Gold prospecting is done in all metals mode. The Gold Bug does not give numeric target ID in that mode but does still light up the target ID bargraph up top. In gold prospecting the target ID bargraph isn't much use other than if it's a loud target (strong signal) you can use it to determine if the target is iron. Even that takes some experience and judgment since the iron minerals present in many gold prospecting locations can throw off target ID pretty badly.
In gold prospecting you have to pay close attention to ground balance. You'll hear variations in the ground and have to decide whether or not to rebalance. Also you will hear positive and/or negative hot rocks which you'll have to learn to deal with on a location by location basis. I discuss this in considerable detail in the VLF gold prospecting book on the Fisher and Teknetics websites.
Gold prospecting is very tough, as you say. It's quite different from relic hunting and coinshooting. Even a kid with a $60 BH Junior can find coins. When it comes to gold prospecting, there's a long learning curve to acquire the set of skills needed to do it well, and in the meantime you will be digging lots of metal trash and rarely any gold. Learning goes a lot quicker if you study good books on the subject (I recommend several in the VLF gold prospecting book), and it really helps if you work with someone who is experienced who can teach you the tricks that are difficult to explain in print but are much more easily understood by hands-on in the field.
I suppose the most important thing is that you have to enjoy doing it-- being outdoors in the fresh air away from the city, getting dirty, watching out for snakes, playing with rocks, playing amateur archeologist-historian as you think about all the metal trash you're digging, trying to figure out the geology in order to improve your odds of beeping the gold.
Gold prospecting requires enormous patience: even an experienced prospector on a good location will often go an entire day without finding any gold. Until you swing the searchcoil over a nugget, you get no gold. If in the meantime you get no fun either, you'll soon give up and your prospecting days will be over. So remember to have fun doing it.
--Dave J.