Oscar Gold Glitters, Costs a Mint

Gilded statue's price goes from $400 to $500 as gold jumps 40%
By Jim O'Neill,  Newser User
Posted Feb 22, 2008 11:23 AM CST
Gold bars are displayed at the Museum of American Finance on Wednesday, Jan. 9, 2008 in New York. The museum reopens to the public on Friday in its new location - the former Bank of New York headquarters...   (Associated Press)
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(Newser) – They’re worth their weight in gold to actors. And this year’s Oscars—carrying a gilding of pure gold—will cost the Academy of Motion Picture Arts and Sciences about $500 each, up $100 from last year's 13 1/2-inch tall, 8 1/2-pound statuettes. The price of gold has soared to record levels, reports Bloomberg, as investors looking for safe haven make the metal ever more precious.

Gold has jumped 40% to $950 an ounce over the past year; analysts say there’s room for more as investors look for a hedge against inflation. The Oscar statuette is made of pewter, then plated in copper, nickel, silver, and gold. During World War II, when metals were needed for armaments, they were made of plaster. Nominees sign a contract not to sell their awards.