The true story of the Gold Hoarders in Sea of Thieves!

The Gold Hoarders are one of the Trading Companies in the Sea of Thieves. The Athena’s Fortune novel gave us a lot of information regarding the history of this organization, so let’s dive right in!


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The First Gold Hoarder

The first Gold Hoarder and founder of the organization was also one of the first pirates to explore the Sea of Thieves and make it out alive. His name was rathbone, and was one of the members of Ramsey (The Pirate Lords) Crew.

He was clearly a consummate pirate despite possesing a clipped english accent more suited to an officer of the navy; his skin was bronzed by the sun, his shoulders were broad, and his head was shorn to reveal a scar or two. Out of all the crew, he was most fastidious about his appearance and had come aboard laden with fine cotton shirts and gleaming shoes. Rathbone made a point of shaving every day and took every opportunity to trim and tidy himself.

-Larinna, Crew of the Magpie’s Wing

Rathbone spent his youth amongst businessmen and bankers, received the finest education courtesy of his father’s fortune and is fascinated by the world of numbers and money. Rathbone, however, was not cut to be a normal trader and his lust for wealth lead to him having lots of enemies. He’d snatch deals from his rivals, undercutting and cheating powerful people. When the governor wanted to arrest him, Rathbone fled. With all of his assets seized he had no other options but to join mercenaries and smugglers. Due to his knowledge of trading routes and his business background he quickly became a successful pirate. That’s when he was introduced to Ramsey and joined his crew. Rathbone’s hope was to take the ship over once the Pirate Lord decided to settle down. 

After coming back from their first voyage into the Sea of Thieves, Rathbone sold a copy of the map into the Sea of Thieves to Stitcher Jim, who in turn would follow his orders once he arrived in the Sea of Thieves.

Back in the Sea of Thieves Rathbone grows increasingly unsatisfied with Ramsey and his crew, mainly because they are not focused on getting as much treasure as possible.

In a fight against the Kraken Ramsey is about to fall down from their ship when Rathbone manages to catch him at his wrist. However, he makes no effort to help him up again. Instead, he tells him how Stitcher Jim and his people had used the map to get into the Sea of Thieves and plunder a large portion of the riches the Crew of the Magpie’s Wing had stored on Thieves Haven. 

Your very own Pirate Paradise! It’s a delusion, all of it, because nothing matters but the gold! And when the gold runs out, it is time to move on.


The Gold Hoarders

Before dropping Ramsey into the ocean, Rathbone takes a chain with silver keys from the Pirate Lord. Earlier in the novel, the Pirate Lord gets a huge amount of an ancient cursed unbreakable metal. He used it all to make chests that cannot be opened by any means, only with the keys he made. The Sea of Thieves is filled with some much treasure that the Pirate Lords Crew just buried it all wherever they found it. Possessing the keys, all that Rathbone has to do is to find the chests and open them.

Rathbone then meets up with Stitcher Jim and his people at Smugglers Bay. Together with his new gang, he starts sailing the Sea of Thieves to find all the chests his crew had buried over the past years. They quickly become known around the Sea of Thieves for their wealth and get the nickname “Gold Hoarders“. Obviously, this meant that other Pirates tried to ambush them and steal their gold, which is why Rathbone and his crew started taking their treasure out of the Sea of Thieves, back into the “real” world. There he buys himself an estate, made by the most skilled craftsmen of the world and establishes the Gold Hoarders as a business venture.

In the Sea of Thieves, their envoys were attacked on a regular basis, cutting down their profits drastically. This went on until Stitcher Jim one day had an encounter in a tavern. A pirate came up to him and brought him one of Ramsey’s sealed chests, offering to split it’s contents if Jim opened it for him. The Gold Hoarders adapted this new business model and Rathbone sent a representative to every major outpost, equipped with a skeleton key.

Rathbone’s Demise

This went on for 20 more years, but Rathbone’s hunger for wealth could not be saturated by any amount of gold. When he hears rumor of a huge amount of treasure hidden on an island in the Sea of Thieves he can’t resist sailing there all by himself.

He arrives on an island and finds a cave. It is filled with riches of all kinds, there’s even a golden throne waiting for him. He quickly realizes that this is the place he belongs to and decides to make it his new sanctuary. He knows that he needs supplies to survive, but at the same time he can not leave the gold back so he fills his sloop with as much gold as he can without sinking.

The golden throne also left a curse on Rathbone, which led to his hand slowly turning to solid gold, but he isn’t too bothered by that.

On his way back to his estate outside the Sea of Thieves he gets ambushed by pirates. They turn out to be his former crew, minus the Pirate Lord himself. They sink his sloop, together with all the gold on it.

Water filled his lungs and burned his chest, but there was another burning there too; a yearning to claim every last one of the golden pieces followed by everything beyond. To have every gemstone and every treasure that there every could be clutched safely in his fingers, to make it a part of him, so that he and he alone could posses it. To squeeze the life out of  anyone who might come between him and his ambitions. The thought of drowning no logner seemed to matter, not when there was still so much to do, so much to take.

-Death of Rathbone, Birth of the Gold Hoarder

Last we hear of the Gold Hoarder in the Novel is when his hand is ripped off and he falls down a cliff, so it is hard to tell whether he is still “alive”.


  • The first Gold Hoarder was Rathbone, a pirate who sailed alongside Ramsey, the Pirate Lord
  • He was consumed by greed and betrayed the Pirate Lord
  • The Gold Hoarders have their Skeleton keys from the Pirate Lord himself, Rathbone stole them from him
  • They are insanely rich
  • Rathbone himself turned into a Skeleton Lord who hoards treasures

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