Is Gold Prospecting Really a “Free Money” Side Hustle?

When you think of gold rushes, you probably conjure up images of pioneers back in the 1800s venturing into the wilderness in search of their big break. While the pioneer days are long behind us, gold remains valuable, though the price isn’t always stable.

Over the past 10 years, the per-ounce price of gold has fluctuated dramatically. In 2020, gold was valued at $1,100 per troy ounce. Now, the price has jumped to over $4,100 per troy ounce (as of July 10, 2026). 1

According to the World Gold Council, the annual demand for gold has reached 1,231 metric tons, 2% higher than last year. 2 Combined with the high price per ounce, the cumulative quarterly value of the global demand has reached a record $193 billion.

Side Hustles spoke with Kevin Singel, an experienced prospector based in Colorado who sells samples of gold and has written a number of guidebooks on where to find it in his home state. Singel said that we are “absolutely living in a modern gold rush.”

While Singel had an interest in gold from a young age, he told us that demand for his gold samples has increased recently, stating that they’re “selling faster over the last year or so” than before.

“I have one store that’s kind of a museum and visitor center in one of the old mining towns, and they would sell about 50 of the gold samples a year,” he said. “This year, they just contacted me a couple of weeks ago and said, we’ve run out, we need another 50.”

Why is gold so valuable now?

Gold’s value has fluctuated over the years, but the current high price reflects the geopolitical and economic instability facing the world in 2026, from the Trump administration’s tariffs to the war in Iran.

Gold is often seen as a “safe haven” investment during times of uncertainty. Nicholas Frappell, global head of institutional markets at ABC Refinery, told the BBC that gold is a “really good diversifier in a very uncertain world.”

“When you own gold, it’s not attached to the debt of somebody else like a bond is or an equity where the performance of a company will drive performance,” he said.

In January 2026, Trump’s threat to impose fresh tariffs on eight European countries opposed to his proposed takeover of Greenland (which has since been reversed) caused gold and silver prices to reach record highs.

Naturally, the high value of gold has prompted many Americans to see prospecting, collecting, and selling this precious metal as a side hustle, something Singel acknowledges.

“When the price of gold goes up, that’s definitely a factor for how many people turn to prospecting,” he said. “The other thing that’s been a factor here in the US, and I think to some extent in other countries, has been the Gold Rush TV shows.”

Singel said that when the production team of Gold Rush moved to his home state of Colorado in 2017, the prospecting Facebook group he runs exploded with new members.

“Before Gold Rush came to Colorado, my Facebook group might have had 700 people in it,” he said. “They show up, and over the course of those two years, it jumped to 7,000 members.”

He went on to tell us that it now has almost 30,000.

Like many of the people turning to prospecting as a side hustle, Singel said it was initially “just something to do for fun.”

“After I’d been at it about five years, one of my friends who ran a guiding business told me I should write a book about prospecting,” he said. “I ended up writing two of them.”

Singel told us that far more people are going out into nature looking for gold themselves than in years past. More people are buying his guidebooks in the hopes of finding their own fortune.

“The books have changed the game,” he said. “They’ve dramatically increased the number of people who are actively prospecting.”

The rise of gold prospecting content creators

Singel isn’t the only one who’s capitalizing on this 21st century gold rush. Plenty of YouTubers and influencers on platforms like TikTok are making videos of themselves diving into rivers looking for gold. With thousands of views on the videos, there’s no denying that people are interested.

Misha Boylan, a self-professed “adventure enthusiast” based in Northern California, makes TikTok videos documenting his gold prospecting trips. While his TikTok only has around 1,500 followers, his most popular video boasts almost 410,000 views.

@mishaboylan

my reaction to finding a 4oz gold nugget! #gold #goldpanning #goldprospecting #goldpaning

♬ original sound – misha boylan

In the comments on this video—which he took shortly after finding a “4 oz gold nugget”—several people suggested that the gold content of the piece looked fairly low, and that it was actually probably only worth a few dollars. Others disagreed.

This is common on gold prospecting videos on TikTok and YouTube, which some critics claim are more about entertainment than education.

However, Singel told us there’s “not really” much misinformation when it comes to prospecting. “There’s a lot of good content out there to inspire and educate,” he said, adding that, “It’s fun to watch, and a good reminder that gold is still out there waiting.”

How do seasoned prospectors feel about newcomers?

With so many new faces showing up at prospecting sites, one might wonder how seasoned prospectors feel about it. Side hustlers have been known to “gatekeep” their money-making methods, and since gold is a finite resource, you might expect prospectors to be very protective of their dig sites.

Singel, however, argues that this isn’t the case.

“We don’t have this experience where everybody piles on the same two or three spots that they all know about, which did used to happen.” Singel claims that with “over 450 dig sites” in Colorado alone, there’s little danger of places getting overcrowded.

Watching videos of influencers pulling huge nuggets of gold out of the ground is enough to spur many budding prospectors to go looking for the precious metal themselves, but the reality is usually less glamorous.

Although Singel claims that it’s “relatively realistic” to make a profit out of prospecting, it usually takes a while before you can actually generate decent cash flow from it.

“I’ve definitely made more money selling books than I have selling gold,” he told us.

Not only does Singel get more cash from books than from selling gold, but he also told us that his samples tend to be worth more than the raw material itself.

“I make much more selling my little flakes of gold than the gold itself is worth, because they are well packaged and pretty,” he said.

What affects how much you can make from prospecting?

While Singel says that you need “tenacity” to succeed with a gold prospecting side hustle, there are other factors that affect how much money you can make.

The price of gold

Gold is valuable right now, but that isn’t always a given. In January this year, the price of gold peaked at $5,500 per ounce before dropping down to its current value. 3

This drop in value can be attributed partly to the decision by US President Donald Trump to nominate Kevin Warsh as the head of the US central bank, who was seen as someone who’d aggressively combat inflation. While this boosted the value of the dollar, it made gold a less attractive investment for hedging inflation.

Singel told us that gold’s value doesn’t always map perfectly onto lower earnings for those playing the long game with prospecting. “When prices drop, that doesn’t seem to bother people too much if they are already into it,” he told us. “They assume the prices will bounce back.”

He added that “fewer people join in” when the price of gold drops, but prospectors who hold onto the gold they find and wait for the value to increase before selling it can earn more.

Consumer spending

On top of the investment value of gold, the commercial side of things has a role to play. For instance, gold jewelry tends to be more popular when people have more money to spend on it.

With the US in the middle of a cost-of-living crisis, consumers are being more cautious with their spending. In a recent report from McKinsey & Company, 48% of US consumers said they expected to spend less on jewelry in 2026 than they usually would. 4 For those looking to primarily sell to jewelers (or even make jewelry themselves from the gold they find), that’s a problem.

Location

Singel stressed that where you live has a big impact on your potential earnings from a prospecting side hustle.

“There’s gold in Iowa, Missouri, Indiana, and Ohio, but you’ll have a hard time finding enough to even pay for the gas you burn driving up to the creek and back because it’s so sparse in most of those places,” he said.

For most prospectors, the western US is the best place to operate. This is also where large commercial mining companies tend to set up shop. Nevada, for instance, produces about 75% of the annual US gold yield, while California, Alaska, and Singel’s home state of Colorado also have big deposits. 5

“There are places that are three or four miles from where I used to live in suburban Denver where I got $25 or $50 worth of gold in a matter of an hour or two,” he said. “Now, are you going to find that on your first trip out? Probably not.”

Equipment

On top of where you’re based, your equipment is also a factor in how much you can make. Many gold prospectors keep things simple, relying on a hand pan, a shovel, and a pair of rubber boots, along with a suction pipette to keep the specimens they find.

According to Singel, your preliminary equipment shouldn’t cost more than “about 50 bucks.”

Other prospectors invest thousands in fancier equipment. For instance, some prospectors buy metal detectors and ground penetrating radars (devices that use radio waves to map subsurface features) to increase their chances of finding gold, while others invest in diving equipment to spend more time searching in the bedrock of rivers.

The weather and environment

Like many outdoor side hustles, prospectors are at the mercy of the seasons. Singel told us that even in gold-rich regions like California, the environment can make prospecting year-round unfeasible. “There are some months when the water’s too high, it’s dangerous, or it’s too cold,” he said.

While Singel said that it is still possible to make a living from prospecting despite these challenges, those primarily looking to make cash by going out and digging for gold themselves will inevitably have months when it’s not possible.

Although the reality of gold prospecting is very different from what you’ll see on social media, some people seem to make it work.

Singel told us that he knows people who’ve made a living out of prospecting, but there are catches. He acknowledged that one of his friends has “big yellow machines” that allow him to dig into hillsides and run into “serious volumes” of gold.

He also commented that one point, he knew someone who made a living out of the “simplest form of prospecting you could imagine”—putting on a mask and snorkel and scouring rivers for gold in California. Singel said he “absolutely covered” all his bills and expenses with this, but that it was easier for him, because he lived in his family’s home and had no rent or mortgage.

Even Singel admitted to us that his books on prospecting are where the real money is. Judging by the high view counts on prospecting YouTube videos, going out and digging yourself might not necessarily be the best way to generate income; influencing might be a more lucrative gig (if a more competitive one).

Of course, not all gold prospectors are purely in it for the money.

Singel told us the side hustle can be fun even when you aren’t making much from it. “At first, it’s an exploratory journey. You’re having fun finding things,” he said. “Eventually, with a little bit of luck or a lot of tenacity, you’ll find some gold deposits that are producing $50 bucks in a couple hours.”

Singel’s point touches on something that extends far beyond prospecting. While looking for gold can generate income, building expertise around an existing hobby makes for a more rewarding side hustle.

“At some point, you have to ask yourself, ‘Am I doing this because I want to make a pile of money, or would I be doing it anyway?’” he said. “If there’s a hobby that you’re deeply into, find a niche within it that hasn’t been well addressed and be the one who does it.”