Thursday, September 24, 2009

They are going gold prospecting in record numbers

The is running a story today with the title “New Gold Fortune Hunt Is On”.

This gold rush is taking place about 158 years after the first would be prospectors rushed in masses to the Ballarat's goldfields. Similar to the American and Canadian gold rushes of old, it was the appeal and the potential payoff that caused people for all walks of life to take a gamble for gold in Ballarat's goldfields.

Today with gold hovering around $1000 usd per once the number of prospectors heading to the region to try their luck has reached a high. It seems that the gold pan is being replaced by high tech metal detectors, some costing over $6,000 each, but the appeal of finding a few ounces or more still remains the same.

Ballarat's Mining Exchange Gold Shop owner Cordell Kent said the number of prospectors heading to the region to try their luck has reached a high.

"We are seeing prospectors on a daily basis," he said.

"A lot of local people are out prospecting but we are also seeing people outside the Ballarat region heading up into our gold fields."

"You could say we are 158 years into a continuous gold rush. It spikes quite often but there's always more interest when the price is up."

Mr Kent said though it required patience, gold prospecting could provide a lucrative pastime.

"We are blessed in Victoria with a lot of Crown land that has historic gold fields on them, so there's still a lot of surface gold to be found.
"We have had people who have found quite substantial dollar amounts of gold," he said.

$1,000 dollar gold is generating renewed interest in serious gold mining and exploration efforts around the world, from big name companies, so there is little wonder why both experienced and novice prospectors are trying their hand at finding some of the wonder metal.

The media continues to bring word of similar renewed prospecting activity in California, Nevada, the Yukon, Alaska and other goldfields in different parts of the world. It seems that Gold hasn’t lost its luster or its appeal, now with the rise in value; the metal is becoming sexier to more people.

South Australia-based Minelab Metal Detectors regional general manager Ian Aitken said the reinvigorated gold rush had contributed to a six- to eight-week delay in prospectors getting metal detectors, which cost $6150.

"It has been extraordinary, right through this year there has been high demand," he said.

"Once it (gold) kicked over the $1000 mark and kept going upwards, we experienced quite a high demand.

Like Mr Kent, Mr Aitken said once equipped, prospectors could gain substantial wealth.

"A lot of prospectors go to Western Australia for the winter and return for the summer," he said.

"There are a huge number of keen hobbyists, who can come home with five ounces of gold for their trouble."

The reliance upon and demand for gold detectors is interesting. We have to avoid thinking that they are a magic wand to riches. A good detector can help you find it, but it is usually also going to take hard work, sweat, a shovel and a gold pan or some other mechanical means for you to get the good pay dirt out of the ground, so that needs to be accounted for, when one heads for the gold.

The way I have this figured, for equipment, the grubstake and time it’s probably fair to say that one needs to count on a decent prospecting setup as being a $10,000 or more investment, if you are serious about going into the wilds (that have gold) and providing you have the time for 30 days a trip. Then getting 5 or more ounces a trip would not be too bad even better if it were 3 or 4 times a year.

Finding 5 ounces in a few days isn’t what normally happens; you just can’t walk along and pick the stuff up, so if you desire a good amount of ounces be prepared for more than a few days and be equipped, but above all go where gold is known to occur.

This is where the rubber hits the road, as they say; the allure of near immediate riches does stimulate us into action; however that often wears off and sometimes quickly. It is the willingness to “stick with it and work it” that has always paid the highest rewards.

Yet going out for a few days and getting some gold dust or nuggets for your troubles is a great hobby and a memory builder, and that can be very valuable.

Link to story referenced.

As always happy prospecting!


Gold Nugget Prospecting said...

Always interested in meeting fellow prospectors. We are having some Arizona desert outings and would like to invite all who can to come and share adventure and tales. Details are at Gold Nugget Prospecting

timmay2010 said...

That's interesting.


Cash For Gold Inverness