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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Sat, 07/28/2012 - 20:31 | 2659627 DougM
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.

Sat, 07/28/2012 - 20:35 | 2659633 agent default
agent default's picture

Try Nevada.  You can fix the price.

Sat, 07/28/2012 - 20:40 | 2659643 I think I need ...
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!!!!!!!!!!!

Sat, 07/28/2012 - 20:55 | 2659671 engineertheeconomy
engineertheeconomy's picture

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

Sat, 07/28/2012 - 21:42 | 2659747 Manthong
Manthong's picture

Apparently, you do not need a medal to score at the Olympics..

http://www.forbes.com/sites/johnclarke/2012/07/16/who-will-win-the-sex-olympics/

 

Sun, 07/29/2012 - 00:17 | 2659875 redpill
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.

 

Sun, 07/29/2012 - 07:05 | 2660019 saturn
saturn's picture

LOLympics..

Sun, 07/29/2012 - 10:17 | 2660128 Zero Debt
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.

Sun, 07/29/2012 - 11:00 | 2660182 fockewulf190
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.

Sat, 07/28/2012 - 23:04 | 2659836 monoloco
monoloco's picture

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

Sun, 07/29/2012 - 08:54 | 2660068 smlbizman
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...

Mon, 07/30/2012 - 01:15 | 2661598 fockewulf190
fockewulf190's picture

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

Sun, 07/29/2012 - 04:15 | 2659966 TPTB_r_TBTF
TPTB_r_TBTF's picture

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

Sun, 07/29/2012 - 10:40 | 2660158 i-dog
i-dog's picture

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

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

Sun, 07/29/2012 - 08:49 | 2660064 Red Heeler
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.

Sun, 07/29/2012 - 09:55 | 2660110 hoos bin pharteen
hoos bin pharteen's picture

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

Sat, 07/28/2012 - 23:16 | 2659840 Mithril
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

Sun, 07/29/2012 - 00:15 | 2659877 Mithril
Mithril's picture

Deceiving the public since Waterloo.....

Sat, 07/28/2012 - 20:32 | 2659630 JohnG
JohnG's picture

Debasement Bitchez!

Sat, 07/28/2012 - 21:04 | 2659667 Sudden Debt
Sudden Debt's picture

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

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

Sat, 07/28/2012 - 21:14 | 2659709 metastar
metastar's picture

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

Sat, 07/28/2012 - 23:03 | 2659833 Mactheknife
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.

Sun, 07/29/2012 - 02:05 | 2659811 Arnold Ziffel
Arnold Ziffel's picture

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

 

Now that's Barbaric!!

Sun, 07/29/2012 - 02:36 | 2659940 Tsunami Wave
Tsunami Wave's picture

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

Sun, 07/29/2012 - 07:51 | 2660034 goldfreak
goldfreak's picture

a GLD certificate

Sun, 07/29/2012 - 09:25 | 2660090 Dermasolarapate...
Dermasolarapaterraphatrima's picture

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

There!

Sun, 07/29/2012 - 10:24 | 2660141 Zero Debt
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.

Sat, 07/28/2012 - 20:32 | 2659631 veyron
veyron's picture

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

Sat, 07/28/2012 - 20:59 | 2659680 DavidC
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

Sat, 07/28/2012 - 23:37 | 2659852 CrockettAlmanac.com
CrockettAlmanac.com's picture

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

Sun, 07/29/2012 - 00:22 | 2659881 A Nanny Moose
A Nanny Moose's picture

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

Sun, 07/29/2012 - 10:30 | 2660152 Zero Debt
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.

Sat, 07/28/2012 - 20:33 | 2659632 agent default
agent default's picture

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

Sat, 07/28/2012 - 20:36 | 2659638 Big Corked Boots
Big Corked Boots's picture

Could be worse. Could be paper gold.

Sat, 07/28/2012 - 20:49 | 2659661 Sudden Debt
Sudden Debt's picture

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

Sat, 07/28/2012 - 20:54 | 2659670 Monedas
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!

Sat, 07/28/2012 - 21:47 | 2659754 Peter Pan
Peter Pan's picture

Or tungsten.

Sat, 07/28/2012 - 22:39 | 2659815 sangell
sangell's picture

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

Sun, 07/29/2012 - 00:50 | 2659901 Clever Name
Clever Name's picture

Last place for PRK athletes gets you a lead medal!

Sun, 07/29/2012 - 07:53 | 2660036 goldfreak
goldfreak's picture

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

Sat, 07/28/2012 - 20:40 | 2659644 AL_SWEARENGEN
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.

Sat, 07/28/2012 - 21:26 | 2659727 Bay of Pigs
Bay of Pigs's picture

It's disgusting. 

Sat, 07/28/2012 - 20:40 | 2659645 Broomer
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.

Sat, 07/28/2012 - 20:51 | 2659663 Think for yourself
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....  

Sat, 07/28/2012 - 21:50 | 2659759 johny2
johny2's picture

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

Sun, 07/29/2012 - 12:04 | 2660329 Diet Coke and F...
Diet Coke and Floozies's picture

I wonder what the security cost is...

Sat, 07/28/2012 - 22:41 | 2659819 sangell
sangell's picture

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

Sat, 07/28/2012 - 20:42 | 2659649 Yen Cross
Yen Cross's picture

 M&M's

Sat, 07/28/2012 - 20:42 | 2659650 fonzannoon
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?

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