Note: This article was originally written in 2017 when the gold price was around $1,200 per ounce. As of January 2026, the gold price is approximately $4,460 per ounce, making the prospect of prospecting for gold even more appealing and relevant today.

Prospecting for a Living – Is it Possible?

By Chris Gholson

The year was 2011 and it seemed as if the entire world was caught up in that wonderful frenzy known as gold fever. The price of the yellow metal had steadily climbed since the 2008 financial crisis, until finally hitting an all-time high of $1,895/oz. on Sept. 5. News of the incredible jump in the spot price was widely publicized by the media. Television channels were inundated with commercials offering to buy gold jewelry, coins or scrap, and hit shows like Gold Rush had people everywhere glued to their screens. The euphoria spread and folks from all walks of life began to wonder if they too could claim a piece of the golden pie. After all, how hard could it be?

Being in the prospecting business myself, I had a front row seat to this modern day rush. During this time, our sales were booming and my company was fielding hundreds of calls every month; a bulk of which were coming from people with little to no mining knowledge. I spoke with many of them directly, answering questions and trying to help them choose the right equipment. Many of these questions were the usual, “Where can I go?” or “What is the best state for prospecting?” or “Will I get shot if I’m on someone’s claim?” All valid questions, but the one that intrigued me the most (because it came up the most often) was, “Can I make a living prospecting for gold?”

The State of Gold in 2017

Fast forward to 2017 and we see that the spot price of gold has remained stable at around the $1,200 mark. It has fallen by over $500 from its peak, and sadly barely gets a mention today in the mainstream media. While it’s true that the yellow metal no longer commands the price it once used too, many experts that follow the markets believe it has already hit a bottom and is poised for a big leg up. I personally agree; however, even if we don’t see new record prices in the immediate future and gold remains constant, the current price is nothing to scoff at. For the average working family in this country, $1,200 is still a lot of money! Especially when you consider that in 2015 the median monthly mortgage payment for American homeowners was only $1,030. If this were the case, wouldn’t it mean that if I could dig up an ounce of gold every month and convert it into cash, I could basically live in my house for free? It seems to make sense, but just how feasible is the notion of making a living off of gold? Is it possible?

The Realities of Prospecting for a Living

Rather than presenting a sugar-coated version of the truth, let’s take a look at the cold hard facts. Is it possible to earn a good living prospecting for gold? Absolutely. However, this largely depends on your personal definition of what constitutes a good living. Is it $25K a year, $50K, or even $100K? Whatever the magic number may be, it should be known that prospecting for gold for a living is not for the faint of heart. Persons with the mindset that gold mining is a quick means to striking it rich, will almost assuredly be disappointed. Gold is rare, which is of course why it is so valuable. There is plenty of it left to be found, but stories of nuggets lying thick on the ground just waiting to be scooped up, should be taken with a grain of salt; or perhaps the whole shaker! Modern technology such as metal detectors has made it easier than ever to recover gold, but the fact remains, trying to put food on the table from prospecting is a tough endeavor.

Evidence of the difficulties faced by placer miners can be found in the following passages. The first is an extract from an immigrant’s letter home in 1852 describing his life on the Australian goldfields:

“I dare say the papers tell you gold can be obtained in any quantities without any trouble; but those who imagine this to be the case are most egregiously mistaken. For seven months I have not slept under a roof, through all winter I was in a tent which was far from waterproof. If we have any gold in the tent we have to sleep with loaded firearms by our sides, as there are so many ‘rowdy’ mobs about, that to be unarmed would be unsafe. But still, we live a jolly life, there is no master to order us about, and we can work when we like. We, in general, have a keg of grog in our tent, and when the day’s work is over, we can be merry over a glass of hot brandy!”

The second penned by G.M. Butler in 1933 offers his honest opinion regarding the likelihood of successful placer mining in Arizona:

“A person not in robust health or one who has not sufficient funds to finance his entire trip runs a splendid chance of starving to death if he tackles placer mining in Arizona. If, however, a man in good health is out of work, has enough money to pay camp expenses for some time, and is willing to work hard, a prospecting trip will doubtless prove preferable to lying around and doing nothing, but it should be taken with the full realization that it is highly probable that little gold will be found. Of course, some rich, virgin ground may be found, but the chance of making such a discovery is small. It is this chance, however, that has actuated all prospectors and led to the discovery of most mineral deposits.”

Passages such as this are not only an enjoyable read, but offer a truthful glimpse of what can be expected when one strikes out to go mining full time. They prove that prospecting is indeed hard work, but it is evident in their words that despite the hardships, many found happiness and a sense of freedom on the goldfields. These words were written many years ago, but I have spent a considerable amount of time in the ‘bush’ amongst full-time prospectors, and can tell you they still hold true to this very day.

Estimating Earnings from Gold Prospecting

So, how much can a person expect to make each year from gold? This is truly the million dollar question. There are no guarantees when it comes to gold, nor are there steady pay checks, so the best we can do is make an educated guess. Let us first set a price at which we think we can sell our gold. Some people will tell you that you can get double spot for nuggets, but don’t bank on it. In reality, most refiners will only give you 75-80% of spot. Therefore, unless you are selling to a private collector or adding value by converting your nuggets into jewelry, you should work your calculations at slightly lower than the spot price. For our example, let us set our sell price at $1,200/oz. Now we must determine how much gold we think it will be possible to find in a given day. This is where things can get a little tricky. I have gone days, or in some cases, weeks with my metal detector and never found a piece of gold. Other times, I have stepped out of my truck and made $5,000 before lunchtime!

There are many variables involved, but based on my own metal detecting finds during the past twenty years, I propose a number of 1.5-grams per day. Obviously the daily returns will fluctuate widely, but on average I feel this to be a realistic number. Now, if we take $1,200 and divide it by 31.1 (the number of grams in a troy ounce), we get $38.56 per gram. Then we multiply this number by 1.5 (grams found per day) and get $57.84, which represents our daily earnings. Let’s assume that a person will work six days a week, with the seventh being devoted to rest or necessary chores around camp. This means that a typical week will bring in roughly $347.04, and a typical month will bring in $1,388.16, and lastly, a typical year will bring in $16,657.92. Then we must adjust this figure by 20% which is the margin we must sacrifice to our buyer. This leaves us with a grand total of $13,326.34. At first glance this may seem an unimpressive yield for the amount of work involved. However, for a single man, living modestly on the goldfields with little overhead, this wage should be enough to see him safely through the season. And of course there is always the possibility of striking a rich virgin patch or a large multi-ounce nugget, which could easily double this amount. This doesn’t happen often, but it does happen.

Physical Demands and Essential Gear

Anyone can find gold; however the nature of the practice requires a decent amount of physical labor. Walking, hiking, and hours of pick and shovel work are normal activities for a placer miner. Professional dredgers spend a bulk of their time in frigid waters, moving boulders and tending the nozzle. Dry-washers spend hours in the desert building calluses on their hands from shoveling dirt into a hopper. Even metal detecting, which is probably the least physical of all, still requires a considerable amount of effort. When I go detecting, it is not uncommon for me to dig fifty or more holes a day, some as deep as two feet. Successful prospecting is not reserved for those in peak physical condition, but potential gold seekers should certainly be in excellent health.

In addition to good physique, there are a few essential items the would-be miner will need to obtain. The first is a trustee mode of transportation. Whether this is a truck, van or even a mule, it doesn’t matter, providing it is reliable and will not leave you stranded in the backcountry. Many goldfields are accessible in a passenger car; others are more rugged and will definitely require 4WD. One of the best decisions I made was to purchase a quad. It has enabled me to venture into country that would have been inaccessible in my truck, and find gold that would have otherwise been left behind. If you have the financial means to do so, I highly recommend a quad or one of the newer side-by-sides.

The next necessity is quality prospecting equipment. Prospectors must be thrifty, but when it comes to equipment this is one area where is doesn’t pay to be cheap. A person must do their research beforehand to see what works and what doesn’t, and purchase accordingly. I suggest a person always buy the best equipment their budget will allow, especially when it comes to metal detectors. For myself, I swing the Minelab GPX 5000. It was a substantial investment, but it is one that has paid for itself several times over. Again research is crucial. Peruse the Internet, read trade magazines, and talk with other prospectors. Find out who is finding the most gold in your area and take note of the brand they are using.

Living Frugally on the Goldfields

Experienced prospectors know that the money obtained by selling gold must be made to last. A person cannot expect to keep their wallet thick by staying in hotels every night. Therefore, the prudent miner will try to cut his or her costs whenever possible. This can be accomplished in part by simply camping on the goldfields, thereby eliminating the costs associated with accommodations and the fuel from traveling back and forth to town. A tent is by far the most economical means of outdoor living. In my mid-twenties I spent many months living out of a tent while chasing gold in the Australian Outback. They are relatively inexpensive and easy to transport, however they do lack certain creature comforts. I now own a small camper trailer with a full size bed. It’s a far cry from the Ritz Carlton, but on a cold night it sure beats the lumpy feel of the ground beneath my sleeping bag.

Final Thoughts

If you happen to be one of the many that are considering the life of a gold miner, give the matter some serious thought before quitting your day job. Make sure you have enough money to see you through when the gold is lean. Put your heart and soul into the work at hand, and always listen to what those people of more experience have to say. Above all else, don’t let anyone discourage you from chasing your dreams. Gold mining is a tough way to earn a crust, and I wouldn’t suggest anyone forgo a steady job for the off chance of finding an El Dorado. However, if a person finds themselves out of work and no other opportunities have presented themselves, then yes, gold is a viable option. You may never get rich from placer mining, but perhaps like the old-timers, you too will come to love the lifestyle and the pride that comes from knowing you can sustain yourself off the land even when times get tough. I wish all of you the very best of luck!

For more information on prospecting for gold, please visit the author’s website at: www.ArizonaOutback.com, or connect with him on Facebook.