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The following article was published in our article directory on January 21, 2013.
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Article Category: Finances
Author Name: James A. Bakerman
It was a lucky day for this one amateur Australian gold prospector. The anonymous guy was checking out the region near Ballarat, a city not far from Melbourne, when he discovered the huge gold nugget. Weighing 5.5 kilograms, or even more than 12 pounds, the nugget can be valued at upwards of $ 300,000. And the prospector is hoping there's more where it came from.
The region, called the "Golden Triangle," had been a preferred spot for gold explorers from 1851, however recently the finds have actually been fewer and farther in between. Cordell Kent, who owns the Mining Exchange Gold Shop, is one of the only other individuals who knows the precise location where the nugget was found.
"In the last 10 years it's gotten extremely, very difficult to discover nuggets over a kilo, so this (5.5 kg) one is very unusual. In the old days miners can only see or feel gold - but now with detectors they can hear it." It's this technical modification that enabled the confidential prospector to have such success. His Minelab GPX Model 5000 metal detector was the device that helped him with his discovery, something that would have been impossible in 1851.
The prospector told Kent that he intends to discover more gold like it in the region; he's even holding out hopes that it's simply an area of an even larger discovery. And that's why he's kept the location under wraps.
Minelab General Manager Gary Shmith has actually kept in mind exactly how rare the gold piece is, anticipating that it will sell for even more. "My guess is that it would be sold for at 20 % or 30 % above its weight in gold. A nice, small nugget would currently sell for 10 % to 15 % above its weight in gold.".
The discovery makes certain to draw renewed attention to the "Golden Triangle" from prospectors likewise intending to tap into this confidential amateur's key.
Keywords: silver dollar values, silver price, gold price, silver prices, gold prices, gold, silver, finance, business, investing, commodities, news, technology
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