A cold nodule is a thyroid nodule that does not produce thyroid hormone.On a radioactive iodine uptake test a cold nodule takes up less radioactive material than the surrounding thyroid tissue.A cold nodule may be malignant or benign. On scintigraphy cold nodules do not show but are easily shown on ultrasound. iodine-123 showing a hot nodule, accompanied by a lower than normal TSH, is strong evidence that the nodule is not cancerous, as most hot nodules are benign.