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The value of Olympic Gold Medals

Posted by Lee Benhayon

Have you ever wondered what an Olympic gold medal is worth?  The answer to that question may surprise you.  The only time in history when pure, solid gold medals were awarded was between the 1904 Olympics in St. Louis and 1912 Summer Olympics hosted in Stockholm.  Since then, the gold medals have been made from silver and only plated with gold.  However, it’s quite probable that the competing athletes would still prefer the gold plated medals over olive wreathes, which were the original prizes presented at the Olympic Game winners in Ancient Greece.

When the first international Olympic games began in Athens, Greece in 1896, victorious athletes received a silver medal designed by a French sculptor and an olive branch.  Runner-ups received a bronze medal and a laurel branch. All medals for subsequent Olympic games were designed and manufactured by the Games’ hosting city.  For example, in 1900 the Olympics were hosted in Paris.  Therefore, all medals were designed and manufactured at the discretion of designated Paris officials.

WHY THE NEXT OLYMPIC GOLD MEDALS WILL BE HISTORY’S MOST VALUABLE

Although the design and production of the Olympic medals are left at the discretion of the Games’ host, all awarded medals must meet the outlined specifications required by the International Olympic Committee (IOC).

These rules include:

  • Only the top three (3) competitors are awarded medals;
  • Medals must be molded into a circular shape designed to allow prize to be attached to a chain or ribbon;
  • Medals must be produced at a minimum of 60mm in diameter and a minimum of 3mm density;
  • 1st place medals must consist of 550 grams of silver (93%), (minimum 925-1000) and coated with 6 grams (1.34%) of pure gold;
  • 2nd place medals must consist of 550 grams of silver (minimum 925-1000);
  • 3rd place medals are created with a combination of copper, tin and zinc.

This year’s Summer Olympic Games are being held in London.  The 2012 host has designed this year’s medals to measure 85 mm in diameter and 7mm density.  Although London’s medals do not break any records as far as size, an enormous climb in the value of gold and silver within the past five years have led to London presenting the most precious Olympic medals in history.

Have you watched the rise in the [1]value of gold, platinum and silver throughout the last decade?  Below is a quick cheat sheet to demonstrate how these precious metals have consistently increased in value over the last ten (10) years.

 

Year

Average Price of Gold per oz

Average Price of Platinum per oz

Average Price of Silver per oz

2002

$   309.73

$   539.13

$   4.59

2003

$   363.38

$   691.31

$   4.87

2004

$   409.72

$   845.31

$   6.67

2005

$   444.74

$   896.87

$   7.31

2006

$   603.46

$ 1,142.31

$ 11.55

2007

$   695.39

$ 1,303.05

$ 13.38

2008

$   871.96

$ 1,573.53

$ 14.99

2009

$   972.35

$ 1,203.49

$ 14.67

2010

$ 1,224.53

$ 1,608.98

$ 20.19

2011

$ 1,571.52

$ 1,465.13

$ 35.12

Chapes JPL in Atlanta has been in the business of buying gold, fine jewelry and other precious metals, as well offering asset based loans, since the 1980 Olympics in Moscow.  We know the true value of your gold, platinum, sterling silver and other high-ticket assets.  While we are always willing to buy your gold or jewelry, we also provide secure short-term loans at some of the nation’s lowest rates.

As you can see by the table provided above, the value of gold, platinum and silver continually appreciate and we believe the trend will continue.  When you use your gold, diamonds, jewelry and watches for a loan verses selling outright, you will have leverage for a loan for years to come.

To learn more about Chapes JPL’s locations in Atlanta and Boca Raton, or to simply schedule a free appraisal appointment, please visit us online at chapesjpl.com


[1] This information was found at Kitco.com, Goldmasterusa.com and Platinum.matthey.com.

 

The value of Olympic Gold Medals was last modified: April 25th, 2018 by Lee Benhayon