Austerity At The Olympics: Each "Gold" Medal Contains 1.34% Gold

Tyler Durden's picture

As every Olympic athlete knows, size matters. The London 2012 medals are the largest ever in terms of both weight and diameter - almost double the medals from Beijing. However, just as equally well-known is that quality beats quantity and that is where the current global austerity, coin-clipping, devaluation-fest begins. The 2012 gold is 92.5 percent silver, 6.16 copper and... 1.34 percent gold, with IOC rules specifying that it must contain 550 grams of high-quality silver and a whopping 6 grams of gold. The resulting medallion is worth about $500. For the silver medal, the gold is replaced with more copper, for a $260 bill of materials. The bronze medal is 97 percent copper, 2.5 percent zinc and 0.5 percent tin. Valued at about $3, you might be able to trade one for a bag of chips in Olympic park if you skip the fish.

 

 

Size Matters...(via BBC)

 

Though Olympic gold is no longer 100 percent gold, a medal can still fetch big money. In 2010, a gold medal worn by Mark Wells, a member of the 1980 "Miracle on Ice" U.S. men's hockey team, was auctioned off for $310,700. Several years before that, Wells had sold his medal to cover medical expenses. Just before the auction, the medal was valued at $100,000 but it earned three times that amount. Heritage Auctions of Dallas identified the 2010 buyer as a rancher from the western U.S.

The question remains - with the minimum 103 medals expected to be won by US athletes, will Bernanke be forced to reduce the size of NEW QE as 'all that precious metal is horded and repatriated back to the USA'?

Source: Dillon Gage

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DougM's picture

Man, think of all the Grade A pussy you can get with a gold medal though.  You can't measure that in dollars.

agent default's picture

Try Nevada.  You can fix the price.

I think I need to buy a gun's picture

Its all the same old bullshit, the same people are still making all the money,,,,,but someone at NBC is getting fired tomorrow the womens beach volleyballers are in full suits, i mean they just lost 75% of male viewership NO AZZ Crack bitchez!!!!!!!!!!!

engineertheeconomy's picture

Put all the Bankers in a big pit with a bunch of hungry lions, that should help ratings!

redpill's picture

Only bankers win real gold medals for Financial Gymnastics.  Naturally, Barclays is a favorite for the floor routine in the LIBOR medley relay.

 

Zero Debt's picture

Fine, but check if there's no tungsten bars inside and that the medal hasn't been promised to someone else.

fockewulf190's picture

The CEOs get the gold. The corporate acolytes get the silver. The employees of the month work their balls off and get the three buck bronze attaboy or attagirl. The rest are the forgotten, who should all be kowtowing everyday in thanks and gratitude that they even get the chance to work behind the company logo at all.

monoloco's picture

"The bankers in a pit" Now there's an Olympic event that I'd pay $5000 a seat for.

smlbizman's picture

the better event would be to update the 1900 french pigeon shoot....were we release 300 bankers at a time, than count the bag...

fockewulf190's picture

I say reactivate the Colossium and throw them all to the lions. What a Pay-Per-View event that would be.

TPTB_r_TBTF's picture

Bankers are merely the minions of Oligarchs.  When the Lions are full, the Oligarchs will still be TPTB.

i-dog's picture

Exactly! And the lions will soon be fed....

Of what possible use would bankers be in a cashless society?

Red Heeler's picture

Point taken. Correct me if I'm wrong but for the very first Olympic Games back in 776 BC, the beach volleyballers competed in the nude.

hoos bin pharteen's picture

Yeah, but back then they were also dudes.  Eeewwww!

Mithril's picture

99.99% What a coincidence.... The Metals are provided by Rio Tinto - who for centuries have been controlled by majority ownership "The Grand Master Rothchild"..... Just like the banks. Look up Rio's history.
http://m.youtube.com/#/watch?v=20KDBELD20I

JohnG's picture

Debasement Bitchez!

Sudden Debt's picture

OFFICIAL FEDERAL RESERVE GOLD!!!
GET THEM WHILE THEY'RE STILL HOT!!!

at least there's still actuall gold in it...

metastar's picture

Will they pay taxes on it, or must it be kept in an off shore account?

Mactheknife's picture

What did you expect? They don't have any freakin gold in England. The brilliant Gordon Browne already gave most of it away.

Arnold Ziffel's picture

Pretty soon they will merely hand the Olympian a photo of a Gold Medal.

 

Now that's Barbaric!!

Tsunami Wave's picture

Especially if done with a polaroid camera or anything non-digital from kodak..

Dermasolarapaterraphatrima's picture

You all are totally wrong! My 'gold medal' is solid metal---spray p[ainted with gold paint.

There!

Zero Debt's picture

I miss those old days when the athletes competed nude, to celebrate the achievements of the human body. Now that females participate it would provide great viewer ratings and provide for a gender neutral celebration. Indeed, classic Greek olive oil could be used to great advantage to provide an appealing look, along with modern spotlight technology. The winner for best oiled body should be awarded a gold kilo bar to spur competition not only in the sports, but also in the body building arts.

veyron's picture

Can we get a plot of gold content (in grams) since 1896?  Has it increased or decreased?

DavidC's picture

http://www.coinweek.com/bullion-report/olympic-medals-are-still-made-of-...

Doesn't answer the question exactly but does show that 1904 to 1912 the gold medals were actually gold.

DavidC

CrockettAlmanac.com's picture

In 1913 the Creature from Jekyll Island started swimming in an Olympic sized pool.

A Nanny Moose's picture

Now it's syncronized swimming with all other CB's...to the bottom of the deep end.

Zero Debt's picture

While the total gold content may be constant, it has been diluted over a greater number of so-called sports which are more akin to leisure activities that do not really belong in the olympics. Seriously, basketball, field hockey, table tennis, badminton are not "classic" olympic sports.

agent default's picture

Considering that your average athlete contains about 50% hormone I would say it's a good deal.

Big Corked Boots's picture

Could be worse. Could be paper gold.

Sudden Debt's picture

or like the oscars during the war made out of chalk painted gold.

Monedas's picture

Even in peacetime the Oscars are "dipped" !      The Stalinesque left doesn't want to compromise the athlete's "amateur" status .... but mainly leftists are cheap bastards!

sangell's picture

Nah, that's awarded to the person who came in last!

Clever Name's picture

Last place for PRK athletes gets you a lead medal!

goldfreak's picture

or a Comex contract, here, you think you're so hot try take delivery

AL_SWEARENGEN's picture

What a joke. At least the cheap cocksuckers coughed up a little Silver. Worlds best athletes are screwed by the elite,, big surprise.

Broomer's picture

The article mentions that the weight of the smallest medal in 2012 is 375g. If it was made of pure gold, it would weigh about 700g (22.5oz). It would be worth 36,000USD, considering one troy ounce of gold at 1,600USD.

I don't know how many medals are given in each edition of the Olympics, but this surely would make costs higher.

Think for yourself's picture

Using your 36,000$ quote - 302 gold medals at the 2012 Olympics: $10,872,000 budget for the gold medals if each of them were 3/2 pounders.

The total budget is at least 17 billions USD, so that the gold medals wouldn't even be 0.07% of the budget....  

johny2's picture

The medals were provided by JPM, who were choosen for their experience.

Diet Coke and Floozies's picture

I wonder what the security cost is...

sangell's picture

But it would motivate contestants in the more arcane events to try harder to win.

fonzannoon's picture

Can someone answer this question for me...Why in the hell would Bernanke so overtly telegraph to the market that he is intent on doing QE? Having done that now the market has risen to a point where if he does it, it's priced in and the market probably sells the news. If he does not do it the market probably sells off hard. He can only play the game of saying he will do it without doing it for so long until his hand is forced and then it just looks useless.

Why telegraph it this way and take away and steal all of his own thunder?