Posts Tagged: gold and silver price fluctuations

How do Gold Nuggets relate to Gold Prices Today?

Nuggets made of gold The pot of gold price today, which is rumored to be at rainbow’s end, has been pursued by mankind for thousands of years. It has never been located.

Gold is available in many configurations. Extreme heat and chemical reaction deep below the earth are what create gold. It can be pushed upwards by extreme pressure, and is then dispersed among the rocks that make up the surface.

Some of the gold is in veins. However, a large amount of it is contained in the solid rock. It is possible to extract gold from these rocks in many different ways.

Then there’s the hard rock mine. To find the ore, a shaft must be sunk. The ore bearing rocks is taken to the surface. It is then crushed until it reaches a fine powder. The fine gold is then extracted by using chemicals. Once it has been refined, it is sent to the refinery for melting down. Ingots are made. Mining is a huge business and this article will be devoted to it.

Placer mining. Some of the gold found in the veins within the rock below the surface lies under streams. Over millions of year, the gold-rich rocks are exposed to erosion. They find their way into streams and move along the creek beds. The water action forces the pieces, or “nuggets”, to move through the fine gravel and eventually reach the bedrock.

Gold prospectors have worked for thousands of year trying to find gold. Over 5,000 year ago, ancient Egyptians buried gold trinkets and jewelry along with the bodies of their elite.

There have been many golden rushes throughout history. Nevada, Arizona and California all saw their fair share. Back in 1850 British Columbia’s Fraser River was the center of speculation.

Millions of dollars’ worth of gold were produced in Yukon during the 1890s gold rush. In search of riches, more than 30,000 people left home to seek out opportunities. Most didn’t make a cent for their efforts.

Here’s what would happen if a prospector accidentally found nuggets during a work trip along a creek early in his career.