Guess How Much Gold Was Used For 2018 Winter Games Medals, It's Less Than You Think
(Kitco News)- The countdown begins - in one month athletes from around theworld will converge in Pyeongchang, South Korea to compete for their country’shonor and the coveted Olympic medals.
In total, only about 50 ounces of gold was used to createall the gold medals that will be handed out.
On its website, the International Olympic Committee saidthat the South Korean medals were designed by the country’s celebrated designer Lee Suk-woo.
“Their design was inspiredby the texture of tree trunks, with the front bearing the Olympic rings anddynamic diagonal lines that reflect both the history of the Olympics and thedetermination of the participants,” the IOC said.
As with all contemporary Olympic medals since 1912, there isactually very little gold in the gold medal, as it is made mostly out of silverwith only six grams of gold plating.
However, what sets South Korea’s medals from previousOlympics is the purity of the silver and the amount of the precious metal thatis used. According to official Olympic website, the gold medal is made from99.99% pure silver and weighs 586 grams.
In comparison, at the last Olympic Games in Rio de Janeiro,the Brazilian mint said that its gold medals were made from silver with 95.5%purity. Rio 2016 medals were produced using 30% recycled materials.
South Korea’s medals are also much heavier than Rio’s, withthe gold medal weighing 586 grams, the silver medal weighing 580 grams and thebronze medal, which is 90% copper and 10% zinc, weighing 493 grams.
In total, 259 sets of medals have been made for the WinterGames. Crunching the numbers, 9,659 ounces of silver was needed for both goldand silver medals. With silver prices currently trading around $17 an ounce,the total value of all the medals is $164,203.
Looking at gold, less than 50 ounces were used for all themedals. At current prices of around $1,314 an ounce, the total value is around $65,700.
But, everyone knows the money isn’t in the medalsthemselves, it’s the achievement that pays. For this year’s games, U.S.athletes who come home with the gold will get paid $37,500 per medal, up fromthe $25,000 payout during the Rio Games. A silver medal earns an athlete $22,500,while a bronze winner gets $15,000. Paralympic athletes will earn $7,500,$5,250 and $3,750 for gold, silver and bronze, respectively.
North of the border, Canadian athletes (and theyexcel at winter sports because they have to do something with all that coldweather) gold medal winners will get $20,000, the silver winners will get $15,00and the bronze winners will get $10,000.
By Neils ChristensenFor Kitco News
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nchristensen@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.