the electroconductivity for Silver is 0.630 while Gold is 0.452
So that's a start at "why". As for Gold containg ANY iron as posted below, what of gold coins and bullion that are .999 Fine, which is essentially pure?
As it relates to metal detectors, remember that the signals are interpreted with coin sized objects in mind. This is why an aluminun can which is lower conductivity than silver shows up as silver, it is MUCH bigger than expected, give a larger return signal than expected, and thus gives (false) conductivity measurements that are much higher.
The ferrous component reading is partially derived from the "decay" of the signal. A piece of iron is magnetizable, and thus "stretches" the signal as the magnetic field colapses. Items with ZERO iron content can register as "ferrous" if there is something about the shape or configuration that "stretches" the signal in the same way a true ferrous object would.
So, every detector suffers from being "faked out" by odd shapes, target sizes beyond the scope of what a typical metal detector is used for, and so on. When you consider we are "looking" through solid soil chock-full of minerals, fertilizers, salts, and so on, the ability to ID is quite remarkably advanced.
Wait until we have NMR (Nuclear Magnetic Resonance) detectors in the future. Not only will we be able to ID coins, but to display the exact metalurgical composition before we dig it! How cool would it be to have a machine that told you is was a War Nickel before you even bothered to dig?
DAS