An object floats when the weight of the water the object displaces is equal to the weight of the object. In this case the weight of the anchor and the weight of the water it displaces is not the same so it sinks. Buoyancy is the force that acts on body when it is in water.
When buoyancy is less than the force that the object is generating due to gravity the object sinks. Buoyancy always acts up.
The person who asked this question ended up answering his own question so I'm here to let you know all that the answer was founded by the person whos posted the question himself full credit goes to him :)
