Over 700 gold, silver, and bronze medals will be awarded to athletes at the Winter Olympics, opening in Italy on 6/2. Beyond their sentimental value, these medals are more expensive than ever due to recent surges in precious metal prices.
FactSet data indicates that compared to the Paris Olympics in 7/2024, global spot gold and silver prices have increased by 107% and 200% respectively. Consequently, considering only the metal content, a gold medal is valued at approximately 2,300 USD, more than double its price at the Paris Olympics. A silver medal is worth nearly 1,400 USD, three times higher.
 |
Milano Cortina Olympic medals at their unveiling in 7/2025. Photo: Reuters |
The Italy Mint, responsible for crafting this year's Winter Olympics medals, used entirely recycled metals. Each gold medal weighs 506 grams but contains only 6 grams of pure gold; the remainder is silver.
Silver medals weigh 500 grams and are made entirely of silver. Bronze medals, conversely, are composed of 420 grams of copper and are valued at approximately 5,6 USD, according to data released by the organizing committee.
According to London-based auction house Baldwin’s, Olympic gold medals have not been made entirely of gold since the 1912 Stockholm Olympics in Sweden. At that time, they weighed only 26 grams and were valued at less than 20 USD. Adjusted for US inflation, this equates to approximately 530 USD today.
However, as collectibles, Olympic medals can sell for significantly more than their intrinsic metal value, stated Dominic Chorney, Head of Ancient Coins at Baldwin’s. In 2015, Baldwin’s sold a gold medal from the 1912 Stockholm Olympics for 19,000 GBP (26,000 USD).
The following year, they sold a bronze medal from the 1920 Antwerp Olympics for 640 GBP (875 USD). This medal, Chorney explained, "has no intrinsic value" but remains sought after due to its association with the world's most renowned sporting event.
Despite this, most Olympic medals are not put up for sale. "Very few Olympic athletes sell their medals because they cherish them", he added.
Recent trends suggest that gold and silver prices may continue to drive up the value of Olympic medals. Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that demand for precious metals is projected to remain high amid prolonged geopolitical instability and rising government debt.
"I believe gold and silver medals at the 2028 Summer Olympics will be even more expensive", he stated.
Ha Thu (according to CNN, Reuters)
