© KCRA Channel 3, Sacramento, CA

18-oz Gold Nugget Discovered in California

September 17th, 2016 by

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photo © KCRA Channel 3, Sacamento CA
http://www.kcra.com/

Quick question: How many gold discovery stories can one person hear before staying in one’s seat becomes a physical impossibility and heading on a treasure hunt becomes an inevitability? Academics have yet to find consensus, but one thing is for sure, some of us here at Gainesville Coins are one step closer to donning our prospector’s hats.

The latest news comes from the city of Jamestown in California. Oscar Espinoza, a resident of Modesto, California, was panning in a creek in the Gold Prospecting Adventures mining camp when he discovered a T-bone-steak-shaped gold nugget. It weighed approximately 18 ounces.

Espinoza, who has opted to maintain a low profile, has entrusted the gold nugget to his friend, owner of the Jamestown Hotel, Charlie Morgan, who has agreed to keep it in a remote safe. Morgan could only describe Espinoza as a “lucky guy,” when he finally saw the size of the nugget.

According to Gold Prospecting Adventures mining camp owner Bryan Shock, the nugget may be worth around $60,000 or $70,000!

“It’s more valuable this way because it’s a piece of history and his meltdown is just another piece of gold,” said Shock.

Now, the claim “just another piece of gold,” may sound strange but another prospecting guide at Gold Prospecting Adventures commented that “everybody finds gold, I pretty much guarantee it,” even though the size of those finds may vary.

If the nugget were melted down, its estimated value would be around $25,000. Considering, however, that nuggets of this size are rarely found, we can safely assume that collectors would be willing to pay a premium above its intrinsic value because of the historical value of the original nugget.

Shock believes that the price might quadruple, or even quintuple as word spreads, and local businesses in the Sierra are positive that news of the find will bring an influx of treasure hunters to the area.

“It’s going to put Jamestown on the map,” said Morgan.

Check out the video below for more information on this incredible discovery:

 

The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.

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