Uses of Gold

What Olympic “Gold” Medals are made of?

Olympic gold medals have not been made from pure gold since 1912 games. The 2012 games awarded 302 gold medals, making the cost to make that many medals from solid gold much too high to be practical. Each host city has an organizing committee that determines the specific composition for each games. However, the International Olympic Committee has certain requirements for Olympic medals. All medals must measure 60mm across and 3mm thick. Gold medals must have six grams of gold plating. The majority, 92.5 percent, is made from silver. The rest of the medal is copper.

Most winners hold on to their medals. However, a few are willing to sell them. The value of the metal within each gold medal is about $600. However, to collectors these medals can be worth much more. Each Olympic medal has a story behind how it was won. The ones from more famous athletes or memorable story lines during the Olympics are worth more.

Olympic medals can show up on eBay, and many are sold through special dealers of Olympic memorabilia. The average selling price for an Olympic gold medal is around $10,000. More famous gold medals fetch a higher price. One expert claims Michael Phelp’s record breaking 19th medal could be worth up to $50,000 at auction. A medal from the 1980 United States Hockey team was recently auctioned for $310,700. It all depends on the event and the history surrounding the victory.

What Is Gold Used For?

Gold is one of the most valuable precious metals in the world, and it has been considered valuable in every civilization in the history of the world. Besides just being a precious metal, it is also used in many different capacities. Here are a few different uses of gold.

Store of Value
Gold is used as a store of value. It is often crafted into coins or bars and sold to speculators. The value of gold fluctuates frequently, but it always retains some value since it is a physical object and a precious metal. Some people store large amounts of gold bullion as an investment strategy.

Jewelry
Gold is also one of the most commonly used precious metals in the jewelry industry. People make rings, earrings, necklaces, bracelets and other jewelry out of this metal.

Electronics
Gold is also frequently used in the electronics industry. Gold is considered to be one of the best and most efficient conductors in the world. Because of this, it is often used in the wiring of electrical components. It is not the cheapest conductor out there, so it’s not always used, but it is utilized in many different electrical devices.

Dentistry
Gold has been used in the dental industry for hundreds of years. It’s not as widely used today due to other solutions being available, but some people do still have gold fillings in their teeth.

Medical Usage
In some cases, gold can be used in the medical industry as a treatment option. Some medical conditions and diseases can be treated with injections of solutions that contain gold in them.

Computer
In the computer industry, many computer companies use gold as a component. Gold can transmit data well, so it is often used in computer chips and other similar components on a regular basis.

Who knows? Maybe the gold you sell today will be used in your next computer!