Treasure hunter finds Britain's biggest-ever nugget of 22-carat gold

[AurumArgenti]

https://www.dailymail.co.uk/news/article-7750369/Treasure-hunter-funds-Britains-biggest-nugget-worth-80-000-gold-Scottish-riverbed.html

[Martlet]

4.2 oz, how can the report get the valuation ~20x out, or is there something special about this gold?

[Melon]

1 minute ago, Martlet said:

4.2 oz, how can the report get the valuation ~20x out, or is there something special about this gold?

Seems we've been doing it wrong all this time. Paying premiums for fancy coins when lumpy gold is apparently much more valuable! 

[AurumArgenti]

I believe large nuggets are rare and carry a very large premium above thier spot value.

[Stu]

36 minutes ago, AurumArgenti said:

I believe large nuggets are rare and carry a very large premium above thier spot value.

Compound that with the premium on Scottish gold also and I think you have your answer.

[trp]

1 hour ago, Martlet said:

4.2 oz, how can the report get the valuation ~20x out, or is there something special about this gold?

There is massive premiums for big nuggets. Just like with certain coins some collectors will pay be bucks for unusual ones. 

[Serendipity]

1 hour ago, AurumArgenti said:

I believe large nuggets are rare and carry a very large premium above thier spot value.

Thanks @AurumArgenti! I’m glad you picked up on this gold nugget find which I was just now reading about. I was staggered by the £80,000 valuation for the 4.2oz nugget which is worth more than its weight in gold. However, the large premium above spot must be due to its rarity as you quite rightly point out.

[Melon]

2 minutes ago, Serendipity said:

Thanks @AurumArgenti! I’m glad you picked up on this gold nugget find which I was just now reading about. I was staggered by the £80,000 valuation for the 4.2oz nugget which is worth more than its weight in gold. However, the large premium above spot must be due to its rarity as you quite rightly point out.

Either that or the newspaper exaggerated. But I can't imagine an established and well respected news outfit like the Daily Mail using exaggeration to drive views 😂

[silverdocket]

I hope to give this a go and do a bit of panning this summer....

 Only problem is it belongs to the Irish state for me.... can't sell it but I can keep it. Lol 😂 

[sovereignsteve]

I thought it was just naturally occuring nuggets that were valuable. This one is clearly man made. It's 22ct so all we have to do is melt a load of bulliion sovereigns, cast them into some random shape and say we found it in a scottish river.

[5huggy]

2 hours ago, silverdocket said:

I hope to give this a go and do a bit of panning this summer....

Tried that but the water meter went daft and the local reservoir ran out!!  🤣🤣🤣🤣🤣🤣

[silverdocket]

9 hours ago, sovereignsteve said:

I thought it was just naturally occuring nuggets that were valuable. This one is clearly man made. It's 22ct so all we have to do is melt a load of bulliion sovereigns, cast them into some random shape and say we found it in a scottish river.

 Not all gold recovered is 24 carat 

 They sometimes contain lots of other materials  copper and so on.

 So you want to get them sovereigns out and melt them down lol 😂 

[sovereignsteve]

I get that. It just makes me laugh when these reports say "pure gold" then go on to say 22 ct

[Notafront4adragon]

Why do so many people who like gold talk about carats? It's karat for purity carat for weight. Kt not ct.

[5huggy]

2 hours ago, Notafront4adragon said:

It's karat for purity carat for weight

AND CARROT for "bugs"

[Notafront4adragon]

 

2 hours ago, 5huggy said:

AND CARROT for "bugs"

Caret for proof readers too ^

[Notafront4adragon]

Apparently, carat derives from carob seeds which where used to measure gemstones. I guess the seeds were ubiquitous and fairly uniform in size and weight. 

Karat and carat may have been confused due to the gold Mark coin commonly used within the Holy Roman Empire weighing 24 carats. However carat was used instead of karat since the 16th century so I guess both are correct to describe gold. NEVER gemstones though. 

[Paul]

Crazy SNPJimmy Krankie will want her pound of flesh from it no doubt. it wont be Great British Gold 

[Melon]

9 hours ago, Notafront4adragon said:

Why do so many people who like gold talk about carats? It's karat for purity carat for weight. Kt not ct.

In America that is correct. In the UK 'carat' (ct) is the term used for gold purity. 

Karat or Carat UK

The karat (US spelling, symbol K or kt) or carat (UK spelling, symbol C or ct) is a fractional measure of purity for gold alloys, in parts fine per 24 parts whole.

[dixiesilvergirl]

https://www.cnn.com/style/article/biggest-gold-nugget-intl-scli-gbr-scn/index.html

[Guest]

  

On 03/12/2019 at 12:47, Martlet said:

4.2 oz, how can the report get the valuation ~20x out, or is there something special about this gold?

Maybe due to it's carat size I guess it's valued at not it's melt value in ounces (obviously).

Larger gem sizes or more carats in the gem world are worth more usually.

Maybe a collector will pay for the carat size or whatever since large gold pieces being found is pretty rare especially 4.2 ounces.

side note: most of the gold that comes out of the ground is very small (more or so flakes and such or very small nuggets if that) and not even near an ounce from what I've seen over the years myself.

edit - add this in.

https://www.goldrushnuggets.com/gonubuti.html

"The size of a gold nugget is probably the first thing most people consider when valuing a gold nugget. The larger a nuggets is, the rarer it is. An interesting fact is that 98% of the gold that has been mined from Earth did not come in the form of a placer gold nugget. Most gold has been recovered my lode mining, by blasting it out of the rock. It is often so small that it can not even be seen by the naked eye (micron gold)."

[DarkChameleon]

On 03/12/2019 at 13:47, Martlet said:

4.2 oz, how can the report get the valuation ~20x out, or is there something special about this gold?

i bought a 1.5g Alaskan nugget for $70 which as most nuggets are only 18k is a nice premium, nuggets are like jewelry for premium prices.