Hi,
The Gold Bug 2 is one of my all-time favorite detectors.
It is normally best used as a gold nugget detector. However, it has one of the best iron discrimination circuits ever designed, and will see non-ferrous targets in iron trash better than most detectors built today.
The main problem is not the inability to differ between various non-ferrous targets. Sometimes digging everything "not-iron" is a good way to go. The main problem is the EXTREME sensitivity to the tiniest items. A very small piece of aluminum other machines would not even detect can sound like a pretty big target with a Gold Bug 2.
However, the unit does put out a sound that varies in the iron disc mode, from your basic beep to a high pitched squeak. This can be used to some degree to ignore overly small targets unless that is what you are after. So you put it in iron disc mode, and just digs items that squeak. Lowering the sensitivity significantly or keeping the coil off the ground can also help.
The bottom line is you are going to dig lots of aluminum if it is present, but this could result in good jewelry finds depending where you are. The Gold Bug 2 can find earrings, thin gold chains, and other tiny jewelry items no other machine can touch.
The GB2 can certainly be used for more than nugget detecting, but the fact is that it will try the patience of most people.
Steve Herschbach