would be to buy a gold pan and pan for gold; especially if you are short on cash.
what your friends aren't telling you, is the effort and frustration that they most likely have gone through to find the gold. Also what detectors are they using. There is a huge amount of dirt between nuggets of gold. I'm not trying to put a damper on your enthusiasm, but point your in a more productive direction if your budget is limited.
As far as the Ace is concerned, it is a coin machine and does not have the ground balance feature on it to deal with the ground conditions of the gold fields. That said, you may well be interested to know that I have in fact taken my Ace out onto the gold fields near where I live (Australia). This place (Stuart Town) was the site of a major gold rush back in the 1850's to 1890's and is the same region of our first gold rush. Despite the Aces lack of ground compensation circuits, it handled the ground surprising well. On testing with tiny fishing sinkers, which lead behaves exactly like gold to a detector, it could pick up a sinker as small as half a gram (about one sixtieth of an ounce) to a depth of a couple of inches! As there are a lot of minerals in the ground that set the detector off, the Ace can sound quite noisy, but from what I understand, a gold nugget will give a solid hit. I haven't found any yet.
There is a great little article in the August 2008 Australian Gold Gem And Treasure magazine written by Gopher (I don't know him). He took an Ace out to the gold fields along with his Minelab GP3500. He found the noisiest ground that he could with the GP 3500, then put it away and fired up the Ace. He did what is normally the opposite of what you do when the Ace is getting a lot of ground noise, and cranked the sensitivity up to the max and hunted in all metal. He hunted a 10x10 meter square area. He said that the Ace made a bucket load of noise, but it could still find targets through all the ground noise! Gold targets gave a solid hit. He then went over the same ground with his gold machine armed with a 5x10in coil. He only missed One was a Chinese coin at 12 inches, the other was a piece of junk metal at the same depth.
Did he find any gold with the ace? Yes he did. I can't tell you if it was in that 10x10 area or not, but he did find gold with it. It was a small nugget that weighed .44 of a gram! In the ground he found it he said that the (quote) "250 squealed and hiccupped and cried for it's mummy, but it still managed to find targets. And it didn't need to be a big target either. The little .44 grammer on the toe of the coil in the photograph is testament to that." (End quote. This quote came from page 31 of the August 2008 Australian Gold Gem and Treasure Magazine.) You may be able to find this article on the website of www.goldminingcentre.com.au . It is the website of the Garrett importer to Australia. If it's not there, then I'm sure if you sent him an E-mail, he may be able to help you out in finding a copy of the article. I think that the sponsor of the Findmall gold forum( Doc) gets this mag for his customers in the US, so you might be able to get a back copy of it.
I talked to my nearest Garrett agent, now only 300kms away and he said that quite a number of fellows were using the Ace 150 on the gold fields. I think that he said that they were using it in ground that was chronically overloaded with scrap metal, where there gold machines couldn't cope. Again, the Ace is NOT an ideal gold machine! but it's better than nothing. As I said at the start, you may well do better with a gold pan and learn the art of where to find gold and pan for it. Gold pans get the gold that detectors can't see! Cheap yet effective.
Mick Evans.
P.S. If you are serious about getting a gold detector, and want value fo money, then get a Garrett Infinium or a second hand Minelab SD 2100 or SD 2200.