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 Nuggets of News Blog 

Monday, October 01 2018

A highbanker, sometimes called a power sluice, is a very flexible and efficient piece of equipment when you’re gold mining in areas with a good amount of water. Their main use is to allow you to pump the water to the gravels rather than carrying heavy buckets of gravel to the water. The optimal place to use a high banker is a location along a river where there are lots of bench gravels that have been lefthighbanker high and dry by erosion. Just shovel material directly into a high banker and let the equipment do the rest of the work! As long as there is sufficient water close by so the hose can reach it, you’ll be good to go. High bankers are available in various sizes. The bigger the unit, the more gravel it will handle in a day. That also means it will likely be heavier and less portable. High bankers are fairly simple to set up and operate. They have three main components: a hopper feed box, and sluice box, and a pump.

Hopper: The feed box contains a grizzly screen with a water spray bar. The water is normally sprayed from simple plastic pipes with a series of small holes drilled into them. A water valve located ahead of the spray pipe controls the amount of water flow going into the feed box sprays. A series of rods are arranged to make a slat-type screen (called a grizzly) that allows water and smaller material to fall through and go down into the sluice box. The large rocks that are caught by the grizzly are washed with the spray and then rejected. The slats should be set on an angle so that most of the larger gravel will slide off the slats by the pull of gravity without you needing to push them off by hand. Some rocks may hang up, but for the most part, they will slide off on their own. The spray water comes out under a lot of pressure and washes any loose sand or clay into the sluice and also provides part of the water needed to move material through the sluicebox area.

Sluice: High bankers utilize a normal sluice to recover the gold from the gravels, and the operation of the sluice box portion of a high banker is basically the same as that of a hand or stream sluice. With a highbanker, the water is supplied by a pump rather than the flowing water of a stream. The matting and miners moss underneath the sluice’s riffles are the same. Gold flakes get caught in the riffles and moss the very same way as it does in a hand sluice.  A nice back-saving bonus on a high banker is that it will be on legs, so you can operate it on any terrain. A normal hand sluice lays on the bottom of a streambed.

Pump: The centrifugal type pump should be set near the water as it is more efficient to pump water uphill to the sluice than to suck it up to the pump. This is only important where there is a lot of vertical distance between the pump and the sluice. If there is less than 10 feet of vertical distance, it does not matter much. Pumps can be set up quite a distance away horizontally from the sluice. It will work so long as there is sufficient water at the source where the pump is located. Vertical distance is more of a problem than horizontal distance; 30-40 feet is the maximum vertical climb for most pumps. The standard lay flat type of hose is used to carry the water up to the feed hopper. Be sure to have enough hose and some extra in case you spring a leak! Remember to position the pump so that you aren’t breathing motor exhaust fumes all day!

The big advantage of a highbanker is working materials that are found in a location away from a river, like benches and other isolated patches of gravel. Moving the water to the sluice with a pump saves you from carrying the material down to the stream.  The only disadvantage to highbanking for gold might be that it’s more equipment to pack around than just your usual digging equipment. It would be wise to test your ground before hauling in your high banker. Testing will indicate if there is enough gold in the gravels to warrant bringing in more than a hand sluice. If you have at least an amount of gravel that represents a full day of digging and sluicing, bring in a highbanker.

The adjustment of a high banker is much less than the steep slope you usually would use with a hand sluice. Adjust the water flow to the minimum flow rate that it takes to get all the rocks that fall through the screen to keep moving down the sluice box section. If rocks or gravel hang up and bury the sluice, you need more water and perhaps a steeper box angle to wash that stuff away. The height of the feed box is another important adjustment. You want it low to allow you an ease of feeding in the material. If too high, you will hurt your back lifting heavy shovels full of gravel. Too low and you may be constantly sweeping away tailings at the back of the sluice.

The feed box itself should be adjusted to ensure the angle of the slat screen rods (the grizzly) allow the gravel to be well washed before it moves out as waste. This is because a lot of small gold adheres too the larger cobbles. If rocks and cobbles just roll through without getting a thorough washing, you will be losing gold. The rejection of the large oversize rocks is important as it lets your sluice to a better job. If those bigger rocks make it into the sluice, you’ll be getting much worse recovery of fine gold.

Be sure the foot valve or strainer on the intake hose is clear and able to deliver a full water flow. Sometimes the foot valve can get clogged with leaves or other debris. A blocked or partially obstructed foot-valve won’t allow the high banker to operate properly. For environmental reasons, it is a good idea to have your water drain into a pond or pit that is not directly connected to the stream. This is so that the clay and mud can settle out, otherwise make sure there are no legal issues of putting that mud back into a flowing stream.

Some models of highbankers can also be run as a dredge. These highbanker/dredge combos can save you money, offer flexibility, but are also a bit of a compromise since the dredge portion is generally small. Combo units will be equipped with a suction nozzle type of intake. This design is best for working small shallow streams and tributaries.  These systems are designed to be set up alongside the stream edge and have adjustable legs rather than float systems that you’d normally see on a larger suction dredge. With a suction nozzle and more hoses, the combo unit will operate as a suction dredge, picking up material from underwater crevices  and delivering it to the sluice. Highbanker/dredge combos also can be ideal for working in and around ponds in old hydraulic mining pits.

The next time you are out in the field, consider if a highbanker or power sluice can help you get more gold. To determine if the answer is yes, ask yourself these questions:  Where is the nearest water? Can I shovel directly from the diggings into the feed hopper? Can I set it up to allow gravity to do a lot of the tailings clearing work? Where will the pump go? With a little thought and planning, you’ll be able to decide if highbanking for gold will increase your productivity. In most cases it will. Move more dirt, get more gold!  Good luck!

Posted by: Denise AT 01:00 am   |  Permalink   |  Email
Monday, August 06 2018

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Nugget of News Blog

Posted by: Denise AT 12:37 pm   |  Permalink   |  Email
Monday, July 30 2018

Places where gold naturally concentrates in an environment of streams and drainages are kgold paystreaknown as paystreaks. No matter if you are panning, sluicing, dry washing, or metal detecting, in many ways your success at gold prospecting comes down to locating these elusive natural pay streak concentrations. Keep in mind that most gold paystreak formations occur during times of flooding and that many factors affect how gold gets deposited. Perhaps the biggest factor is that gold is dense and is more than 19 times heavier than water. The denser an object, the more easily it will resist the flow of moving water. That means it takes a very strong and fast moving water flow to move along a nugget the size of a pea.

When deciding where to start sampling, it’s helpful if you think of a river or stream as a sluice box. Waterways obviously don’t have aluminum riffles and matting, however, they do have natural gold traps that do the same thing that a sluice will do— allow gold to settle out of gravels and be caught while the bulk of the sands continue downstream. Heavy material such as gold doesn’t get spread along evenly, it is most likely caught in certain areas. The downstream parts of inside bends in a stream are favorable places to look for pay streaks. Just how good depends on how sharp the bend in the stream actually is. Usually the sharper the bend, the better the pay streak. If a tributary is known to have coarse gold, look at the intersection of the tributary and the main channel.

Behind an obstruction (large boulder, an island, or an outcrop of bedrock) is another good place to look for a pay streak.  Boulders and other obstructions can create turbulence where ordinarily smooth flowing water turns into fast flowing whitewater. It is between the fast white water and the quiet dark water that gold drops out. The coarsest gold tends to be found on the outer parts of the pay streak, and the finer-sized gold is on the inner part of the pay streak. When you are working, if it seems as if the streak is petering out as you go toward the middle of the water flow because you are finding little gold, this region of the pay streak is often where the biggest number of nuggets are most likely to occur.

Once you know where paystreaks form, you might wonder if they are more likely found on bedrock or in gravels. They are nearly always found on bedrock or some sort of false bedrock. False bedrock might include caliche, a clay layer, or just a well-packed hard pan. You may just get lucky and hit something great with your first shovel of dirt, but more likely you’ll need to test a few different places. Even very experienced prospectors need to keep testing to find those hotspots and paystreaks. Good luck and keep sampling!

Posted by: Denise AT 10:17 pm   |  Permalink   |  Email
Friday, April 27 2018

A good rule of thumb that most prospectors agree on is to look for placer gold on bedrock and within crevices in the bedrock. This simple principle makes sense— placer gold is heavy and dense and therefore settles at the lowest point as it is pushed around by flowing water. However, gold isn’t always going to make it all the way down to true solid bedrock at the bottom of all gravels. Instead, in certain conditions, it will be found ABOVE bedrock. When these conditions exist, gold will collect on “false bedrock.” For example, a clay layer in streams can act like bedrock and yield more gold than the true bedrock below it. 

bedrock goldAnother situation where gold cannot make it to bedrock is where the streams and gullies have “caliche.” Caliche is a form of cemented gravel often found in desert areas. The gravel is deposited by water flows, just as it would be in any other stream. The difference is that the water contains dissolved calcium salts, and as the water dries up in the streambed, the calcium salts turn into calcium carbonate or calcite. This material gets deposited on the gravel a little at a time and eventually the calcite glues it all together into a solid mass. The solid mass then acts like false bedrock and any new gold flowing across it is stopped in its downward movement by the caliche.

Residual placer gold is formed near the source of the gold and doesn’t really have a chance to work its way downward. Hillside placers are residual placers that are sliding and making their way down the side of a hill into a stream drainage. Gold generally is distributed all through these types of gravels and is not concentrated in any one place. A hillside placer often will be located up above a stream, making it difficult to determine it from a bench placer. Old benches of river gravel can be good places to prospect because they are virgin ground, but because the river used to flow at this location, it’s highly likely that the best gold will be right on bedrock or in crevices of the bedrock. The best way to tell the difference between hillside and bench placers is the shape of the rocks in the gravel. If the gravels and rocks are well-rounded and smoothed, then it’s probably an old river bench. If the gravel is angular, pointy, and sharp, it’s probably a hillside placer that hasn’t yet made its way into a stream.

Another type of placer—the windblown placer— concentrates on the surface, just exactly the opposite of what you would find in a river or stream. The lightest materials such as sand and silt are blown away by the wind. Heavy materials like gold remain behind on the surface. These types of placers are marked by desert pavement, which is a concentration of small to medium-sized rocks that cover the surface and prevent continuing wind erosion. They occur in dry regions with flat terrain, and are often favorite locations of metal detectorists who find nice nuggets at shallow depths.

The next time you find yourself in an environment with well-washed river gravels, you know that the gold will most likely be on the bedrock. But if you find yourself in other types of environments, especially in the desert, consider the possibility that the best gold may actually collect ABOVE it.  Good luck!

Posted by: Denise AT 06:43 pm   |  Permalink   |  Email
Tuesday, February 06 2018

Historically, California has been known as the land of the big nuggets. After the Gold Rush began in 1849, gold nuggetsome of the biggest nuggets were discovered there because so many more people were out looking. For example, in 1854, miners working underground in the Morgan Mine at Carson Hill in Calaveras County pulled out a 195-pound mass of gold. It was 15 inches wide and four inches thick!  In 1859, a gigantic nugget was taken from ancient Tertiary river gravels on the slopes of Sawmill Peak near the West Branch of the Feather River and the small community of Dogtown. That nugget weighed 54 troy pounds. The spot where it was discovered was a hydraulic mine on the Willard claim that had a history of producing large nuggets in the past, including a 96-ounce nugget.

Plenty of stories abound from California, but plenty of big gold has come from other states as well. Colorado's biggest nugget weighed in at 156 ounces (13 troy pounds). It came from the Gold Flake mine located on Farmcomb Hill in Summit County, Colorado in 1877.  It's easy to see why Montana's nickname is the "Treasure State" since it has produced a few big nuggets, too. One weighed 53 ounces and was displayed at the Paris World Expoition of 1889. The largest in Montana was over 170 ounces and was dug at a depth of 12 feet in Snow Shoe Gulch on the Little Blackfoot River. Nevada's largest nugget was taken from the diggings of the Osceola District in 1878. It weighed 24 pounds (but eight pounds of that was quartz). The old Spanish miners found plenty of big gold in New Mexico, including one nugget in the late 1890s that weighed over 65 ounces.

buy gold nuggetsUnlike many Western states, the largest nugget in Alaska was found rather recently. In 1998, the Alaska Centennial Nugget, weighing 294 ounces, was mined along Swift Creek near the town of Ruby. This area is well known for its past production of large nuggets. A big nugget was also found in Anvil Creek near Nome which weighed 182 ounces.

North Carolina's claim to fame is the Reed Gold Mine located in Cabarrus County. It was the site of the first documented discovery of gold in 1799. For years, that 17 pound nugget was used as a doorstop because no one recognized what it was! At the time, it was worth roughly $4,000 (when the price of gold was $20.67 for an ounce). The Reed Mine actually produced a lot of big gold, including some weighing 28 pounds, 17 pounds, 16 pounds, and 13 pounds. Two different nuggets came from this area that weighed eight pounds each and another two nuggets were nine pounds each. Several more nuggets have been unearthed that weighed five pounds and less.

These examples of where large nuggets have been found are by no means exhaustive. A Google search will provide lots of fun stories about past and present finds across the United States. But no matter who has found what, the big question remains: Where do you hunt for big gold these days? Generally, big nuggets occur in places where rich gold-bearing fluids flow through the same pathways for a long period of time, allowing continued deposition of golgold nuggets for saled that lead to the formation of large pieces. These bigger pieces form where a change in geology allows a gold-bearing waterway to efficiently drop gold all in the same place. The same type of geology that produces rich pockets of ore with lots of visible gold are often the same areas where big nuggets are found. The really big nuggets are parts of pockets that have so much gold that they hold together as a single piece even after tumbling around in a stream.

The simple answer to where to hunt for big nuggets is to hunt where they have been found in the past. Past finds of big gold indicates these locations have the right geology for their formation. Big nuggets in a stream environment will work their way to bedrock very fast and stay put. They will often be lodged in deep crevices. Keep in mind that big nuggets are also worth more than their actual metal value. The fact they are so rare adds to their value. If you haven't found your big gold yet, keep looking! And if you can't wait to own your own shiny stuff, buy gold nuggets here.

Nugget of News Blog

Posted by: Denise AT 09:20 pm   |  Permalink   |  Email
Monday, January 29 2018
Make plans this spring to attend a Gold Prospectors Association of America (GPAA) Gold & Treasure Show! No matter your age or experience level, the expos offer something for everyone and provide the best opportunities to learn new skills, see product demos, and rub elbows with some of the most respected miners and metal detectorists in the business!

2018 gold show
Browse the show floor to find the latest and greatest gold mining and metal detecting equipment, attend free seminars, ask questions of the pros, and enter to win thousands of dollars in door prizes—metal detectors, sluice boxes, Gold Cube, and MORE! Also on the show floor are panning troughs for both kids and adults where you can learn new techniques— keep all the gold you find!

Saturday show hours 10 am - 5 pm and Sundays 10 am - 4 pm in these cities:

Tucson, AZ  February 17 & 18, 2018
Pomona, CA  February 24 & 25 
Ridgefield, WA March 24 & 25
Las Vegas, NV April 22 & 22
Boise, Idaho  May 5 & 6

Visit the GPAA website for details and to buy your $5 adult tickets online. Adult admission is $10 at the door; kids 12 and under are FREE and so are active duty military and veterans with ID.

Did you know... there is actually more gold to find today than the old-timers found way back in the 1800s gold rush era? Gold prospecting and treasure hunting has become a very popular and family oriented hobby, and these Gold and Treasure Shows are a great place to start in your search for that elusive shiny metal. See you there!

NOTE: Unfortunately, the ICMJ Gold Prospecting and Mining Summit usually held at the fairgrounds in Placerville, California has been cancelled for 2018. ICMJ is exploring other venues for April 2019.

Nugget of News Blog

Posted by: Denise AT 03:15 pm   |  Permalink   |  Email
Friday, December 29 2017

Given a choice, most miners prefer using water to wash and run material, but in some dry, remote areas that  drwasheris just not feasible. If you focus on the natural conditions that exist in desert regions and work with them, you can maximize fine gold recovery. The number one rule is that the drier the soil, the better. Damp soil conditions are very much a hindrance for drywashers. Beyond that, learning the different soil types you may encounter in the desert and how to deal with them can increase your gold recovery.

Clay is generally known as a great gold robber, making clay-bound gravels the biggest difficulty to overcome. In most of the placers directly derived from weathering lode deposits, the placers are in ravines, gullies and hillsides with sometimes very little gravels and mostly decomposed fragment of rock and fine silt from the decomposing host rock. Host rock containing a lot of feldspars are most problematic. As feldspar breaks down, it creates some difficult clays and silts that bind fine gold to small rocks and sand with the clay and silt particles forming larger clods.

Loamy or sandy conditions are much easier to process with a drywasher than clay-bound material due to the absence of clods and clumps. But if dirt clods are giving you grief, break them down with a large hammer on a canvas tarp, or use a mortar and pestle (dolly pot).

Once you are set up to run material, process in short runs before cleaning out the riffle tray (perhaps after every three 5-gallon buckets). Frequent clean ups minimize the amount of fine gold that may creep or walk down the riffle tray with the tailings. This method uses your dry washer as a form of a classifier to screen off larger material while getting rid of much of the fine silt and lighter weight material.

Re-running tailings can aid in the recovery of lost gold— especially small gold dust and flakes. The second pass through is usually much quicker than the first time because the material has already been classified. With some placers, especially flat, fine gold, rerunning material can be very lucrative. In places where gold is more coarse and angular, very little gold will like be recovered by running the tailings a second time.

You may want to experiment with adding a second layer of cloth to a portion of the riffle tray. Doing so reduces airflow by almost half in that section. In addition to the riffle tray, the void under the riffle tray can collect a sizable amount of really fine gold mixed in with fine silt.

No doubt there are going to be losses of gold when using a drywasher to recover fine gold (20 minus mesh down into the 200 minus gold), but the end goal should be to limit those losses as much as possible and these tips should help.  Good luck!   Learn more about Gold Buddy drywashers here.

Nugget of News Blog

Posted by: Denise AT 02:47 pm   |  Permalink   |  Email
Saturday, December 02 2017

You might have heard the term “flood plain gold” and are wondering what it really means. A very simple definition is “fine-sized gold flakes carried or redistributed by flood waters and deposited on gravel bars as the flood waters recede.” When this “redistribution” occurs, it is usually after heavy winter storms that churned up rivers enough to turn part of the bedload over and move the river bar gravels from one place to another. Within these gravels is fine gold that was previously deposited there.  When waterways flow way up and above their normal banks, they generally drop the heavier gold in the front of the bar, and as pressure decreases, the finer gold starts dropping into the mixed gravel. Over time, some of this finer gold will work its way down to bedrock, but generally it stays on the move.

flood plain gold deposits

How did the gold get there in the first place? There are many classifications of placer deposits, and their definitions can provide the answer. Among the most well-known is stream placers. Streams carry gold from eroded veins and concentrate them in various ways. Modern streams refer to present-day gold-bearing waterways that are the most common sources of gold for today’s prospectors. Tertiary and intervolcanic channels are rivers buried from mud and volcanic flows that existed prior to our modern-day waterways. High benches were created as rivers cut their way deeper into the bedrock and could be located hundreds of feet above today’s modern rivers. Desert placers are generally the result of torrential flash flooding and not a constant water flow. Glacial stream deposits are created by melting glaciers that can concentrate gold if the water flow is sufficient. Marine or beach deposits can come from wave action against cliffs, from off-shore currents bringing in gold-bearing material from under the ocean, or even from gold-bearing streams that flowed into the beach area eons ago.

Since there is a strong possibility that gold can get moved around during storms, it’s now important to know WHERE to find this “dropped out” gold. The secret is to find that drop point and to capitalize on its accumulation. Fine gold looks fantastic in a pan or box, but its weight can be deceivingly light. It takes a lot of fine gold to be equal to a larger piece and to have enough weight to make the recovery effort worthwhile. Some of the best areas to look for flood plain gold are where the stream or river widens out, or levels out, or changes direction. The inside of a bend is good. Rocks and weeds and small shrubs are also potentially good collection spots. When checking out collection spots, be extra careful. Calm water on the surface can hide swift currents underneath.

Keep in mind that the effects of heavy winter rains and snow will not be the same on all waterways. Redistribution might occur to a larger degree on larger rivers. Or it could be the opposite where you live and prospect. No one hopes for an especially “bad winter,” but if Mother Nature makes it so, this information could be the silver lining— a way to turn lemons into lemonade come spring when you can get out and take advantage of any gold redistribution that occurs. Good luck and be safe!

Nugget of News Blog

Posted by: Denise AT 06:09 pm   |  Permalink   |  Email
Thursday, November 16 2017

It takes years and years for nature and its elements— dirt, rock, water, and sand— to smooth a rock's surface. But a rock tumbler can get you those same results in considerably less time. Although you should always refer to the owner's manual for the particular rock tumbler you own, if you're just getting interested in the hobby of lapidary and are wondering how a tumbler works, below are general tumbling instructions from Lorton, Inc., a leading manufacturer for the last 50 years.

STEP 1: (coarse grit) Fill the tumbler barrel 2/3 to 3/4 full with properly graded and sized stones. If the barrel is not full enough, you won`t get the proper tumbling action in the later steps. Add tLortone rock tumblerhe necessary amount of coarse grit to the stones in the barrel. After adding the grit, slowly add water until the water level is just touching the bottom of the top layer of stones. Do NOT overfill because too much water will inhibit the tumbling action. Run the tumbler for 24 hours, them open the barrel to release any slight gas build-up during the coarse grind. If the slurry appears pasty or very thick, add a small amount of water. Let the tumbler run for an hour and recheck, add water as needed.


The First (coarse) grind is the most important step and will take 7 to 10 days - be patient and don`t stop too soon. Note: If the stones are not all smoothly rounded, it is necessary to repeat the coarse grind step using a charge of new grit. The original grit will have broken down too much to provide additional shaping. After the 1st grind, you must clean the barrel and stones thoroughly to remove all traces of the coarse grit slurry. Do not pour slurry into your plumbing system, it will settle in the pipes and harden like cement. There should be no visible grit or slurry left on the stones, you are now ready for step 2.


STEP 2: (220 grit) Place the cleaned stones in the barrel, inspecting them as you go, and removing any that need more coarse grinding - if you have less than 2/3 barrel full of stones add plastic pellets to make up the additional volume. Add proper amount of water and grit according to table, reseal the barrel, and let it run for 2 to 3 days before checking stones. On the 7th day, they should have a smooth matte finish over their entire surface, if not run for additional 2 to 3 days. Plastic pellets will float to the top, remove and clean them as they can be used again. Use the same cleaning procedure you used in step 1.


STEP 3: (pre-polish) Place stones into the barrel, following previous instructions. Run for about a week, checking progress ever other day. Clean and inspect stones for final polishing stage.


STEP 4: (polish) Gently place the stones into the barrel to avoid any scratching or chipping. After charging the tumbler with water and polishing compound, add plastic pellets to increase volume to 2/3 - 3/4 full. The pellets will help carry the polishing compound and that will cushion the stones. Polishing should take 5 to 7 days. At the end of the this time, remove and inspect several stones. If they look the same when dry as they do when wet, your batch is finished. If, after 7 days, your polished gemstones appear to have a slight film on them, it can be removed and extra shine and luster added by burnishing step. Before burnishing, be sure to thoroughly clean the barrel and stones and recover the plastic pellets.


Burnishing: Place your stones into the barrel, add the same plastic pellets and proper amount of powdered soap (do not use any liquid detergents, dishwasher powders or any products that contain bleach or additives as these products will damage the barrel and ruin the polish). Add water as in previous steps and run for at least 4 days.

Whether you're just getting started in the hobby of lapidary, or you've been polishing rocks for decades, you'll find the rock tumbling equipment and accessories you need here.

Nugget of News Blog

Posted by: Denise AT 06:57 pm   |  Permalink   |  Email
Thursday, September 28 2017

For those of us with a strong dose of gold fever, the price of gold doesn't make much difference. Most gold nuggetsprospectors seem to get much more pleasure from the process of finding the gold rather than selling it. It's the thrill of the hunt! Plus, gold remains a sound investment over time as a hedge against inflation and instability.

You might recall when gold peaked in August 2011 at $1890 per ounce. That was a very exciting time in the news— media hype always follows whenever gold takes a strong rise or dips. Over the last few years, the price has come down and is averaging around $1200 per ounce. But you might be wondering where the price is going from here. If you take a look at the chart of gold prices, it can be an indicator of what's to come.

The key to the chart is recognizing resistance levels and support levels (high and low points). When a price bottoms out, it establishes a new floor. When it breaks below that floor it is considered "bearish" and likely to drop further since it broke a supporting base price. When it breaks above a resistance level, it indicates there is strong demand which could push the price to higher levels.

Between 1978-1980, gold prices went from $172 to $830 per troy ounce. In 1982, gold prices dropped back to $328 an ounce. It was not until 1999 that the price hit the low of $253 after the peak in 1980. Never having broken that price floor, it entered a recovery where it eventually broke above the high set in 1980, pushing to $944 an ounce by February 2008. Later that same year, in October, the price hit just under $830 before skyrocketing to that crazy high of $1890 per ounce! Since then, the price has dropped from its high just as it did in the early 1980s. Gold dropped to a new floor of $1066 at the end of 2015, before bouncing back to its current levels. Since the new floor was established, it has not been broken. Instead, the price climbed to $1340 per oz. by August 2016, dropped but stayed $100 above the prior low to $1163 and has since bounced back to around $1200. If the price continues to set new highs, even if it drops thereafter and continues to set higher lows on its way up, it is considered "bullish" or positive.

Why is the price of gold so important? Maybe it's not to the average prospector, but the price of gold has a direct impact on the level of involvement in prospecting. The next sharp rise in price might bring with it additional involvement from more people. The treasure seeker in all of us might just kick in, bringing more families out to the gold fields. Good luck! 

Posted by: Denise AT 04:52 pm   |  Permalink   |  Email

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