What is the real value of the Olympic gold medal?

The 2012 London Olympics will have the largest medals in summer Olympic history. Weighing in at roughly 400g, medals will be seven millimeters thick and approximately 85mm in diameter. Unfortunately, the 400g London gold medals are not entirely made of gold. The composition of the London gold medal is made up of approximately 92.5% silver, 1.34% gold and 6.16% copper. With gold prices fluctuating around $1,590 per ounce (28.35g), the cost of the required six grams of gold alone equals almost $337. The estimated cost of the 2012 London gold Olympic medal is around $700, making the medal one of the most expensive in Olympic history.