Dillon Gage Metals, one of the world’s largest precious metals wholesale firms, is educating the public about the Olympic medals slated to be awarded during the 2018 Winter Games in Pyeongchang, South Korea. The games begin February 9 and run through Feb. 25, 2018. As it turns out, what the gold, silver and bronze medals are really worth may surprise you.
“As a precious metals wholesaler, we get this question of value every two years or so when the Olympic Games come around,” said Terry Hanlon, president of Dillon Gage Metals. “First and foremost, the first place medals aren’t solid gold but rather silver with gold plating. If they were 100 percent pure, they’d be worth quite a bit and would obviously be much heavier too.”
The 2018 Pyeongchang medals, created by South Korean designer Lee Suk-woo, offer multiple tributes to the country’s history, even going so far as to incorporate Hangeul, the Korean alphabet, into the designs.
Now, to what they’re worth.
Each of the gold medals is actually comprised of 99.9 percent silver, with six grams of plated gold, weighing 586 total grams. The silver medals weigh 580 grams and the bronze weigh 493 grams.
In calculating a gold medal’s worth, first we take into account the fact that it is 99.9 percent silver, weighing 580 grams. It takes 31.1033 grams to equal a troy ounce. Now for the math. The current price of silver is trading at approximately $17.00 USD. Using an equation to solve the silver composition:
580g/31 x $17.00 = $318.06
Next, we add in a calculation accounting for the six grams of gold. At current prices, an ounce of gold is trading around approximately $1,340. Using an equation to solve the gold composition:
6g/31 x $1,340 = $259.35
Thus, the actual combined value of the gold and silver composition in a Pyeongchang Winter Olympics gold medal would be worth approximately $577.41.
Regardless of the actual value, winning a medal – any medal – at any Olympic Games competition is, in a word, priceless. Dillon Gage Metals wishes the best of luck to all competitors of each nation during the 2018 Winter Olympic Games in Pyeongchang.
For more information, please visit www.dillongage.com.
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About Dillon Gage Metals
Dillon Gage Inc. of Dallas (founded in 1976) companies include:
• Dillon Gage Metals one of the world’s largest precious metals wholesale trading firms. The firm is an authorized purchaser for all major world mints and maintains inventory in over 20 countries around the world. Additionally, the company provides advanced tools and technologies that enable market participants to be more successful in their businesses, allowing electronic trading and offering cloud-based solutions for the physical precious metals marketplace. 800-375-4653.
• FizTrade Online Trading offers a real-time bid/ask trading platform for gold, silver, platinum and palladium. 800-375-4653
• Dillon Gage Refining, professional assayers and refiners of precious metal scrap, from low grade to karat scrap. Stone removal services and diamond experts on staff. 888-436-3489
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