My take on this (please correct me if I'm all wet!): I believe it has to do with phase shifting and eddy currents. In air a search coil has a symetrical somewhat cone-shaped field of electromagnetic flux. Any interference within this field causes the fluxlines to shift in an attempt to bypass the intruder (kinda like water in a stream going around a rock). Any mineralization in the soil causes minor phase-shifts all the time, thus the need to ground balance. Greater phase shifts cause a "wow" in threshold, and a major interference will cause eddy currents to form on the intruder and a signal in the headphones.
Phase shift MAY depend on conductivity, but eddy currents do not. They depend on the size of the "silouette", or surface area facing the coil. That is why a deep aluminum can will sometimes sound like a silver quarter, though their conductivities are very different the eddy currents may read similar. I'm sure everyone has noticed that a silver dime will read lower than a silver quarter, though they have the same composition. I'm convinced this is true of gold also...same material, different surface area. The machine is trying to reconcile the phase shift and eddy current readings to come up with a plausible answer, which may sometimes be confusing to us.
But then I could be entirely wrong.
Marc
Phase shift MAY depend on conductivity, but eddy currents do not. They depend on the size of the "silouette", or surface area facing the coil. That is why a deep aluminum can will sometimes sound like a silver quarter, though their conductivities are very different the eddy currents may read similar. I'm sure everyone has noticed that a silver dime will read lower than a silver quarter, though they have the same composition. I'm convinced this is true of gold also...same material, different surface area. The machine is trying to reconcile the phase shift and eddy current readings to come up with a plausible answer, which may sometimes be confusing to us.
But then I could be entirely wrong.
Marc