History of Gold Prices and What It Means for Prospecting

Gold has always been a valuable precious metal. It has been used as a currency or item of trade since the very beginnings of human history.

The value of gold has changed dramatically over the centuries, especially when countries used gold as the basis of currency that was issued for economic transactions. Since 1971, the US has been off the gold standard, which has caused the price of gold to rise dramatically.

There have been two dramatic peaks of gold pricing since then. One occurred in the 1980s and the other occurred in 2011. In January 1980, the value of gold rose to over $2,000 per ounce. In 2011, the price of gold exceeded $1,700 per ounce.

Today, gold tends to trade in a range between $1,000-$1,500 per ounce. That is why prospecting for gold can be more than just a hobby. It can be a fun, unique, and very profitable way of making a living without the pressure and stress of the 9-5 daily grind.

How to Prospect for Gold and Make It Profitable

There have been numerous gold rushes around the world. Many people have obtained gold fever and sought out a way to change their stars. Most of them failed. Why?

Because when many people go after the same gold, the chances of making a profit go way down. You need to go prospecting in a place that is off-the-grid, away from everyone else who is trying to make a quick buck.

The best option to consider is to take one of the best gold metal detectors with you to a neighbor who has some land. Ask for permission to do some prospecting on their private property. Come to an agreement about splitting any profits from the gold that you find. Most property owners have no interest in gold prospecting on their property and there is no risk in letting you explore.

If you do find something, you both win.

You can also join local mining clubs, prospecting associations, or seek out gold claims that may be available in your area.

Taking Your Gold Finds to Get a Good Price

Finding gold is just part of the money-making process. Once you’ve got gold in your hands, you need to turn it into useful currency. That’s why knowing how to sell the gold you find is just as important as finding the gold in the first place.

Gold, because it is so valuable, is a highly-sought precious metal commodity. The pricing for gold has been stable above $1,000 since 2009. That means going out to prospect for gold is a hobby that can turn into a full-time job, your retirement nest egg, or both if you get lucky with your efforts.

If using a metal detector to find gold doesn’t seem like fun, considering using a gold panning kit or a gold sluice to look for this precious metal. You may even find some people who own mining claims may let you work with these tools if you’re willing to split the profits in some way.

Searching for gold can be a lot of fun. The history of gold prices proves it is potentially profitable. That means there is only one thing left to do: get out there and start looking.

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