From Davy Jones, a Tax Shelter

An improbable investment yields riches from the ocean floor

For most investors, a tax shelter is about as tangible as an electronic banking transaction: a piece of paper documenting their part ownership of a shopping mall in the next state or an oil-drilling site half a continent away. But for some 30 investors with a special sense of romance—and risk—the payoff from an unusual Florida operation was the kind they could touch, even fondle: silver ingots the size of paving blocks, gold chains, gold bars, fistfuls of gold and silver coins, a coral-encrusted...

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