Photo by: Lezlie Sterling – Sacramento Bee
The Sierra Nevada is littered with gold, the celebrity element that rocked financial institutions last month at a record $1,000 an ounce in futures trading. Suddenly, gold panning has become a hot recreational activity.
Since its record high, gold has hovered around $900 an ounce. In 2000, gold was around $280 an ounce.
“In California, they say, 80 percent of the gold is still in the gold fields,” says Mark Michalski, a ranger at Marshall Gold Discovery State Historic Park in Coloma.
Realistically, recreational gold panners aren’t likely to get rich, but the prospect of a few hefty nuggets glistening in the pan is enticement enough.
Last spring, Frank Sullivan, owner of Pioneer Motherlode Mining Supply in Auburn said, “somebody discovered a 19-ounce nugget using a “metal locator” or detector. The biggest he’s ever seen is a 3-pound chunk of gold.”
Gold is nearly twice as heavy as lead. Despite its density, gold is soft. In the prospector’s pan, gold settles to the bottom as the motion of the water washes other material away. You’re much more likely to find gold flakes in the pan than gold nuggets.
Gold’s value isn’t just based on weight. The shape of a nugget can increase its value two- or threefold. Gold can be sold to prospecting stores, jewelers, other hobbyists and businesses like Security Gold Exchange Inc. in Grass Valley. Full article
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