Editor’s Note
This article highlights how record-high precious metal prices have made the medals at this Winter Olympics the most valuable in history. It also touches on broader market dynamics, with expert analysis suggesting that geopolitical and economic factors may continue to drive demand for gold and silver.
Due to soaring precious metal prices, athletes stepping onto the podium at this Winter Olympics will receive the most expensive medals in Olympic history. However, Oliver Heinsen, Chief Commodities Strategist at BMO, noted that persistent geopolitical uncertainty and rising government debt levels could sustain strong market demand for precious metals.
At these Games, over 700 gold, silver, and bronze medals will be awarded to the world’s top winter sports athletes competing in skiing, ice hockey, figure skating, and curling. While their sentimental value is immeasurable, their pure metal value is higher than ever. According to FactSet data, since the July 2024 Paris Olympics, spot prices for gold and silver have surged by approximately 107% and 200%, respectively.
Based on current metal prices, a Milan-Cortina Winter Olympics gold medal is now worth about $2,300 (approximately 16,000 RMB), more than double its value during the Paris Games. A silver medal is valued at nearly $1,400, triple its price from two years ago.
The gold medals for the Milan-Cortina Games are crafted from recycled precious metals by the Italian State Mint and Printing Institute, measuring 80mm wide and 10mm thick. The total weight is 506 grams, with only 6 grams being pure gold; the rest is composed of silver. The silver medal is made from 500 grams of pure silver, valued at about $1,400 (approximately 9,700 RMB). The bronze medal weighs 420 grams of bronze, with a material value of $5.60.
According to London-based auction house Dreweatts, Olympic gold medals have not been made from solid gold since the 1912 Stockholm Olympics. The Stockholm gold medal weighed 26 grams; valued at the gold price of the time, it was worth less than $20. Adjusted for the U.S. Consumer Price Index, its value today is about $530.
Dominic Iannini, Head of the Ancient Coins Department at Dreweatts, stated that as collectibles, Olympic medals can sell for far more than their metal value. In 2015, the auction house sold a 1912 Stockholm gold medal for £19,000. However, most Olympic medals are never sold.
