Different metals do have different sounds, for instance certain microphone pre amps have different audio properties due to the metallic core of transformers used (if they are transformer balanced output pre's) and or the type of metal being used in the transformer windings, such as silver wound or nickel wound. Iron transformers for instance can sounds fantastic on electric guitar, silver wound transformers can sound fantastic on single coil pickup guitars, acoustic guitar and snare drums due to the inherant brightness of the sound of the silver windings.
The sound of iron on a gold detector is the easiest to pick as it has a bit of fuzziness to the sound, that's why iron sounds great in a mic pre while recording electric guitars. Anyway, now things like ironstone encrusted gold comes into the equation, thinking it's iron and walking away due to a fuzzy signal could make you decide not to dig that nice lump of iron encrusted gold.
Rejecting a bright signal could see you walking away from a nug with a higher silver content.
I've been an audio engineer for over 20 years, thinking you can pick the gold signal is rediculous, maybe it can be done sometimes but that is more to do with luck, maybe if nuggets were always the same size, shape and composition it would be doable but they are not. I can't pick the difference and will happily admit that fact. Shotgun pellets always sound very similar too but nuggets can sound just like them. Best way to discrim when gold detecting is with your eyes after digging the target out of the ground.
I have picked the "mellow gold signal" quite a few times out detecting and I have rejected the sound of a nugget once that I thought was trash only to have a mate dig it and get the nugget I rejected lol.