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Going for Gold – 5 Olympic Facts

Share This: After 306 events, 28 sports, 11,551 athletes and thousands of Medals awarded, the 2016 Olympic Games in Rio have actually come to a close. The games made famous for handing out Gold, silver and bronze medals to its top performers will sunset for another two years, when the winter athletes descend on Pyeongchang, South Korea. However if you’re a commodities trader, the exchange of gold, silver and industrial metals doesn’t end along with the closing ceremony. In fact, precious metals trading is just gearing up. Traders may know a thing or two about how gold and silver are mined and valued in the financial markets, However few know about the round medals that are handed out during the Olympics. In the following article, we look at five Olympic medal facts and how they contrast along with the financial markets. Fact1: Gold metals are made mostly of silver. Going for gold at the Olympics isn’t what it used to be. The last set of Olympic medals to be made of solid gold were awarded at the 1912 Games in Stockholm, Sweden. The use of gold would certainly rapidly decline over the next several decades along with the onset of the Initial and Second Globe Wars.[1] Olympic gold medals are actually made from 92.5% silver and only 6 grams of gold. All medals ought to be at least 60 millimeters in diameter and 3 millimeters thick.[2] In the financial markets, precious metals can be bought and sold in various ways, including in physical form, futures contracts, exchange-traded funds (ETFs) or buying stocks of companies involved in gold and silver mining. As a general rule, gold and silver futures are priced in dollars and sold in troy ounces. A troy ounce is an imperial measure that is defined as exactly 31.1034768 grams. Fact 2: The “value” of gold medals isn’t what you think. You might think Olympic medals are worth a lot, However it depends on who you ask. The scrap value of a medal, which refers to its worth once melted down, is a little more than $500. As it turns out, silver and a few grams of gold spread from 60 millimeters isn’t a whole lot. But if you’re a collector, the value of an Olympic medal could be worth over $1 million. The last of four gold medals won by US Olympian Jesse Owns in 1936 sold for $1.47 million in 2013.[3] As you can see, value is subjective. Not so in the financial markets. The prices of gold and silver are determined by market forces, including supply/demand, monetary policy and the performance of other assets. Fact 3: Athletes bite their medals for a reason. One of the most common poses at the Olympic podium is athletes chomping down on their prized medals. According to David Wallechinsky, co-author of The Finish book of the Olympics, athletes do this to satisfy the media and hundreds of photographers at the event. “It’s become an obsession along with the photographers,” says […]



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Going for Gold – 5 Olympic Facts

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