s national science agency, was able to capture underwater imagery that definitively showed the distinctive features of the steamship.
The CSIRO research vessel, RV Investigator, used advanced multibeam echosounders to map the wreck site and underwater cameras to obtain high-resolution images of the vessel. They showed the severely damaged vessel resting upright on a sand plain.
“Our visual inspection of the wreck using the drop camera showed some key structures were still intact and identifiable, including two of the ship’s anchors lying on the seafloor,” Phil Vandenbossche, a CSIRO hydrographic surveyor on board the voyage, said in a statement.
After an up-close survey of the shipwreck, officials also pinpointed what likely happened to the vessel. They determined that when the SS Nemesis was hit by large wave off the coast of Wollongong, the engine was overwhelmed and the ship “sank too quickly for life boats to be deployed.”
Government officials say they are now committed to finding family members of the Australian, British and Canadian crewmembers who went down with the 1,393-ton ship. About half of the crew on the British-built ship were from the U.K., including the captain, Alex Lusher, chief mate, T.A. Renaut, and second mate, W.D. Stein, officials said.
“Around 40 children lost their parents in this wreck and I hope this discovery brings closure to families and friends connected to the ship who have never known its fate,” said NSW Minister for Environment and Heritage Penny Sharpe.
The video imagery collected by CSIRO will now be “stitched together” to create a 3D model of the wreck for further investigation, officials said.
“The loss of Nemesis has been described as one of Sydney’s most enduring maritime mysteries and has even been described by shipwreck researchers as the ‘holy grail,'” Sharpe said. “Thanks to collaborative work with CSIRO and Subsea, using modern technology and historical records, Heritage NSW has been able to write the final chapter of SS Nemesis’ story.”
Only about half of the more than 200 shipwrecks off the New South Wales coast have been located, officials said.
Mitchell Library, State Library of New South Wales
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NEW JERSEY — Rep. Mikie Sherrill is joining the race to become New Jersey’s next governor.
Sherrill, a Democrat first elected to the U.S. House in 2018 and reelected this year, announced her campaign for governor early this morning in a video on YouTube.
A former military helicopter pilot, Sherrill is entering her fourth term representing New Jersey’s 11th district. She does not have to resign to run for governor.
List of candidates for NJ governor grows
The field to succeed Gov. Phil Murphy, who is term-limited and cannot run in 2025, is getting deeper on the Democratic side.
Last week, Rep. Josh Gottheimer launched his campaign for governor, joining former State Sen. Stephen Sweeney, Jersey City Mayor Steven Fulop and Newark Mayor Ras Baraka, who all previously announced their bids.
Sources indicated at the time to CBS News New York that Sherrill’s announcement would be not far behind Gottheimer’s.
On the Republican side, State Sen. Jon Bramnick, Jack Ciattarelli, who narrowly lost to Murphy in 2021, and Bill Spadea have all entered the race.
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Gold shattered historic records in 2024, hitting $2,790 per ounce in October, its upward price trajectory stemming from heavy central bank buying, ongoing inflation concerns and expected Federal Reserve rate cuts. As a result, the investors who bought in early this year have already seen impressive returns, defying gold’s reputation as only a long-term investment.
While the price of gold has dipped over the last couple of weeks, this could still be a good time to invest. Luciano Duque, chief investment officer of C3 Bullion, points to China’s shift toward physical gold ownership and new banking regulations that favor physical gold over paper assets as key drivers for continued growth.
But what are the best gold investments to make before 2025? We asked industry professionals this exact question. Here’s what they had to say about each gold option, how they work and who they’re best for.
Find out how to get started with gold investing now.
These are the best gold investments to make before 2025, experts say
Below are four promising gold investments to consider before the new year. Each offers different benefits and levels of risk. Your best choice will depend on your investment timeline, risk tolerance and whether you prefer direct ownership or market exposure.
Physical gold
Physical gold in the form of coins and bars stands out as one of the safest and most reliable investment options. A key reason to invest in physical gold is there’s no counterparty risk.
“[It’s great if you’re] looking to preserve wealth, diversify [your] portfolio and maintain direct control of [your] assets,” says Alex Ebkarian, COO and co-founder of Allegiance Gold.
For beginners, he recommends the following:
- Start with one-ounce gold bars from well-known brands.
- Understand key terms such as “spot price” and “premiums” before buying.
- Know the difference between investment-grade gold and gold that isn’t investment-grade.
- Work with reputable dealers who offer education, secure storage options and transparent pricing.
- Remember that physical gold requires a longer-term outlook and comes with storage fees and upfront premium costs.
Brandon Aversano, founder of The Alloy Market, recommends investing in smaller gold bars.
“They’re cheaper and easier to manage [than] larger bars,” Aversano says. This is ideal if you need to make quick portfolio adjustments.
Add the right gold investment to your portfolio today.
Gold ETFs
Gold exchange-traded funds (ETFs) offer a convenient way to add gold to your portfolio without the hassle of storing physical metal.
“They’re easy to [buy] via brokerages and fairly liquid in case you need cash quickly,” says Ebkarian.
But before investing in gold ETFs, consider their ongoing costs. Most funds charge annual management fees. For example, popular ETFs may charge around 0.4% per year. Also, remember that your investment depends on stock exchange operations and electronic trading systems (unlike physical gold which you can hold directly).
Aversano points out that ETFs can contribute to a balanced gold investing strategy.
“Many miss out on [returns from] gold-related assets [such as] ETFs [because they] focus [too much] on physical gold,” he says.
Diversifying your investment type can expose you to other opportunities while minimizing risks.
Gold mining stocks
“If you want to leverage the potential move in gold and have an appetite for risk, then investing in a mining company is a good option,” says Ebkarian. As gold prices rise, mining company profits often increase even faster. You could gain higher returns than gold itself.
However, successful investing in gold mining stocks requires careful research and due diligence. You must evaluate each company’s management track record, production costs and growth prospects. Ebkarian warns that mining companies may operate in foreign countries, exposing them to political risks. They also face challenges with business partnerships and daily operations.
As a result, this investment option tends to suit experienced investors who understand the gold market and stock analysis. Unlike physical gold or ETFs, mining stocks can be affected by factors beyond gold prices.
Gold futures and options
Gold futures and options let you trade gold without owning the metal. But you’re essentially betting on the precious metal’s future price.
“This is the most risky of the ways to invest and requires specialized knowledge,” cautions Ebkarian.
These complex financial instruments work best for sophisticated investors who understand gold markets well. You must be familiar with derivatives and stay on top of changing margin requirements. Market conditions can shift quickly, leading to significant gains or losses in short periods.
The bottom line
Smart gold investing before 2025 may require a mix of strategies. “Looking into the future, I expect to see more interaction between physical gold and derivatives,” says Aversano. Physical gold offers reliable protection and derivatives provide flexibility for market changes.
Before investing, consult a financial advisor to determine which gold investments fit your goals and risk tolerance. They can help you create a balanced strategy that protects your wealth while maintaining proper portfolio diversification.