Recent details on the new 2012 Summer Olympic medals may have Olympians shooting for the silver, instead of the gold (prestige-mestige, right?).
According to a recent article in The Economist, based on current metal prices, the silver found in this year’s gold medal is actually worth more than the gold.
Look at these beauties. Not a bad look for the 2012 Olympics, eh? Source: guardian.co.uk
Weighing in at 400 grams (14 ounces), this year’s medal is one of the largest and heaviest to grace the necks of Olympians. And apparently, “they will be more than twice as heavy as the average of the previous five games, and almost 17 times heavier than at the 1912 Olympics in Stockholm.”
Imagine having this bad boy, minus 0.5 oz, hanging around your neck. Source: girlichef.com
What is it made of, you ask?
Well, don’t bite down too hard, champions… your gold medal only has a thin layer of gold on the outside — about 6 grams — while the majority of the medal is made up of 92.5% silver, and the rest copper. The Economist estimated the medal would be worth about $706, but for fun, we thought we’d break down the raw material numbers using the data from our MetalMiner IndX℠ for you.
Our estimated value, not counting manufacturing cost, rounds out to be about [drum roll] $475.50! Here is a breakdown:
Gold (1.5%): $59.70
Silver (92.5%): $415.57
Copper (6%): $0.23
Of course, prestige is priceless, and as the article noted, “medals are, of course, worth far more than their weight in gold. On March 29th Wladimir Klitschko, a Ukrainian world heavyweight-boxing champion, raised $1m for charity by auctioning off his 1996 gold medal.”
Thus, while the medal in raw materials is worth less, any champion wishing to sell their medal’s metal would certainly make some pocket change. With that said, let the games begin!
The new MetalMiner IndX℠ is coming out soon — learn more here.