The 2024 Olympics have finally commenced today, and for people between the ages of 45 and 65, who have grown up watching and supporting their favorite athletes, it’s an exciting time. As we gear up to cheer on our national teams in various sporting events, have you ever wondered just how much an Olympic gold medal is actually worth?

Contrary to popular belief, the prestigious award is not entirely made out of solid gold. In fact, it is mostly silver. The medal weighs 529 grams, with over 95.4% of it being made of silver, totaling 505 grams. Only six grams consists of pure gold, which acts as the plating of the medal.

Now, let’s talk money. One social media user shared a screenshot of a Google search that revealed the current monetary value of an Olympic gold medal: $820. They jokingly captioned the tweet, “An Olympic gold medal wouldn’t even cover my rent.” Another user chimed in, saying, “I would have to win 7 gold medals to pay for my 2013 Mini Cooper with hail damage.” It’s clear that the monetary value of the medal is lower than what many initially expected.

While it may be tempting to question the worthiness of pursuing an Olympic gold medal, it’s important to remember that these athletes are not in it for the money. Their dedication and sacrifices cannot be measured in monetary terms.

Forbes recently confirmed that the cost of a 2024 Olympic gold medal, which approximately 10,500 athletes are vying for, is around $950. This figure is based on the ‘spot price’ of gold, silver, and iron and takes into account the amount of these materials used to make the medal. Interestingly, this makes it possibly the highest value of any gold medal in the history of the modern games, surpassing the $708 record set in the 2012 London Olympics.

So, as you watch the Olympic games and witness the incredible achievements of these athletes, remember that the true value of a gold medal goes far beyond its monetary worth. It represents the culmination of years of hard work, dedication, and the pursuit of excellence.