How is that true the gold medals are only worth around $560
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In fact, out of the 500 grams of metal, only 6 are 24-karat gold, which is used to plate the medal. The other 494 are sterling silver. (Silver medals contain 500 grams of sterling silver and are valued at about $320. Bronze are 475 grams of copper and 25 grams of zinc and are worth very little.)
So, at Monday morning prices of $43.21 for a gram of gold and 64 cents for a gram of silver, one of Phelps’ gold medals is worth about $260 in gold and another $300 in silver for a not-so-grand total of about $560. If you’d put all of Phelps’ medals together, you’d come up with only about $14,500, give or take.