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True Value Of An Olympic Medal

Discussion in 'Entertainment' started by Misterdennis, Aug 1, 2012.

  1. M

    Misterdennis JF-Expert Member

    Aug 1, 2012
    Joined: Jun 4, 2007
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    (Kwa hisani ya Investopedia)

    Modern Olympic Games date back to 1896 when Athens hosted the first event. Historical records have traced the first ancient Olympic Games to around 776 BC. The games then included running, long jump, shot put, javelin, boxing, and equestrian events. Today's summer games consist of around 300 events with over 200 nations in attendance. London is the host of this year's Olympic Games. It's the third time the city has hosted the event. The Olympic Games are arguably the most recognized competition in the world. It is one of the few events performed on a global scale where multiple sports are involved. For many athletes, achieving gold in the Olympic Games is the pinnacle of their careers. As a result, the gold medal is priceless to those who receive the precious prize. The fact still remains the medals are manufactured.

    So what is the actual value of an Olympic gold medal?

    Gold Medal Value

    The 2012 London Olympics will have the largest medals in summer Olympic history. Weighing in at roughly 400g, medals will be seven millimeters thick and approximately 85mm in diameter. Previously, the largest summer Olympic medals were from 1992 when Barcelona, Spain hosted the event. The Spain medals had a weight of 231g, were nearly 10mm thick and had a diameter of 70mm. The largest Olympic medals in diameter were the 2006 Turin Olympic medals. They sported a unique design featuring a hole in the center of the medal, similar to the Olympic ring. As a result, the medals were roughly 107mm in diameter. The medals from the last summer games, held in Beijing, were 200g, six millimeters thick and 70mm in diameter. Unfortunately, the 400g London gold medals are not entirely made of gold

    The International Olympic Committee requires the gold medal to contain a minimum of six grams of gold and roughly 92.5% silver.

    The composition of the London gold medal is made up of approximately 92.5% silver, 1.34% gold and 6.16% copper. With gold prices fluctuating around $1,590 per ounce (28.35g), the cost of the required six grams of gold alone equals almost $337. The estimated cost of the 2012 London gold Olympic medal is around $700, making the medal one of the most expensive in Olympic history. A major impact in the high cost is the rising price of precious metals over the recent years. Had the medals been made entirely out of gold, with he current market value, they would cost over $22,000. With about 300 gold medals soon to be awarded at the 2012 Olympic Games, the cost, had the medals been pure gold, would be near $6.6 million. This is substantially more than the approximate $210,000 the actual gold medals will cost to manufacture.

    The last time an Olympic medal was made entirely out of gold was in 1912 at the Stockholm, Sweden summer Olympics. At the time, the average price for one ounce of gold was roughly $18.93 and the weight of the 1912 Stockholm Olympic gold medal was about 24g (0.85 ounces). The cost of a solid gold Olympic medal was approximately $16 in 1912. Even adjusting for inflation, the cost would be around $350 or half the cost of the London Olympic gold medal.

  2. Mkirua

    Mkirua JF-Expert Member

    Aug 1, 2012
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    Kaazi kweli kweli....Inanikumbusha hoja ya Yuda Iskariote.....Bora kuuza na kuwapatia maskini...LOL...
  3. bornagain

    bornagain JF-Expert Member

    Aug 1, 2012
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    Sie wa kwetu yule mpiganaji wa ngumi Selemani Kidunda amepigwa mapema kabisa du huenda anakaa Manzese so akaona bora adundwe tu maana hata kama angekuja na hiyo medali ya magram hayo yote asingekaa nayo hata nusu saa wangemkaba wajamja wa Manzese.Pia naona na majina nayo yana maana sasa mtu anaitwa Kidunda kwa nini asidundwe