Detailed view of the gold medal of Daiki Hashimoto of Team Japan during the Men's All-Around Final on day five of the Tokyo 2020 Olympic Games at Ariake Gymnastics Centre on July 28, 2021 in Tokyo, Japan.
(Picture: Getty Images)In the spirit of the Tokyo Olympics 2021 games, there has been curiosity around the cost of the medals, especially the gold medal.
James, who goes by @caucasianjames on Twitter, took it upon himself to look up the price. And they were pretty disappointed alongside the rest of us.
"An Olympic gold medal wouldn’t even cover my rent," James wrote.
"These poor Olympians, we gotta give them Teslas instead or something," he continued.
Although the medal is priceless, the cost of an Olympic gold medal is $820 at the current metal price.
an olympic gold medal wouldn’t even cover my rent pic.twitter.com/niiLzbhdED
— James (@CaucasianJames) July 28, 2021
Finding this out, people had a lot to say about the cost in the comments of James’ post.
"I would have to win seven gold medals to pay for my 2013 Mini Cooper with hail damage," someone wrote.
"How[are] they [going] say it’s priceless, then list the exact price, not even a full sentence after," another added.
A third also commented that the cost wouldn’t cover a speeding ticket, as they wrote, "wouldn’t even cover Georgia’s speeding ticket smh."
Check out some other responses to discovery below.
But winning that medal gives you anywhere from 25k to 35k 😂😂 https://t.co/2WWSc3gp5O
— c (@csims2015) July 28, 2021
Should get my own medal https://t.co/iwtbUOb8jb
— Dr. Prof. Batman, Lord of Saturn (@tormentedcactus) July 28, 2021
I love them trying their best to make it sound valuable like, “It’s priceless,of course, but…” https://t.co/mE0V27q26i
— 🏳️🌈Matt Bentley🏳️🌈 (@matt_bentley_) July 28, 2021
Surely not https://t.co/7VZhC1hk4r
— kwansum (@jasminekwansum) July 28, 2021
@Olympics you guys are cheap af https://t.co/4En9yadRjn
— c h a r l e y (@chxrleymmxrkett) July 28, 2021
You’re telling me a whole ass gold medal is $820?!??? Why tf are jewelry stores selling tiny vintage gold charms for $550 https://t.co/MEmJoUy9yS
— liv (@microandmargs) July 28, 2021
Damn…. 🧐 https://t.co/wNiknH8Iuk
— Steven Garcia (@GarciaSteveng) July 28, 2021
According to CNBC’s market watch, "the 6 grams of gold and 550 grams of silver in the Tokyo Olympics’ first-place medal are worth $353 and $466."
That’s $265 more than the 2018 medal that was valued at the time of the PyeongChang Opening Ceremony, even though this year’s medal has around 30 grams less silver.
Due to inflation, precious metals are much more valuable today than they were three years ago.
Here's a more in-depth look at how the value of the Olympic gold medal's composition has changed due to precious metal inflation pic.twitter.com/B9lxhD0eM0
— Robert Hum (@HumOnTheMarkets) July 23, 2021
