Friday, August 15, 2008

"Orympics"



Are gold metals actually solid gold? Olympians as well as gold longs must be upset for the current trend in the commodity.

The Olympics aren't as exciting as they use to be. I especially dislike the gymnastics. The U.S. has the most attractive team this year but it still wasn't enough to grab my attention. Gynastics is the same as it was when I use to watch it as a child. The same uneven bars, the same floor exercise, the same everything! There has been little to no progression in the sport... and it bores me.

Things worth watching during the Summer Games:

1. Beach Volleyball
2. Table Tenis
3. Rowing
4. Shooting
Now, this is a sport!

1 comment:

Twoez said...

The Olympics gold medal is actually pure silver with about 6 grams of gold plating.

A trading unit of gold in the futures market is 100 troy ounces
One troy ounce is about the equivalent of 31.1 grams

Gold has fallen since the opening ceremonies on Friday. On Monday the settlement, or NYMEX closing price, of gold futures for August delivery was $821.50, down over 4% to settle at its lowest level in 2008.

At a price of $821.50 per troy ounce, divide $821.50 by 31.1 to get the price of 1 gram, and multiply by 6 for the price of 6 grams, and at Monday's closing price, the raw value of the gold in a gold medal is $158.5.

On Friday, gold settled at $829.8 per troy ounce, therefore the value of gold in a gold medal on Friday would have been $160.09.
Sounds like a ripoff to me!