- Is Gold Panning Profitable
- How Much Gold Can You Pan In A Day Song
- How Much Gold Can You Pan In A Day Lyrics
Just because we're long past the days of the 49ers and old-time prospectors, don't think mining for gold has been relegated to the dustbin of history. Interest in small-scale mining is booming, thanks in part to a deluge of reality TV shows. That rising viewership has sifted into beginner classes in places like Denver and all around the country. The pre-eminent group for enthusiasts, the Gold Prospectors Association of America (GPAA), now has 17 chapters in California alone.
Even if you've never seen a burro, raised a pickaxe, or poked around on a riverbed, taking a shot at panning for gold is well within reach. Union soldiers from California found some near Washington D.C. during the Civil War, and Gold flakes continue to wash up on beaches immediately south of downtown Chicago. Although it's a prized metal throughout the world, it can be found in the most unlikely of places.
Golden Beginnings
Gold is among the few valuable minerals, gems, and gemstones that show up looking beguiling upon first discovery—no need for polish to dazzle. It's mined on every continent except Antarctica. North Carolina started the American crazy in the early 1800s with the discovery of single nuggets weighing up to 28 pounds. Yes, pounds. Two centuries later, and there are still plenty of public lands open to hand-powered prospecting. You can even search for the coordinates of gold mining operations online, and that's not the only convenience that makes gold panning more feasible.
Lightweight gear makes panning possible even on vacation, finding gold, along with garnets and platinum—swirling in black dirt at the bottom of your plastic pan. These pieces of equipment date back to the massive influx of individual miners and corporate interests during rushes in the 19th and early 20th centuries.
At under $50, streamlined pans, screen, and optional sluices isn't quite the sticker shock it used to be for our Gold Fever predecessors, and you can buy everything you need online while watching reruns of GoldRush, Bering Sea Gold, Yukon Gold and Gold Fever.
A Fast Start
Unlike many pastimes, panning for gold is a small investment for a potentially large reward.
At about $10, the Garrett 14' Gold Trap Pan is the only pan you'll ever need. With inside ridges on one side, it traps more viable material faster and easier. Pick up a full pound of pre-bagged pay dirt from California, Colorado, the Bering Sea, or Alaska at under $20 so you can learn to pan at home. Then, siphon up the gold with a squeeze bottle or get an entire kit for under $40.
Next, fire up the grill, pour a favorite sip-worthy beverage, and have at it. The best bet is to check out the GPAA's online tutorials about how to start panning for gold. These videos will teach you helpful hints like making sure you keep the pan in the water at a minimum 45-degree angle to wash away larger material.
If those few, flashing specks of gold justify the effort and minor expense, move on to taking a beginner class through an Association chapter or one of many searchable enthusiasts groups. For these experts and enthusiasts, teaching potential panners is as important as continued access to the public waterways needed to mine for gold.
Know Your River
Rivers go through seasonal cycles from spring flood stage to reduced flow rates in late summer and fall. Gold breaks loose from streamside banks and bottoms with each high-water cycle, landing in places where the water slows down. That's why pools and eddies behind rocks are usually high-probability mining locations.
Gold, at 19 times heavier than water, sinks anytime it slows down, so mining relies on gravity to do most of the work. Deposits of nuggets, flakes, and smaller grain 'flour' gold commonly occur from 6 to 24 inches below water level. River bottoms and banks can both be productive places to dig out pannable material, recognizing the importance of refilling on-shore holes as part of mining etiquette.
Going from a mixture of dirt and minerals to gold-bearing sands, called 'pay dirt,' is a sifting and sorting process. Screening plastic buckets of what's been dug out with a simple ¼-inch metal mesh, called the 'classifier,' is the fastest and easiest way. Then panning takes over, using a single 14-inch green plastic pan to work down to the good stuff.
Spotting Success
'People return to the shop with lots of shiny material, wondering if any of it is gold,' offered Louise Smyth of well-regarded Gold-N-Detectors, a local mining outfitter, so it's worth knowing how gold behaves as well as its appearance. Most of what appears as glistening rocks may be alluring, but it's not the 'Au' you're looking for.
The ability to identify your quarry leads to an important realization early in the process. Mining is a volume proposition. Even if the first pan shows some 'color' (small flakes or grains of gold), patient miners generally are more successful. Once a solid deposit is located, it often continues to yield gold as the persevering prospector continues to dig, classifies and pans for several hours or more.
But in the end it all comes down to panning technique. In fact, national championships hinge on how fast a miner finds seeded gold in pre-measured pay dirt. A combination of wrist rotation and finger tapping, the spiraling motion that leads to success becomes nearly hypnotic even to a beginner as gold, garnets and other riches are revealed. While Fool's Gold (minerals like iron pyrite and mica flakes) will sparkle in the pan, gold is the only one that stays truly golden when the pan is shaded by a miner's hand.
Platinum and garnets frequently accompany gold deposits as byproducts of the miner's labors. While the value of platinum has dropped significantly when compared to gold, the cloudy red gravel in the stream can well be garnets worth polishing up in a rock tumbler for use in custom jewelry.
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Freedom Right Off the freeway
With gold panning even possible near metro locations, there's something that happens with the first step into the rushing water. As with many pursuits that require rapt attention, the rest of the world vanishes as the hunt for this timeless treasure becomes all-consuming.
Excepting remote locations where miners live off their labors, there's little to fear from fellow participants. In fact, where there's plenty of streambank and river bottom to explore, mining within 10 ft. of others is acceptance at busier locations. As most fellow miners are plenty busy with their own efforts, there's no reason not to dive right in. But be sure to fill open holes, also known as 'coyote holes,' or replace rocks dislodged while digging so you don't attract advisory commentary from those nearby.
After learning basic skills and seeing some minor success, some prospectors decide they want to go deeper into the activity. With a pan, screen, small bucket, and snuffer bottle in hand, the next step is to plan trips where there's been gold mining in the past. If time is short, simply book a half or full-day outing with a local mining guide who knows the territory. When the time comes to up the volume of material being processed, purchasing a metal or plastic sluice multiplies throughput by almost10x for less than $200.
'I've got every flake and nugget I've ever found. Looking at them and remembering the places I've been is enough for me.'
'Being the first one to see a flake or nugget is an incredible feeling,' Jim Long, president of Gold Prospectors of the Rockies, told Popular Mechanics during a recent tutorial season together in the shadow of Denver's Interstate 70. 'I've got every flake and nugget I've ever found. Looking at them and remembering the places I've been is enough for me.'
It's a sentiment echoed by many miners met along a stretch of Clear Creek on a sunny morning in April. 'This gets me up and out instead of staying home, watching TV and getting fat,' one fellow miner said as he scrambled across a string of slippery boulders to cross the creek. Glancing around, the solo miners and sluice-filling duos up and down the river seemed intent on extracting the most from every shovelful.
What may have started by watching a reality TV show has become something more to the crew lining the creek bank. For a few dollars, they've left behind life's worries, if only a few hours, as the low din of snarled traffic rumbles behind them. Right here and now, it's the Gold Rush all over again with the possibility of finding something beautiful in every pan of black sand.
A scan of major gold producers' earnings suggests the cost of mining gold has risen dramatically over the past few years.
Part of that is a true increase, owing to inflation and the expense of digging out tough-to-reach grades. But most of it is due to a change in the cost metric that gold miners emphasize in their reports to the investing community.
For years, miners liked to talk about 'cash costs,' the mine-level expenses of pulling an ounce of gold from the ground. For the most part, cash costs ran from $500 (U.S.) to $800 per ounce, depending on a miner's properties.
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There was a problem, however: Even as the price of gold skyrocketed to nearly $1,900 per ounce, miners weren't reporting wild windfall profits on their bottom lines. That's because cash costs left out a host of expenses, from the costs of running the company to annual spending on equipment.
The new 'all-inclusive' measures attempt to solve that. The most frequently used metric, 'all-in sustaining costs,' puts the cost of extracting an ounce of gold at more than $1,000 industrywide – and explains why miners are having a rough go at profitability when gold sells for a couple hundred dollars more than that.
'The old [cash cost] led to a lot of misunderstanding about the ability of cash flow that would be there for equity holders,' says Jorge Beristain, an analyst for Deutsche Bank.
'People aren't really in the weeds on metrics and how they're calculated, so when a company tells you, 'Our cash cost is $600,' and the price of gold is $1,200, you do quick math and say, 'Hey, they must be earning $600 an ounce of cash flow.'
'As the gold price went up, investors started to realize there was far less cash flow than they'd guesstimated using that [cash cost] as a simple metric. So there was increasing pressure on the industry to explain to all stakeholders where the cash was really going.'
The evolution could be seen over time at the Denver Gold Forum, one of the premier investment conferences for gold equities. In 2012, when few companies emphasized the metric, Nick Holland, the CEO of Gold Fields Ltd., strongly endorsed the measure.
'We sit here and talk about how wonderful our cash costs are, but at the end of the day, that's only half the equation,' he said. 'The real equation is look at the all-in costs. We stand up and talk about cash costs and how much money we're making at the EBITDA level, but the real picture is, we don't really make that much money.'
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There was also a matter of self-interest, Mr. Holland said: Governments wondered why the royalties and taxes miners paid weren't higher, if they were so profitable.
In June, 2013, the World Gold Council, an industry group, produced a detailed standard for what miners should include in all-in sustaining costs, or AISC.
And in this year's gold forum, held this week, this measure was found in nearly every presentation from the major gold companies. Many still used 'cash costs' at the individual mine level, but Barrick Gold reported all-in sustaining costs at each of its properties.
'AISC is the key metric we use when we talk about our operations, because it is a more accurate reflection of the true costs of mining,' Barrick spokesman Andy Lloyd said.
'I love the all-in sustaining costs metric,' Chuck Jeannes, the president and CEO of Goldcorp said at the forum. 'I think it provides transparency that we need to show what it really costs to operate a mine. But we have to be aware, we don't buy trucks or develop new [tunnels] every quarter, so those costs can be kind of chunky.'
Mr. Jeannes's disclaimer raises a good point: Investors still need an understanding of what it includes – and what it doesn't. Rather than use depreciation, an income-statement item that reflects the historical cost of a miner's assets for the period, it pulls capital expenditures from the cash-flow statement. It allows a miner's management to determine what part of the period's capital spending is devoted to 'sustaining' its existing operations, versus what is instead spent on 'growth.'
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'Because the companies have discretion on what they are going to spend in any particular year, and also what they are going to call growth capital versus sustaining capital, that measurement is very easy to manipulate,' says Adam Graf of Cowen & Co.
There's also that more innocuous problem that Mr. Jeannes identified. Mr. Graf gives an example of a miner that needs to build a new facility in order to maintain operations at one of its sites.
'Let's just say your cash costs for gold on that particular asset happen to be $900 an ounce. Well, if the miner had that big expenditure this quarter because they're building a new tailings facility, the all-in sustaining costs for that particular quarter could be $1,800 per ounce. So then the natural sort of knee-jerk conclusion would be, 'Oh, your all-in sustaining cost is $1,800 an ounce, and so with gold selling at $1,200 an ounce, you should be shutting down this asset.'
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But the high costs may exist only for a single year, Mr. Graf said, and the company could be rewarded with more production at a reduced future cost.
Mr. Beristain of Deutsche Bank says that as gold prices have decreased, miners have responded by cutting sustaining capex, research and development, and exploration costs. 'Let's pay attention to how the industry is achieving these cost cuts, because it matters if they're coming on the sustaining side.'
Mr. Beristain also suggests investors remember that the 'all-inclusive sustaining cost,' as well as the even more expansive 'all-inclusive costs,' don't actually include other expenses a mining company encounters, such as corporate income taxes and debt servicing, a particular problem in today's highly leveraged mining world.
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'That's where AISC falls short,' he says. 'You would look at today's gold world and say, 'Oh, $1,250 gold, $1,000 AISC, they're clearing $250.' Not really.'
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Plenty of gold was still left and still is there today. If you wanted to go gold panning or mining you would find gold, just not as much as you would find back then - in the gold rush. Add me in game center - irok220
If there was no mining would the gold rush exist?
The gold rushes existed because gold was first found on the surface. Much of the gold was extracted by panning . Actual mining , digging deeper , came later.
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Is Gold Panning Profitable
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