Michael Phelps has accomplished a seemingly impossible feat, winning 8 gold medals at the Beijing Olympic games. That is definitely the most gold medals ever won by an athlete at one Olympic game!
As a gold investor such as myself, then you’ve probably wondered exactly what the worth of Michael Phelps Olympic medals are.
Let’s find out whether we are able to figure it out.
Initial, let us know what exactly the golden section of the medal is worthwhile.
According to the Olympic Charter, the golden and silver chords should consist of 92.5 percent pure silver. The gold decoration has to be coated with six grams of gold challenge cup.
At the futures market, a tradable unit of golden will be one hundred troy ounce.
One troy ounce is equal to 31.1 g
For illustrative reasons, let us assume that there are just six g of golden in every gold medal.
Friday’s final gold inventories (for December delivery) price was 792.00.
To work out the price of one gram, we would divide the golden price tag of $792.00 each troy oz by 31.1. Then we’d multiply that figure by six, to reach in the purchase price for six grams.
Consequently using the present cost of gold per ounce, the worth of the gold found in a Olympic medal will be worth around $153.00.
Let’s work out how much the silver part of the medal would be worthwhile.
We will also utilize Friday’s closing silver futures price.
At $12.82 per cent troy oz, the silver portion (4 1 cents times 92.5 grams) of the Olympic decoration could be value $38.13per cent
That all can add up to a estimated price of about $191.00. Obviously, the purchase price of gold and silver fluctuates on a daily basis. Hence that the worthiness of the decoration itself will be based upon the way the metals markets are still performing at the time of this calculation.
Let is not overlook that this year’s Olympic awards also incorporate an inlaid ring of Jade. The addition of that precious gem will even influence the worthiness.
The authentic value of a Olympic gold decoration is significantly more than just the composition of these raw materials, however.
Think of just what Michael Phelps has realized:
He turned into the first athlete to win 8 golden medals in an Olympic video games
He cried 17 days in 9 times.
He drifted towards 239 competitions in individual events alone!
He smashed 7 world records!
He place 4 world records in respective functions.
At the 200 meter blossom
he drifted a better part of the race together with water-filled goggles and was unable to see. Despite this, he broke the world record!
From the one hundred meter fly, he won the race with a mere 1/100th of a second!