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Author Topic: Y/Chik Tutorial: How2 Est. GOLD $$ values in your pan or sluice  (Read 12154 times)

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The premise of this tutorial is to bring to the forefront, how to estimate GOLD VALUES collected from placer mining by panning, sluicing or dredging.

The higher the price of gold goes, the more relevant this approximation will be to your cash flow results.

1000 milligrams = 1 gram of gold.
31.103 grams= 1 TROY oz of gold.

For easy, do in our head math, let's use US$930 per TROY oz, as a "current price of gold"
1 gram of pure gold = US$30.00  (US$930 per troy oz/31.103grams in a troy oz)

1 milligram = US$.03c for 24K gold*

Now the fun begins:
how many of what size panned gold does it take to equal a milligram?

Here's what I suggest as a guideline.

Always have in your pocket or backpack, a matchbook of "DRY" cardboard matches.
(If they get wet, they weigh more.  <-d'oh->

Twist off one of the matches.  Voila...80 mgs average weight.

Twist off the HEAD of the match.  Voila...18mg (milligrams)

Just for the record, a twisted off WET matchbook match head weighs 25mg.  <-yes_>

Now a small miner has a visual reference point, ever mindful that *native gold is never totally 24karat pure.  These are some "miner's perspective" guidelines  <-yahoo_>

....if you can gather up your gold in the bottom of your pan, close to a matchbook match head,
or into a small vial, the gold you've snuffered up that day or whatever....
IF it approximates the size of that cardboard have:..... <-thinking-> US$0.50c worth of gold ( U$0.03/mg x 18mg) at US$930 PoG.

CONGRATS!   It all adds up!!


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