Buried Spanish Gold Caches and a Theory

[Wirechief]

Hello to everyone on the forum and of course I am new to the group. I have met an older fellow that claims there are several gold caches buried or hidden by the Spaniards. He claims to have been looking for these for about 35 years now and says he has maps and also knows of landmarks or glyphs on rocks in the area maybe indicating such. He has nothing to show for his 35 years of searching or at least has not let me see anything. He has this theory that the magnetic field of the Earth interacts with these caches and causes them to emit a 500Hz signal or energy. I have not heard of such as this. He wants me to build a receiver with a meter that will I guess show where the signal is eminating from and he can trace it to the exact location. He and a younger friend are also doing the dowsing thing and said that they also tried a Biddle and an MFD. I found out real quick they are not willing to put out any monies for anything but said if I come up with something and we locate any caches that I would get a cut. We are in the West Texas area. Were the Spaniards even coming through here with any gold shipments? I just want get some opinions on the mans theory. It does not impress me at all. Nice to meet everyone here and God Bless. Wirechief.