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Is There Gold Is In Olympic Gold Medal?

By Jon Zolsky, Daytona Beach, FL

Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

August 19, 2012 10:47 AM

Yes, but not a lot. According to the article by Mike Opelka, the Olympic Gold medal in the last games had 1% gold, 92.5% silver and the rest is copper.

Still, considering the weight of the gold medal, which is about 1 pound and is just over 3 inches in diameter, it is about 4.5 gr of pure gold.

Metal for the medals comes from Rio Tinto’s Kennecott Utah Copper Mine near Salt Lake City and also from Mongolia and they were produced by Royal Mint in South Wales.

Well, there is gold and there is money, so there is IRS. There is calculation that a gold medalist would owe IRS $8,986 based on the value of the medal ($675) plus the $25K bonus if taxed at 35%. However, only few athletes make that much money to trigger 35% tax rate. Besides, actual tax may be less due to business deductions.

Hmm, it is always more to the Olympics than just sports.

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Jill Sackler

Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY

LI South Shore Real Estate - Broker Associate

I know. I heard that too. They say different countries handle it differently. Certain athlethes who have made millions can handle it (like Michael Phelps) but others have families who've taken major loans to get where they are.

Aug 19, 2012 11:08 AM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

Jill - For some reason people tend to think that they get money in endorsements, but few do. And except for these few their earning are greatly exaggerated

Aug 19, 2012 12:30 PM

William Johnson

Retired - La Jolla, CA

Retired

Hi Jon, There is a bipartisan bill in the house to exempt the stipends paid to athletes in the Olympics from any tax. I actually like the idea.

Aug 19, 2012 01:35 PM

William - me too... Nice that at least this is bipartisan

Aug 19, 2012 02:51 PM

Ted Baker

Carmody and Associates LLC - Winter Haven, FL

MidFloridaMediation.com

Hi Jon - my measure of the politics of the Olympics would be the Moscow games of 1980. The United States President Carter pulled the USA out of the games in protest over the Soviet invasion in Afghanistan. I do not recall any compensation paid to the atheletes for their loss or cost of training, so maybe some sort of tax benefit for being pawns in the Great Game might be appropriate.

The ironic fall out of Carter's decision included the Warsaw Pact nations boycott of the Los Angeles Olympics of 1984 and the decision for the US to fund and equip elements of the Mujahidin and other forces opposing the Soviets - to include Osama Bin Laden. How did that work out for us ?

Aug 19, 2012 08:48 PM

Dick and Dixie Sells

Sells Real Estate, LLC - Trinity, FL

Realtors, Tampa Bay Florida Homes For Sale

Jon- Very interesting facts on the Gold Medals. Interested to see if that bill passes.

Aug 19, 2012 10:15 PM

Ted - not sure the Afghanistan and US support of Osama was a lesson learned. It is a dangerous game, and when I read and watch bringing democracy by force, I think the lesson is not learned.

We should be about security and not democracy in our foreign policy. I think that if it is about security, we can do well with the whole world, and when it is democracy, you can't treat the world uniformly, hence brazen Korea and Iran, which know that after we burned in Iraq and Afghankstan, we would not follow any principles

Aug 19, 2012 10:46 PM

Dick & Dixie - in these times I think it will pass, as if you can't get the consensus about something this innocent and patriotic, what can you expect from the society. Especially, because there is very little money involved. Too many athletes would anyway pay very little or nothing as their expenses may outweigh what they have received.

It is a gesture, and we need something good.

Aug 19, 2012 10:50 PM

Melissa Zavala

Broadpoint Properties - Escondido, CA

Broker, Escondido Real Estate, San Diego County

It's not what is in the medal, I guess. It is what it represents. Personally I feel badly for those that come in 4th place. Still pretty awesome, but they do not get a medal. Also, hard to believe that taxes would be owed on the medal.

Aug 20, 2012 12:58 AM

Melissa - I agree with this tax ugliness of it, as these medals are not the value of the metal, but the value of the effort and spirit, and endurance, and then comes IRS and says that your medal is worth $675 because of the cost of its content. What a misguided view

Aug 20, 2012 02:09 AM