â†µâ‡¥If Michael Phelps were to melt down the eight gold medals he won at the Beijing Olympics Games and sell the gold, he could probably only make about $1,225. â†µâ‡¥â†µObviously, the medals could actually be sold for much more to idiots who like to collect the possessions of others. For example, a Polish swimming auctioned off her ’04 gold medal for $82,599, despite the metals themselves only being worth about $150. Once again, this proves that collecting memorabilia is the most effective waste of valuable resources imaginable. Go earn your own trophies. â†µ
â†µâ‡¥The famed gold medals are mostly made of silver, not gold. Only six grams, or 0.19 ounce, of gold is required to coat the medal. With gold futures closing at $806 an ounce on Monday, an Olympic gold medalist couldn't ask much more for the precious metal -- but the value of the precious medal would be much higher. â†µâ‡¥â†µ
â†µIn other news of athletes striking it “big,” American wrestler Henry Cejudo stands to collect a total of $65,000 for the gold he won on Tuesday night. His response to taking home this king’s ransom: “I’m rich. Maybe I can start investing.” Good luck with that, thousandaire. â†µâ†µ
This post originally appeared on the Sporting Blog. For more, see The Sporting Blog Archives.