Editor’s Note
As precious metal prices surge globally, the medals for the upcoming 2026 Winter Olympics in Milan-Cortina are projected to reach record-high intrinsic values. This article examines how market trends are elevating the worth of these symbols of athletic achievement.
Amid daily reports of soaring gold and silver prices, the value of Olympic medals is naturally rising alongside market rates.
Athletes who stand on the podium at the Milan-Cortina 2026 Winter Olympics in Italy this winter are set to receive “the most expensive medals in Olympic history,” according to a report by US broadcaster CNN.
The reason is simple: precious metal prices have “soared” over the past year.
For this 25th edition of the Games, “more than 700 gold, silver, and bronze medals will be awarded to the world’s top winter sports athletes,” CNN reports. “While their emotional value is priceless, in pure monetary terms, these medals are at an all-time high.”
Although precious metal markets have been volatile in recent days, CNN notes that since the 2024 Paris Olympics, gold and silver prices have “risen by about 107% and 200%, respectively.”
Based on metal prices alone, a gold medal is now worth about $2,300 (approximately 360,000 yen), “more than double” its value during the Paris Games, while a silver medal is worth about $1,400 (approximately 220,000 yen), “triple its value from two years ago.”
According to Fortune magazine, the silver medal for the 2026 Winter Olympics is made from “500 grams of pure silver.” As for the gold medal, it is created by applying “6 grams of gold plating” onto this base. As a result, podium athletes will “take home precious metals worth thousands of dollars,” the magazine states.
Above all, its “collective and symbolic value” surpasses the material price of the medal.