Fact of the day: How much is a Olympic gold metal really worth?

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Tuesday, 09/08/2016 11:08

It's been 4 days since the Rio Olympic Games officially kick off and as of right now, there has been more than 40 medals given to the athletes. For sure, participating in very tough competitions of the world's biggest sporting event, every Olympian dreams of the first place and winning the gold medal.

Of course, for the athletes, a gold medal, especially the Olympic gold medal, is absolutely priceless as it's something that a lot of them have to pay with years of youth, enormous efforts, the pain and even blood and tears.

But question that so many people, including me, wonder about is that how much a Olympic gold medal is really worth. You also want to know about it, don't you? Right below here is the answer for you!

The Rio Olympic gold medal

The Rio Olympic gold medal

The easiest way of calculating the value of a Olympic gold medal is figuring what the metal is worth if one were melted down. Since the Mexico games in 1968, the medals have averaged 65.8 millimeters in diameter, 6.5 millimeters in thickness, and 176.5 grams in weight. London’s were the largest, at between 375 and 400 grams.

But gold medals aren't entirely made of gold, not entirely anyway. Only about six grams of each medal are 24-karat gold (the minimum required by the International Olympic Committee - IOC) with 99.9 percent purity. The remaining 494 grams is made of silver with 92.5 percent purity (the standard for sterling silver) and the rest copper. In today’s values, that makes the average gold medal worth around $366. London's bigger golds are worth $501 nowadays. (At the high 2012 precious metals prices, the medals from London would have been worth around $777.)

What if gold medals really were solid gold? Wired calculated that a typical gold medal would weigh 3.35 pounds and be worth around $76,000 in terms of the pure value of the gold, hich is why 1912 was the last time all-gold medals were awarded.

Source: time.com, forbes.com

Liveourlife Staff

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