Chicago Relocation
 

Worth its Weight in Silver?

September 19, 2012

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General
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John D’Ambrogio

Here are some comments from Baird & Warner’s own Tom Gill.

Annalyn Censky wrote an interesting article for CNN in July. Below are some excerpts and our thoughts.

If someone were to ask you what an Olympic gold medal was made of, you would most likely consider this a silly question, as I did. It’s obviously gold, right?

Nope. Turns out the gold medals being used in this year’s game is a mere 1.34% gold. The rest of the medal is 93% silver and about 6% copper. Silver medals are produced from 93% silver and 7% copper, while bronze medals are mostly made of copper. In fact, the last time the gold medal was entirely made of gold was 1912.

You might also think that these precious metals used to create the Olympic prize are worth a fortune, right?

Hopefully you’re doing better in this little quiz than I was, because I went 0 for 2. The gold medal raw materials would be worth about $650, the silver being priced at $335, and the copper medal being worth a whopping $5 dollars in raw material.

That’s not to say that Olympic medals are worth that much. In my opinion, it’s the highest athletic achievement one can earn in the world of sports; Proof that you are undisputedly the absolute best in the world at your forte.

Olympic medals have also been sold at outstanding prices. Mark Wells’ 1980 Gold medal from the “Miracle on Ice” hockey team was auctioned off for $310,700. Anthony Ervin who received a gold medal for swimming in 2000, sold his for $17,000 to raise money to aid the 2004 tsunami victims.

Regardless of what the precious metal value says, Olympic medals are at least in my opinion, priceless. Unless of course you sell it.