Gold takes silver in price performance Olympics - Investments - News - Moneyfacts

News

Gold takes silver in price performance Olympics

Gold takes silver in price performance Olympics

Category: Investments

Updated: 31/10/2008
First Published: 31/07/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
With just 8 days to go, athletes at this summers' Olympiad in Beijing will be aiming for gold but investors could be better off with silver, according to research by Skipton Building Society.

Since the Seoul Olympics in 1988, the price of silver has outperformed gold by almost half (47%).

Since the start of the modern Olympic movement in 1894, athletes have competed for the coveted gold, silver and bronze medals. The Olympic motto, 'citius, altius, fortius' ('faster, higher, stronger'), has meant the target has always been gold. However, investors may want to think differently.

Research, by Skipton Building Society, shows that the value of the gold in the medals presented at the Seoul Olympics is now worth £56,673 an increase of 87% over the 20 years that have passed. However, the price of silver has seen the value of the medals rise by 128%.

At the 1988 Seoul summer games, a total of 1,040 gold and silver medals were awarded to competing athletes and a further 110 to those in demonstration sports. These medals contained a total of 3.48kg of gold and 73.8 kg of silver (see editors' notes) respectively. In the 20 years that have passed, the price per ounce of gold has risen from £247.85 to £462.65. Over the same period, an ounce of silver has more than doubled from £3.83 to £8.75.

Commodity Prices - Gold & Silver Fixings London Prices

Gold



Silver


17/09/1988*

£247.850


17/09/1988*

£3.8345

29/07/2008

£462.655


29/07/2008

£8.7538

Change

£214.81


Change

£4.9193

Increase

87%


Increase

128%

Source: LMBA http://www.lbma.org.uk/statistics_historic.htm

*Closing price 16/09/1988. Opening ceremony Seoul Olympics 17/09/1988

Related Links:

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Could it be time to move away from cash?

The state of the savings market is understandably leaving many savers frustrated, particularly older savers who rely on a healthy return to boost their income. That’s why many are looking away from cash and considering the stock market instead.

£54m in Premium Bonds unclaimed on anniversary

Today sees the 60th anniversary of when Premium Bonds first started being sold. A lot has changed since then, with the top prize now standing at £1 million, compared with the £1,000 reward of 60 years ago.

£54m in Premium Bonds unclaimed on anniversary

Today sees the 60th anniversary of when Premium Bonds first started being sold. A lot has changed since then, with the top prize now standing at £1 million, compared with the £1,000 reward of 60 years ago.
 
Close