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My understanding of the modern MineLab PIs is that they're just updated variants of the older SDs where you manually had to individually ground balance two detecting channels - one for large/deep, and the other for small/shallow. My understanding is that our GPXs etc still have these two Rx channels (have heard from numerous sources) that are simultaneously ground balanced in both modes, but which always "compete" with each other to indicate a target. So, on a good target (gold/lead etc) we generally get a sweet upper or downer signal depending on which Rx Channel is dominant. The trouble is when the target is of a size/shape/depth (in my experience: typically between 1 and 2g for my 4500) when both receivers are near equal and switch between the two during each detect, giving a "confused" signal on each sweep. I have detected many good gold targets that do this, but they are often of an unusual shape, thus triggering both receivers. IMHO.
 
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before I dig I like to try and geuss what it may be. Most of the time Im wrong and this was no exception. Really thought this one was a small bit of rust or wire as it was a very erratic signal. It was only shallow which also lead me to that conclusion. I geuss the hole in it was what gave the strange signal.
 

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