Posts tagged with "2021 Tokyo Olympics"

illustration by Samantha Miduri for use by 360 Magazine

How Much is an Olympic Medal Worth?

This year, one of the world’s largest precious metals wholesale trading firms, Dillon Gage Metals, is sharing secrets behind the globally recognized Olympic medals athletes train so hard to obtain. The value of an Olympic medal is said to be worth quite a bit, and with the major sporting event just around the corner—beginning July 23 through August 8, in Tokyo, Japan—all eyes will be glued to the television wondering who is going home with a precious piece of history. 

The design of the Tokyo medals, designed by Junichi Kawanishi, reflects the ideology that athletes must always strive to achieve glory and victory daily. The design incorporates light and brilliance in the shape of polished stones, symbolically mirroring the warm glow of friendship, diversity, and representation, and the athletes’ energy and those who continue to uplift them.

“The value of gold is a curious inquiry we receive all the time, especially around the time of the Olympics,” said Terry Hanlon, president of Dillon Gage Metals. “It’s one of the most discernible medals in the world, and it’s only natural for individuals to be curious about what it’s made of and its true value. Most medals awarded during the sporting event aren’t worth much because they aren’t solid gold but rather silver with gold plating.” 

So, the question resides, how much is an Olympic medal actually worth? Every gold medal that athletes receive for their accomplishments is comprised of 99.9 percent silver and 6 grams of plated gold, weighing about 556 grams. Subtracting the gold from the silver brings the medal down to 550 grams in weight, while silver and bronze are a lesser metal weight at 550 grams and 450 grams respectively. 

Considering it takes 31.1033 grams to equal a troy ounce, and if the silver is truly pure silver, it takes some simple mathematics to discover the true value of the Olympic medals. Taking these numbers plus the current trade price of silver, approximately $26.00, and utilizing a common equation, the estimated value of gold can be calculated. 

The equation includes grams divided by troy ounce, then multiplying by trade price to find the dollar amount. In practical terms to solve for the total dollar amount in silver, use 550g/31 x $26.00 to equal $461.29.

In addition to the previous calculation, then add in 6 grams to account for the gold plating. In today’s currency, an ounce of gold is trading approximately for $1,808. Using the same equation to solve the gold composition: 6g/31 x $1,817 = $350.75. 

Combined, the gold and silver composition’s value for the Tokyo 2020 Olympics gold medal is approximately worth $812.04. And the value for the Tokyo 2020 Olympics silver medal is approximately worth $461.29. 

But no matter the actual value of all these medals, to compete on the world stage of the Olympics, one of the most prestigious sports competitions, is truly priceless. Dillon Gage Metals wishes every Olympian luck and sends their support to each nation’s competitors during the 2020 Summer Olympics in Tokyo.

Illustration By Alex Bogdan for use by 360 Magazine

Sha’Carri Richardson Faces Olympics Suspension

By: Emily Bunn

American sprinter, Sha’Carri Richardson, has been suspended from the Olympics for one month.

Sha’Carri Richardson has recently been drug tested and found positive for marijuana usage. As such, she faces a one month suspension from the Olympics- threatening the sensational sprinter’s involvement in the upcoming Tokyo Olympics. Her suspension is set to begin June 28th, 2021.

The New York Times reports that the timing of this suspension could clear Richardson in time to run in the 4×100 meter relay, which takes place later in the games. However, Richardson is set to miss the qualifying rounds for the women’s 100.

Richardson has recently reveled in victory at last month’s 100-meter race at the U.S. track and field trials in Oregon. However, while in Oregon, the Olympian was also dealing with unexpected death of her mother. Not only was this news devastating, but Richardson found out about the very personal circumstance from a reporter.

As a means of coping with the harrowing tragedy, Richardson admitted to her marijuana usage. She stated: “It sent me into a state of emotional panic…I didn’t know how to control my emotions or deal with my emotions during that time.” It should be notes that in Oregon, the use of recreational marijuana has been legalized.

Cannabis is still among the United States Olympic & Paralympic Committee ruling of prohibited substances. The famed athlete apologized to her family, friends, and sponsors for her drug usage: “I greatly apologize if I let you guys down, and I did.”

As a result of Richardson’s suspension, several top runners have been bumped up in their rank positioning. Jenna Prandini is now set to be one of the three American Olympians involved in the women’s 100. Additionally, Gabby Thomas now stands as an alternative athlete for the same race.

Commenting to the Today Show on the situation, Richardson pleaded for spectators to recognize their shared humanity: “I just say, don’t judge me and I am human — I’m you, I just happen to run a little faster.

fitness-01 via 360 Magazine for use by 360 Magazine

Olympic Swimmer Ryan Lochte Sets New Personal Records with X1-PRO Device

Despite his age and setbacks due to the pandemic, 12-time Olympic medalist Ryan Lochte is setting new personal records as he prepares to solidify his legacy in the water at Summer Olympics in Tokyo this year.

To gain a competitive edge, Lochte teamed up with David McCagg, a 7-time gold medalist and former world record holding swimmer, who was working on a revolutionary training device for swimmers. McCagg developed the world’s first resistance trainer that travels the entire pool length with the swimmer. It is called the X1-PRO by GMX7, and Lochte, who holds the current world records in the short and long course individual medley, began training with it in 2019.

“The gains I have been seeing by using the X1-PRO are absolutely unbelievable,” said Lochte. “It’s undoubtedly helping me achieve the best times in my career, which at my age, are rather unprecedented.

The X1-PRO is a small, 6-inch-long, resistance training device that weighs less than 4 pounds and clips into the end-point connections for a pool’s lane lines. It can then be connected to the swimmer via a leash and travels on a line back and forth up to 50 meters in length at the adjustable resistance the swimmer desires.

“The versatility and functionality of the X1-PRO has proven to be the difference maker,” said Lochte. “It really has helped our entire team prepare for the global stage in Tokyo.”

Lochte, who is now married and a proud father of two, has been training near their home in Gainesville. This is where he met McCagg in 2018 and where the X1-PRO was originally tested. 

“Ryan approached me, asked what it was and offered to give it a try,” said McCagg, co-founder of GMX7. “Since then, we can’t keep him away from it. Between his work ethic, and mental fortitude, it’s really no surprise that Ryan is the second-most decorated swimmer in Olympic history. There is no doubt in my mind that he’s going to do something special at trials and in the games this summer.” 

Lochte isn’t the only Olympian training on the X1-PRO. Currently, more than 75 anticipated Olympians from 15 countries across the world are training on the X1-PRO in hopes of qualifying for the Tokyo Olympics with more to come.

The X1-PRO is assembled in the USA by GMX7, and has quickly become a necessity for all levels of competitive swim, especially those collegiate swimmers working so hard to get to the very top of their sport.

Development of the X1-PRO began in 2018, and it was tested extensively at the University of Florida prior to becoming available to the general public earlier last year.

About GMX7

Founded in 2018, GMX7 is based in St. Petersburg, Florida and is dedicated to changing the world of swimming by empowering competitive swimmers with the best aquatic resistance training devices ever created. GMX7 was founded by David McCagg, a 7-time gold medalist, former world record holder and winner of multiple national championships. The first device on the market by GMX7 is the X1-PRO. 

Designed by ROBRADY Engineering, the X1-PRO has already been the recipient of five international awards including the 2020 International Design Excellence Award, 2020 Red Dot Award, the 2020 Good Design Award, IDA Design Award and most recently the MUSE Design award in 2021.