Huge Gold Nugget Found by Australian Prospector

Thursday, 17 January 2013
Written by  ABC News Australia
Published in Gold Investing
Prospecting has become increasingly popular over the last few years, especially with gold being so high and price and continuing to rise. ABC News recently broke a story about a gold nugget with an estimated value of more than $300,000 that has been unearthed near Ballarat in Victoria's west. The prospector wishes to remain anonymous and refused to say where he found the huge piece of gold (rightfully so).


An amateur prospector found the nugget weighing 177 ounces, or 5.5 kilograms, with a metal detector just outside Ballarat in a popular area for prospecting.

The owner of The Mining Exchange Gold Shop in Ballarat, Cordell Kent, said the find was one of the most significant in his 20 years in the business.

"Over that period the sum total of my finds would be just over 100 ounces (2.8 kilograms)," he said.

"We have 800 prospectors on our books and only a couple of those have ever found a nugget over 100 ounces.

"So there's only been one or two big pieces and they were found a long time ago."

"A lot of people think Victoria's goldfields are dead and that there's none left, but he (the prospector) has worked in an area where a lot of people have worked in the past but he persisted and he's been rewarded.

"We are 162 years into the gold rush and it's never totally waned, it's just changed."

Gold is still on fire right now, despite the fact that the economy and several issues around it are trying to bring the yellow metal down. While many have turned to trying to self-prospect gold, the fact of the matter is that 99 percent of people trying to prospect gold themselves will never find anything like this.

This is a great story for the unnamed miner, but if you want to get into gold, the best thing to do is to contact your financial advisor and sit down with them to find out what is right for you. Gold will makes some nice price jumps in 2013, so instead of trying to get lucky and prospect it, why not buy some now and out in in your portfolio?

Original Article: ABC News Australia

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