Will Your Gold Prospecting Equipment Ever Pay For Itself?

[Terry Soloman]

Back in the 1970s, 80s, and even into the 1990s, I would have answered this question with a very positive yes. Unfortunately for the average recreational gold prospector/miner, today I would say no. In fact, I would say the only people making money on recreational gold prospecting/mining, are the equipment manufacturers, claim sellers, and research software/book sellers.

Tell me why I'm misguided.

 

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[KevinInColorado]

Oh I've made quite a bit more in gold than I've spent on gear and even travel costs. But then I have gold just walking distance from my house and I'm really cheap and have received free gear from manufacturers and hand-me-downs from celebrities so...yeah I'm well above break even. Getting out dozens of times per year helps too of course.

 

[motohed]

This is why I call it a hobie , I've spent way more than I think I'll ever collect , but there is gold at the end of a rainbow right . LOL Maybe if I was in the west some where then maybe but, here in New England I dought I will break even , but who knows . I've done many things most people have never even thought about , now I'm a wrecked F.O.G , I'm 56 with a 90 year old body , and I would not change a thing except going to Alaska as a Pipe welder when I was just 19 . I have 6 wonderful children 1 that 29, 4 that are 18 and 1 that is 15 yeah , I know I started late because I was driven , made a lot of money , but I'm on my third wife , and I kept all my children . So life is better than good , even if I don't have a whole lot of cash . I have a wonderful life and a wonderful wife ,Does it get any better than that I don't think so .

 

[Bodfish Mike]

Yes but not in money --- but in great times -- dreams -- people I've met -- solitude -- experiences -- education
-- hope -- and lastly a good work out to keep me in shape.

 

[Duckshot]

If I find any more gold than I do now I'll go broke. My hat is off to those that make a living mining.

 

[Tuolumne]

It's more like "did your prospecting pay for the gas to get there?"

 

[Jeff95531]

I did have lofty ambitions to strike it rich but the reality is I'll be in the hole for a while. And that's ok...I found that I enjoy the hunt and the friends found along the way even more and if that's all I get...(and yes a bit o gold along the way)...then I'm happy.

 

[chlsbrns]

Back in the 1970s, 80s, and even into the 1990s, I would have answered this question with a very positive yes. Unfortunately for the average recreational gold prospector/miner, today I would say no. In fact, I would say the only people making money on recreational gold prospecting/mining, are the equipment manufacturers, claim sellers, and research software/book sellers.

Tell me why I'm misguided.

YES!

People can also mine money posting prospecting /mining videos on youtube! If or when they get a following they can get free equipment from manufacturers and earn ad revenue.

 

[bobw53]

YES!

People can also mine money posting prospecting /mining videos on youtube! If or when they get a following they can get free equipment from manufacturers and earn ad revenue.

Ask a fisherman the same question. or a golfer, or a bike rider, or a model maker...

If you are good enough and lucky enough, or devote your life to it, then maybe...

Myself. I'll answer "no" to the first and second question... I'd be giddy with paying for the gas.

My Dad was talking to a friend a bit back...

Dad "you're sore, and you're tired, back hurts, legs hurt, arms hurt, hands hurt, covered in dirt, hot and sweaty all day, and get a few dollars worth of gold"

"doesn't sound like much fun"

Dad "It's %$@@#$^ awesome!!!!"

 

[goldenIrishman]

This is why I call it a hobie , I've spent way more than I think I'll ever collect , but there is gold at the end of a rainbow right . LOL Maybe if I was in the west some where then maybe but, here in New England I dought I will break even , but who knows . I've done many things most people have never even thought about , now I'm a wrecked F.O.G , I'm 56 with a 90 year old body , and I would not change a thing except going to Alaska as a Pipe welder when I was just 19 . I have 6 wonderful children 1 that 29, 4 that are 18 and 1 that is 15 yeah , I know I started late because I was driven , made a lot of money , but I'm on my third wife , and I kept all my children . So life is better than good , even if I don't have a whole lot of cash . I have a wonderful life and a wonderful wife ,Does it get any better than that I don't think so .

We never call if a hobby or recreational. It's all SMALL SCALE MINING. There's no sense in giving the "Greenies" more ammo.

 

[goldenIrishman]

I'd have to say yes but with conditions. First off it's going to depend on what equipment you buy or make. Your typical sluice is easy to make your money back on with a little hard work in a decent area. Even a small trommel system is going to take a lot more gold to break even on. Another factor is going to be the area you're working in. Like Motohed said, New England isn't a real great gold area as a rule. California, Arizona, and the rest of the western states stand a much better chance of good gold. So the old saying of "Location, location, location" is also true when answering your question.

Currently I have very little money invested in my equipment. Quite a bit of it I've made myself. I consider myself to be a major McGuyver and I can thank my grandfather for passing that gene down to me. I also have to thank guys like AzViper for helping me keep the costs down. Between his "how-to" threads and being able to get buckets and barrels from him for free I've saved tons but still have a very viable setup. I've got about $275- $300 in my recirc system and I paid for it in the first week it was in use. My latest purchase hasn't had a chance to pay for itself yet due to the winter storms but I'm positive it will do so very quickly.

I honestly think that if more people would remember to let the terrain dictate what is needed, they'd find it much easier to make their money back and show a profit.

 

[ratled]

Will I ever make enough to pay for my gear? What about those that already have? But there will always be a Mr Studebaker selling a wheel barrow to miner somewhere

ratled

 

[OwenT]

I think yes for me, but not for a while. I think it's mostly only a possibility for those of us in the West. Definitely depends on what you buy, how much time you spend researching, and how much you get out (experience). Some prospectors in clubs just go socialize and like to see a little color while others are actually prospecting for richer spots.

Location, location, location

 

[et1955]

Start humble with a pan, when you find enough gold advance to the next level and so on and so on, never fall for those miracle get rich devices, if you can't find it with a pan what makes you think you can do it with a sluice or dredge. Yes there is less gold out there as compared to 1980's and 1990"s but all that means is that you have to mine smarter. It is still possible !!!

 

[Bonaro]

Ask a fisherman the same question. or a golfer, or a bike rider, or a model maker...

These are all hobbies, meant to entertain and occupy the mind while you pass the time away. They are also all privileges that can be regulated or taken away on a whim.
Small Scale Mining is an industry and a right granted by congress. Have you ever heard of a hobby logger? or a recreational farmer?

Paid for my equipment? Many times over. It is a lifelong commitment for me and I have taken it from a curious interest to a profitable business. I have infected countless others with gold fever and taught scores of people the skills they needed to take their interest as far as they wanted.
The money, gold, equipment, friends, memories and experiences I have collected over my life because of this are all priceless.

 

[dtpost]

At the present I am building a trommel and i need it to help with gold nuggets that are stuck in the clay. Except for the long tom with gold hog mats and a 10 inch high banker everything else is paid off from gold found. Luckily I found gold on a friends land and have been able to work their creek and land in Virginia.

 

[QNCrazy]

After the last two years, I would guess that I am about at the break even point. I'm with Kevin, having gold close by and getting out as much as possible helps.

 

[motohed]

Start humble with a pan, when you find enough gold advance to the next level and so on and so on, never fall for those miracle get rich devices, if you can't find it with a pan what makes you think you can do it with a sluice or dredge. Yes there is less gold out there as compared to 1980's and 1990"s but all that means is that you have to mine smarter. It is still possible !!!

Sounds right to me !!!!!!

 

[jair]

I have spent thousands on what I have , gas , equipment ect. Some day maybe I'll find the big one .
But the time spent out looking researching and time spent with my wife out supporting me is all priceless . But remember , if you don't play you get no pay , I get to go back in time seeing history on the gold rush days and seeing what the old timers built , seeing the land , animals out ect.
We're in the desert , I never thought I would love the desert but we both do . I hope every one out prospecting can have an open hart and realize all that came before all of use and what they went through,
Be safe and enjoy your self , and you will find all the gold you seek , If you enjoy what you do , what you do will come to you .
If you seek riches and are obsessed , riches you may find but with an lonely hart . Take care all,

 

[Mgumby16]

I'm in Virginia and I've broken even in my first year and half if I were to sell my gold. Would have broken even earlier if I had just bought my 4 inch and not went and bought more equipment. But my 4 inch is the money maker and stays in the honey hole and the other dredges are used for prospecting for new honey holes else where.

Too me the more tools you have the more options you have. Now if I had more time other then just a few weekends a month I'd almost certainly be completely in the black.

Research, hard work and lots of time spent pay out dividend las as you all already know.

2016 is starting out slow but will pick up.

Best of luck to everyone and I hope you all get to see some shine in your pans soon!