About That 2018 Winter Olympics Gold Medal: There’s A Reason Gold Is Called “Precious”

What sets first place apart from first loser? As we find out for the latest gold and silver medals, not that much at all…

Gold, silver & bronze. All of them are respectable in their own rights.

Bronze, well, it’s like the consolidation price.

Once coming in for a cool second place we start talking about something “precious”.

Coming in first place, now that’s something truly special, isn’t it?

Kind of.

You see, the actual metal, or should I say, metals, used in the gold medal are indeed precious, but there’s a little secret about the gold medal: It’s mostly silver.

Here’s more from Yahoo Finance:

As far as what makes up the medals, don’t go thinking the gold medal winners are getting pure gold, which hasn’t happened since the 1912 Stockholm Olympics. Like past medals, the gold medals for this Olympics are mostly composed of silver, using 580 grams with a 6-gram gold coating. In total, the 259 gold medals handed out in PyeongChang will hold 1,554 grams of gold, or 3.43 pounds.

Using only a thin layer of gold, while possibly disappointing for the purists, makes sense when you remember gold is extraordinarily expensive and only getting more expensive. Currently trading at around $1,330 per ounce, the gold in Korea’s gold medals would trade at around $281 per medal and $72,905 total. You can only imagine how expensive medals would if they were made with, say, 600 grams rather than six.

The silver medals are essentially the gold medals without the gold, composed of 580 grams of silver. Between the gold and silver medals, this Olympics’ medals will use 300,440 grams of silver, equivalent to 662 pounds or nearly a third of a ton. With silver hovering around $17 per ounce, that chunk of silver would go for around $180,000 between the two sets of medals.

So back to the initial question: What sets first place apart from second?

Six measly grams.

But the mainstream media wants us all to think gold is no big deal. Some sort of barbarous relic or pet rock.

Gold is a big deal.

Stack accordingly…

– Half Dollar