lol. where are you getting your info... more like 1-2 ounces of 18k gold... not even 24k which is $1200 per ounce. that edition watch is only worth ~800 worth of gold.
Your estimate is off by quite a bit.
Apple has published the weight of each gold case. They range from 55-69 grams.
At today's gold prices, that means the gold content of the cases ranges from about $1,510 to $1,930. This is just for the case and doesn't include the gold in the bands.
I haven't seen anything better than wild guesses for the gold weight of each of the Edition bands.