Gold panning or prospecting for gold using magnets? Does it make sense? Is gold magnetic? How can you use magnets to find gold. Well.... No, gold is not magnetic. No, gold is not attracted to magnets. However you can still use magnets to find gold, or to recover gold, by using them to attract the black sands that always deposit with the gold. In this video I use a magnetic separator to refine my gold concentrates making it MUCH easier to get the gold. Dry Magnetic Separator: http://miningmagnets