Largest gold nugget fetches $460,000 during an auction

March 18th, 2011 - 8:10 pm ICT by Aishwarya Bhatt  

New York, Mar 18 (THAINDIAN NEWS) The biggest known Californian gold nugget linked to the 19th century Gold Rush has fetched $460,000 during an auction. The amount for the gold is way higher than the value of the current price of the same size of gold.

The gold weighs roughly 8 pounds and with the current price of gold it should not have fetched more than $138,000 but auctioneers believe that its historical connection helped push the price up.

The gold was bought by Spectrum Numismatics on behalf of a buyer who wanted to remain anonymous. The auction was held on Wednesday and it lasted for two minutes. The auction was as lively and as it was feverish with bids coming from several people. Spectrum Numismatics prevailed after the process.

The gold was found by an antique hunter using a metal detector in an unincorporated town of Washington in Nevada County north of California. It was found last March and the person who found the gold also plans to auction off the land that the gold was found on.

The precious metal was found on a 180-acre land. The auction took place at Don Kagin.

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