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Sport Million-dollar question: Olympic gold's true value

07:46  19 july  2021
07:46  19 july  2021 Source:   wwos.nine.com.au

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Whereas, winning an Olympic gold medal is equating your own achievement to your nation’ s achievement as well. You are inspiring people and treasuring the pride of your own country, winning a challenge that the rest of the world takes so seriously. No question , I’d take the medal every single time. Usually, those that will Olympic Gold do so as a result of massive motivation, discipline and self control, as well as strong self belief and a good group of people supporting them and driving them to success. I dunno what everyone else thinks, but that sounds cooler to me than being able to buy a

Olympic medal money varies by country but in the U. S . athletes make K for gold , K for silver and K for bronze, plus millions in endorsements. The endorsements however only come to the cream of the Olympic crop, with athletes like phenom Michael Phelps scoring the most medals ever and the most endorsement deal riches. Some countries like Azerbaijan will pay 0,000 for a gold (they’ve never had to break the seal on that) while others like Italy can and do pay 0,000 for a gold .

The emotional rewards associated with the honour of representing your country at an Olympics are unimaginable. However the recent announcement by athletes such as Roger Federer, Serena Willaims, Ben Simmons and Nick Kyrgios to officially withdraw from the Tokyo Olympics has got me thinking about the potential financial gains, or sacrifices in Kyrgios' particular case.

What is it really worth for an athlete to attend the Olympics? How much does winning a medal change their ability to commercialise themselves? And importantly, should professional sports - such as soccer, golf and tennis that already attract significant revenue and profit - really be part of an Olympic Games?

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This year’ s gold medal weighs 586 grams, making it the heaviest gold medal in Olympic history. This is a few dollars more than the gold medals at the last two Olympics in Rio and Sochi. However, it remains a long way off from 8 dollar record value of the gold medal at the 2012 London Olympics . While it is known throughout the world as the gold medal it is actually a silver medal plated with gold .

Gold Medal Value . Gold medals at the 2018 Pyeongchang Olympics weighed in at 586 grams, almost 20% heavier than the 2016 Rio Olympic gold medals. They were 92.5 mm in diameter. In February 2018, gold traded around per gram and silver traded at approximately

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Actual value of gold medals around 0. (CNN) What is the true value of an Olympic gold medal? When Fanny Blankers-Koen swept a record four track and field gold medals at the 1948 London Olympics , the mother-of-two -- nicknamed the "Flying Housewife" -- was given a new Almost seven decades later, fellow Dutchwoman Dafne Schippers takes to the track at the Rio Olympics as the favorite to win the 100 meters and 200 meters -- with tens of millions of dollars in sponsorship deals at stake. "She could be in line to become the face of the Rio Olympics ," said Dutch sports marketing

An Olympic gold medal is worth about 0-0 dollars each and depends on the price of gold at the time. The Gold Medal from the 1912 Olympics held in Stockholm, Sweden weighed in at approximately 24 grams of pure gold . At Auction of course it would be much more valuable because of the historical and sentimental value along with the precious metal.

.60 per gram. At these price levels, the true value of a gold medal at the 2018 PyeongChang Olympics was about 6 during the Games.

Nick Kyrgios looking at the camera: Nick Kyrgios interacts with the crowd after retiring injured against Felix Auger-Aliassime at Wimbledon. © Getty Nick Kyrgios interacts with the crowd after retiring injured against Felix Auger-Aliassime at Wimbledon.

When I think about the athletes around the world who have had notable financial success, almost always I can see a direct link between their 'on-field' success and their 'off field' business acumen.

Take Federer for example. Latest stats show he is ranked the seventh richest athlete in the world. This is despite being out of commission for much of last year with a knee injury. In fact, 100 per cent of the Fed's $90 million in earnings in the 12 months to May 21 (per Forbes) was from sponsorship deals with brands like Rolex, Credit Suisse and Uniqlo.

So when you think about the national and global profile opportunities that an event like the Olympics offers athletes, there is certainly more than a medal and national pride at stake.

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Taiwanese Olympic gold medal winners can get as much as 20 million New Taiwan Dollars , or 0,000, while silver medalists earn 3,000 and a bronze medalists earn 0,000. These are nice medals and have a high cold silver or bronze content and besides material value are also prized collector items. But there is no monetary award from the Olympics themselves. However it is quite common for MANY countries including apparently the United States now to provide special monetary awards to their citizens winning awards.

A good questions to add to this question would be "Why on earth would you want to sell a special Olympic medal?" Is there no sentimental value ? If I have in 1870 1000 sterling pounds in gold each coin weights 0.2354 oz (0.917 gold fine) I have 235.4 ounces (estimated 216 ounces of pure gold ) Today value per one gold ounce is 460 pounds and today´ s value would be almost 100.000 pounds.

In fact, when I think about Australian athletes who have attended the Olympics or won medals, the flow-on impacts to their commercial success and financial heft, or their ability to sell their personal brand, are astronomical.


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a man smiling for the camera: Kyle Chalmers after winning gold in the 100m freestyle at the Rio Olympics. © Getty Kyle Chalmers after winning gold in the 100m freestyle at the Rio Olympics.

Don't get me wrong, the pure joy of winning a medal after years of hard work and toil is the primary focus. But it would be folly to suggest athletes just like the competition and don't realise what winning a gold medal could mean commercially for them.

That said, the Olympics don't make it easy for athletes to commercialise themselves during the Games due to protecting official Olympic sponsors. They've relaxed some of these rules, but further relaxing would help amateur athletes make financial gains from the event, which for most of them is their key exposure period that happens every four years (if they're lucky enough to make multiple Olympic Games).

3. Olympic participation: "Oil Man" Taufatofua again

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Considering that up until the last few decades Olympics were only open to amateur sports people - which is why we didn't have a 'Dream Team' until 1992 because it was only college basketball players until that point - this then really begs the question of why professional sports are part of the Olympics?

Do we want to see the best of the best or the best of the rest; the non-professionals? Should we be reserving this exposure opportunity for athletes who live for this opportunity as their core event? Also, where does the line get drawn? Field hockey players play professionally in Europe on a modest income - should they be allowed to compete?

It's complicated, but I wonder why, after all this waiting for the Games to actually happen, we are all let down when 'big name' athletes pull out on the eve of the Games. And should they even be considered?

** Matthew Pavlich is a Nine sports presenter and co-founder of Pickstar

Olympic medal rush for Australian rowers .
Australian rowing crews have won four medals in a memorable morning in Tokyo, including gold in both the men's and women's coxless fours.While the rowing team won five Olympics medals in Sydney, gold proved elusive but the Australians had two in the space of 20 minutes in Tokyo.

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