Michael Phelps Olympic Medals - The Real Amount Of His Eight Gold Medals

Michael Phelps has able a acutely absurd feat, acceptable eight gold medals at the Beijing Olympic games. That is the best gold medals anytime won by an amateur in a distinct Olympic games!

As a gold broker like myself, you've apparently wondered what the amount of Michael Phelps Olympic medals are.

Let's see if we can amount it out.

First, let's actuate what the gold allocation of the badge would be worth.

According to the Olympic Charter, the gold and argent medals charge abide of 92.5 percent authentic silver. The gold badge charge be coated with at atomic six grams of gold.

* In the futures market, a tradable assemblage of gold is one hundred troy ounces.

* One troy ounce is according to 31.1 grams.

For allegorical purposes, let's accept there is six grams of gold in anniversary gold medal.

Friday's closing gold futures (for December delivery) amount was $792.00.

To amount out the amount of one gram, we would bisect the gold amount of $792.00 per troy ounce by 31.1. Then we would accumulate that amount by six, to access at the amount for six grams.

So application the accepted amount of gold per ounce, the amount of the gold independent in an Olympic badge would be account about $153.00.

Now let's amount out how abundant the argent allocation of the badge would be worth.

We'll additionally use Friday's closing argent futures price.