Michael Phelps has accomplished a seemingly hopeless feat, winning 8 gold medals in the Beijing Olympic games. That is the most gold medals ever won by an athlete in a single Olympic games!
As a golden buyer like myself, you have probably wondered what the worth of Michael Phelps Olympic chords are.
Let’s find out whether we can figure out it.
First, let’s determine what the gold part of the decoration is worthwhile.
According to the Olympic Charter, the golden and silver silver chords should consist of 92.5 per cent pure silver. The gold decoration has to be coated using at least six grams of stone challenge cup.
In the futures marketplace, a tradable unit of gold is one hundred troy ounce.
1 troy ounce is corresponding to 31.1 g
For illustrative reasons, let us hypothetically say that there is six g of golden in each gold decoration.
Friday’s closing gold futures (for December delivery) value was 792.00.
To work out the price of one g, we would split the gold value of $792.00 per troy ounce by 31.1. Afterward we would multiply that figure by six, to arrive in the purchase price for six grams.
Consequently using the current selling price of gold per oz, the worth of the gold found in a Olympic medal could be value around $153.00.
Now let’s figure out how significantly the silver section of the medal is worthwhile.
We will also utilize Friday’s closing silver inventories price.
At $12.82 per cent troy oz, the
portion (41 pennies times 92.5 grams) of the Olympic medal would be really worth $38.13per cent
That all adds up to a estimated value of around $191.00. Needless to say, the price of gold and silver fluctuates on a daily basis. So that the price of this medal it self will depend up on the way the metals economies are still performing at the right time of their calculation.
Let is not forget this year’s Olympic medals also incorporate a mosaic ring of Jade. The inclusion of this gem that is precious will even influence the worthiness.
The genuine significance of an Olympic gold decoration is more than just the makeup of the raw substances, however.
Think about precisely what Michael Phelps has accomplished:
He turned into the first athlete to win 8 gold awards in a Olympic Games
He cried 17 times in 9 days.
He drifted against 239 competitions in human events alone!
He blasted seven world recordings!
He place 4 world records in different activities.
From the 200 meter blossom, he drifted a bulk of their race together with water-filled goggles and was unable to see.
In the 100 meter flyhe won the race by only 1/100th of a second!