Olympics

All that glitters is not gold ... sometimes it's silver too -- and Michael Phelps partied with BOTH last night in London, hitting up a nightclub with his 2 silver medals from the 2012 Games ... in addition to his 4 gold.

As we reported, Phelps hit the party scene in Soho with his gold medals -- but turns out ... Phelps is an equal opportunity boaster ... bringing out his silver medals too.

Dude's got more hardware than Home Depot.

Nothing says party time like a pair of boobs in your face -- which is exactly how 11-time Olympic medalist Ryan Lochte celebrated in London last night.

According to sources, Lochte -- along with American teammates Nathan Adrian, Cullen Jones, and Matt Grevers -- hit up Chinawhite nightclub in the Big Smoke around 11PM ... and left around 3:30AM.

We're told they drank gold bottles of champagne all night -- obviously -- and even ordered some Patron and Grey Goose for good measure.

But they didn't leave empty-handed -- they piled into a cab with several, very excited females ... one of whom sat on Lochte's lap, placing her fun bags a mere nuzzling distance away from his face.

Meanwhile, Michael Phelps was partying a few miles away -- with his medals.

The patriotic pictures came racing in for our Team USA Olympic Fever Photo contest ... and we've picked our favorite five! Now, it's up to you to choose who will win the metaphoric, not at all real, gold medal!

Which of these photos should score 250 AMERICAN DOLLARS and some great mystery gifts from TMZ?!

**CLICK HERE for contest rules and regulations!**

U.S. judo fighter Nick Delpopolo says he had NO IDEA the baked goods he consumed before the Olympics contained weed. Really, he swears.

Nick was booted from the 2012 Games after failing a drug test ... and now he says he has a perfectly good explanation -- he was tricked into eating pot.

The 23-year-old just released a statement saying his dirty test was "caused by my inadvertent consumption of food that I did not realize had been baked with marijuana."

The International Olympic Committee draws a hard line when it comes to drugs ... they expelled Delpopolo from the games, stripped him of his accreditation, and will change the standings in his event. He had placed 7th in the competition.

In a statement released by the USOC, Delpopolo says, "I apologize to U.S. Olympic Committee, to my teammates, and to my fans, and I am embarrassed by this mistake."

Michael Phelps took three of his closest friends out clubbing in London this weekend -- gold medal, gold medal and gold medal.

Just hours after swimming the last race of his career, Phelps -- the greatest Olympian in the history of the Olympics -- hit the party scene in Soho ... along with 3 of his 18 gold medals ... and a mystery blonde.

Phelps and his medals partied responsibly ... after they partied themselves out, they all piled into the backseat of a waiting SUV and got a ride home.

The biggest race in track and field just went down at the Olympics.

8/6 -- Hawkins spoke to reporters about her financial history in London yesterday ... saying, "It's my story, it's part of me. I'm not even embarrassed about it."

She added, "It shows that even though I didn't like to have to do it, I'm glad there was something there for me to be able to protect my home."

Just a few months before Gabby Douglas won her gold medal -- and opened the door to countless opportunities that will undoubtedly score her millions of dollars -- her mother filed for bankruptcy ... TMZ has learned

According to documents filed earlier this year in Virginia, Natalie Hawkins filed for Chapter 13 ... which is far less severe than Chapter 7. The docs state Hawkins has assets totalling $163,706.10 and debt totaling $79,754.14.

Her creditors include:
Capital One -- $1,534
Student loan -- $4,350.23
Sprint -- $158.78
T-Mobile -- $413
Orthodontist in Iowa (where Gabby trained when she was 14) -- $408

With the Chapter 13 filing, Hawkins has agreed to a monthly payment plan. She began making payments of $408/month back in February ... to a trustee who will divvy it up among her creditors.

However, with Gabby’s new found fame and the potential to make a bloody fortune, it's likely her mother will never have to worry about bankruptcy or money problems ever again.

Michael Phelps received his 19th Olympic medal by winning gold in the 4 x 200m Freestyle with the help of his fellow ripped and shaved smooth teammates Conor Dwyer, Ryan Lochte and Ricky Berens.

Question is ...

UFC president Dana White doesn't think a guy with a prosthetic limb can compete in UFC -- a la Olympic sprinter Oscar Pistorius -- but he does think it's time for his sport to become an Olympic one.

Last night outside Mr. Chow, White talked about whether or not an amputee could make it in the UFC ... since Nick Newell, who has no left hand, is undefeated in the XFC and South African sprinter Pistorius, a double amputee, competed in the Olympics.

White wasn't sure that could happen ... but he did make his case to make UFC an Olympic sport.

So we ask ...

The 2012 London Olympics is packed with people at the peak of their physical prime ... and lucky for you we've plucked out some of the very best man-bods for you to drool over in private.

Nancy Kerrigan is an American ice princess.

Here's the 24-year-old Olympic figure skater back when she won the silver medal in 1994 (left) -- and 18 years later, the 42-year-old at an event in Boston earlier this year (right).

She's gold.

The 2012 Summer Olympics are just about at the halfway point and there has been no shortage of storylines. From Michael Phelps' slow start to a cheating scandal in badminton, these Olympics have been getting HUGE television ratings ...and track and field hasn't even begun yet.

So after a week of action, we ask you ...

US Olympic swimming champion Ryan Lochte might have to parlay his newfound fame into a quick payday to help out the folks ... because TMZ has learned, his parents are allegedly buried in debt ... and could lose their home.

According to a lawsuit filed in Volusia County, FL ... CitiMortgage claims Steven and Ileane Lochte took out a mortgage loan for $258,000 back in 2007 and they were to pay $1,609.58/month.

But according to the bank, the Lochtes stopped making payments in February 2011 -- and now owe $242,239 (plus interest) on the home. The bank is suing to foreclose on the house in order to get its money back.

But there's a lot on the line -- according to the lawsuit, if the sale of the Lochtes' home doesn't satisfy the couple's entire debt ... the bank wants the Lochtes to pay the difference.

Mrs. Lochte filed a motion to dismiss the case last month, but a judge has yet to rule.

Attempts to reach the Lochtes were unsuccessful.

Team USA was actually TRAILING IN THE FOURTH QUARTER ... but LeBron James took over and led the Americans to a close 99-94 win over Lithuania.

James and Carmelo Anthony each had 20 points to lead the team. Lithuania's Linus Kleiza led all scorers with 25.

Team USA has won 13 gold medals and is the overwhelming favorite at this year's Olympics. Earlier this week, they beat Nigeria 156–73 ... an Olympic record for points scored in a game.

The patriotic pictures poured into the TMZ news room for our Team USA Olympic Fever Photo Contest, but only one is going home with the GOLD!

Be sure to check back on Monday to vote for which fanatic photo should make it to the top of the podium and win the $250 prize and some golden gifts from TMZ!

What do corn flakes, milk and Gabby Douglas have in common? They'll all be featured on Kelloggs cereal boxes this fall ... 'cause the Olympic champ just inked a major endorsement deal with the cereal company!

After sweeping the women's All-around gymnastics final and being the first African-American to win a gold medal in the category ... Gabby went on the "Today" show Friday and announced the major cereal deal.

The 16-year-old will be the face of Kelloggs Corn Flakes starting this fall, so every American can wake up feeling like a champ.

This is the first of many deals Gabby is likely to sign on to ... she made history with her gold medal and she's still young enough to compete in the 2016 Games in Rio de Janeiro, Brazil ... which could mean many more deals to come.

Fun Fact: Kelloggs also tapped Michael Phelps to be on their boxes back in 2008 after he killed in in Beijing.