Thursday, July 7, 2011

Giant Nugget of California Gold is Actually Australian

Photo: Don Kagin holds a nugget said to be discovered in the backyard of a California Man. Photo from AP.

Back in March, Jim Sanders of Washington, California sold a 98.6oz nugget he found on his farm for $460,000, claiming that it was gold which was dug up on his California property. Sanders lives on ground that is historically linked to the California gold rush, so speculation quickly ensued that this piece was the biggest single piece obtained from the land. Its size also garnered a nickname—The Washington Nugget. Now, the gold has been tested and exposed as originating from Australia, not California.

The scam came to light when an Australian named Murray Cox saw the gold in a trade magazine. He recognized it as something he dug up over 20 years ago. He sold it to a buyer in Arizona for $50,000 in 1989.

The buyer who purchased the Australian gold in March has been refunded. Unfortunately, gold scams to all degrees are nothing new. Protect yourself and your assets by dealing with a licensed gold dealer to sell your goods. Trade your gold for cash with the professional gold assessment team at Cash 4 Gold.

No comments:

Post a Comment