Gold fever is running high this week after a prospector, who wishes to remain anonymous, unearthed a chunk of Gold weighing 1.4 kilograms (just over 3lbs) in Western Austrialia. The cigarette-packet-sized piece was removed from less than a metre below the surface, and within 100km of the city Kalgoorlie-Boulder.
Gold Prospecting – the act of searching for gold – has become a popular recreation in the area, with people flocking from all over Australia and from overseas hoping to get lucky. The permit to do so costs just $25, and allows the prospector to find and remove up to 20 kilograms of the precious metal.
The current price of Gold is around £32,500 per kilogram (nearly $60,000AUD). However the question is whether he intends to sell it or sit on it – the price of gold has dramatically increased over the last 20 years, and due to it’s finite supply and increasing demand, is only likely to become more scarce and more valuable! Matt Cook, of prospecting equipment company Finders Keepers, has also pointed out that collectors typically pay a premium of 15 to 20 per cent on top of the gold value for rare specimens.
Mineral-rich Australia is the second largest Gold producer in the world after China. Other mining operations include metals such as Copper, Silver, Iron Ore and Uranium among others, and also gemstones such as Diamonds and Opals.
Will you be taking your detector, pick, pan and shovel out any time soon?
By Sofi Pickering