A U.S. judge has recommended that a sunken treasure valued at $500 million be awarded to Spain, finding against the Florida-based exploration firm that discovered the haul.

Spain had accused Odyssey Marine Exploration Inc. of looting its national heritage.

“I’m pleased the judge has seen that the ship and the treasure belong to Spain,” said Spain’s Culture Minister, Ángeles González-Sinde. “This sets a precedent for the future.”

Dozens of sunken colonial-era Spanish ships are thought to lie on the bottom of the Atlantic Ocean. The Spanish government is keen to stop its wrecks from being picked over by the growing number of private treasure-hunting companies.

Odyssey said it would appeal the recommendation, which was sought by the federal judge who will now rule on the case. “I’m very surprised,” the company’s founder and chief executive, Greg Stemm, said in a statement. “Odyssey has done everything by the book.”

Using underwater robots and sonar scans, Odyssey found the haul of nearly 600,000 gold and silver coins off the coast of Portugal in March 2007. The company flew the 17 tons of coins from Gibraltar to its base in Tampa, Florida.

Odyssey, which says it is a marine-archaeology company and not just a treasure-seeker, initially refused to reveal exactly where it had found the treasure, claiming that the site would be endangered by the disclosure. It also said it was impossible to say which ship the treasure had come from. It codenamed the site “Black Swan.”

Source: WSJ

On Tuesday, gold settled at $983.20 a troy ounce, up 0.5%, and is now just 2% shy of its all-time high of $1,003.20 scored in March 2008.

Among the main drivers is the decline in the U.S. dollar — a result, many analysts say, of a conviction that the global economy is on the path to recovery, thanks to central banks’ stimulus efforts. Dollar-denominated commodities like gold typically rise when the dollar falls, as producers ask for higher prices and consumers outside the U.S. buy more. While the dollar has dropped 9% since mid-April, gold has gained 13%.