Olympic Gold Medals Worth $600
For a professional athlete, no value can be placed on winning an Olympic gold medal. However, if you were to look at their monetary cost, they would be worth less than $600 each.
Measuring 85mm in diameter, the medallions are made up of 1.34 per cent gold, 6.16 per cent of copper and 92.5 per cent of silver. This means anyone winning Olympic Gold is actually walking home with a nearly pure silver award with gold-plating on it.
Nevertheless, they have not been made up of pure gold for over 100 years when they were last awarded at the 1912 Olympics in Stockholm, Sweden.
Instead, each medal will be worth a reasonable $587 (£447) this year, which is less than their worth four years ago at the London 2012 Olympic Games. At the time, they were valued at $706 thanks to the record-high price of gold.
However, the value of the precious metal has dropped by 22 per cent since then, declining from $1,622 per troy ounce in 2012 to $1,320.75 in 2016.
Gold had jumped significantly in price from 2008, when each medal was worth just $215, while they were valued at only $155 and $80 in the 2004 and 2000 Olympics respectively.
Therefore, while the value of gold is not as high as it was four years ago, it is still significantly greater than previous years.
What’s more, with 812 games taking place during the tournament together with the Paralympic Games, the medals this year total an impressive $476,644.
However, according to gold and silver marker Bullion Vault, if the medallions were all made of pure gold, they would be valued at $39,812 each, which would be $32,327,344 in total.
The 2016 Olympic Games kick off tomorrow (Friday August 5th) in Rio de Janeiro, Brazil, and more than 11,000 athletes are preparing to compete in the most prestigious sporting event in the world.