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Bullshit!
Real gold doesn’t rust, no matter what you do to it.
Must be chinese gold (gold plated iron)
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Second place (the "Silver" medal): .925 silver.
Third place (the "Bronze" medal): It is mostly copper with some tin and zinc; the metal value was about US$3 in 2010.
The last series of Olympic medals to be made of solid gold were awarded at the 1912 Olympic Games in Stockholm, Sweden.