Dillon Gage Metals Talks Size, Composition and Value
Dillon Gage Metals, an international precious metals wholesaler, is ready to educate the public on everything they need to know about the Olympic medals slated to be awarded at the 2016 Summer Games in Rio. And some of the facts may surprise you.
For openers, there’s the composition breakdown of the precious metals in each medal. The gold medals awarded to the best of the best are pretty much gold in name only. In reality, 92.5 percent of their composition is actually silver. Only one percent is actual gold (plated), with the remainder made of bronze. Silver medals are 96-percent silver and the bronze medals are approximately 97-percent copper.
“As a precious metals wholesaler, we seem to get the composition question every two years when the summer or winter games begin,” says Terry Hanlon, president of Dillon Gage Metals. “If the medals were 100-percent pure, they’d be worth quite a bit and would be much heavier too,” he added.
Created and designed by the host country’s Brazilian Mint, this year’s medals were created to reflect sustainability. The silver and bronze medals were made using 30-percent recycled metals and the gold medals were crafted to eliminate the use of mercury from the mining to design process.
The medals visual design has met with mixed reviews since their debut in June, but each one displays the 2016 Rio logo with traditional laurel leafs on the front—the Ancient Grecian symbol of victory in wreath form. The reverse side features the Greek goddess of victory herself, Nike, along with the backdrop of Greece’s Panathinaiko Stadium and the Acropolis.
Many may not be aware that all Olympic medals are designed and created according to guidelines set by the International Olympic Committee (IOC). These guidelines stipulate that the medals must be at least 60mm in diameter and 3mm thick. And the gold medals must include a minimum of six grams of actual gold. For the first time in history, Rio’s medals are slightly thicker in the middle than the edges, giving them a sleek look and feel.
Lastly, what are they worth in weight? That depends on spot prices which are constantly in flux. But a lot has changed over the past century. Solid gold medals were the norm in the 1912 Stockholm games, worth roughly US$2,500 each. This year’s Rio gold medals include approximately six grams of the yellow metal and we know a full troy ounce of gold is equivalent to about 31.103 grams.
Thus, in today’s gold prices, each top podium finisher in the Rio Summer Games will be wearing about $257 around their neck. However, winning a medal, any medal at an Olympic Games, is priceless.
Dillon Gage Metals wishes the best of luck to the competitors of all nations during the 2016 Rio Olympic Summer Games.
For more information, please visit www.dillongage.com or call (800) 375-4653.
About Dillon Gage Metals
Dillon Gage Inc. of Dallas, founded in 1976, companies include:
- Dillon Gage Metals (www.DillonGage.com/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. (800) 375-4653
- FizTrade Online Trading (www.FizTrade.com) offers real-time bid/ask trading platform for gold, silver, platinum and palladium. (800) 375-4653
- Digital Metals (www.DigitalMetals.com) delivers advanced tools and technologies that enable market participants to be more successful in their businesses. Digital Metals offers cloud-based solutions for physical precious metals marketplace built upon the Digital Metals Platform. (866) 494-3577
- Dillon Gage Refining (www.dillongage.com/refining/why-dg), 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
- International Depository Services Group with locations in Delaware, USA (www.ids-delaware.com; (888) 322-2431), and Ontario, Canada (www.idsofcanada.com; (855) 362-2431), offers secure, efficient and insured precious metals and certified coin depositories that focus of custom business logistics solutions which include storage, fulfillment, inventory managements and many other value added services.
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Nice article! So metal wise the silver is worth more than the gold?
how many gold silver and bronze metals will be awarded in Rio and how many were awarded in London and Beijing and sochi – thanks tom payne