Italy’s Winter Olympics medals most valuable ever

Athletes competing at this month’s Winter Olympics in Italy will receive the most expensive medals in the history of the Games, driven by a sharp surge in global precious metals prices.

More than 700 gold, silver and bronze medals will be awarded across events ranging from alpine skiing and ice hockey to figure skating and curling. While the symbolic value of the medals remains paramount, their cash value has climbed to record levels, CNN writes. 

Since the Paris Summer Olympics in July 2024, spot prices for gold and silver have risen dramatically—by about 107% and 200% respectively—according to FactSet data. As a result, the metal content of a gold medal is now worth roughly $2,300, more than twice its value at the Paris Games. Silver medals are valued at nearly $1,400, around three times their worth two years ago.

Analysts attribute silver’s surge partly to increased demand from retail investors, while gold prices have climbed as central banks expanded their reserves and investors sought safe-haven assets amid global political uncertainty.

The medals are being produced from recycled metals by the Italian State Mint and Polygraphic Institute. However, Olympic gold medals are not made entirely of gold: only six grams of the total 506-gram medal consist of pure gold, with the remainder composed of silver. Bronze medals, weighing about 420 grams and made primarily from copper, are worth just over $5 based on their raw materials, according to figures released by event organisers. A troy ounce, commonly used for precious metals, is around 10% heavier than a standard ounce.

Gold medals have not been made from solid gold since the 1912 Stockholm Olympics. According to the London-based auction house Baldwin’s, those early medals weighed just 26 grams and would have been worth less than $20 at the time. Adjusted for U.S. inflation, their value would be closer to $530 today.

Despite their relatively modest intrinsic value, Olympic medals can command far higher prices as collectibles. Dominic Chorney, head of ancient coins at Baldwin’s, said medals associated with the Games often sell for substantial sums due to their historical and emotional significance. He noted that a gold medal from the 1912 Stockholm Olympics sold for £19,000 in 2015, while a bronze participant medal from the 1920 Antwerp Games fetched £640 the following year, despite having little intrinsic material value.

Chorney added that most Olympians choose not to sell their medals, as they are deeply cherished personal achievements.

Looking ahead, analysts expect the financial value of Olympic medals to continue rising. Ole Hansen, head of commodity strategy at Saxo Bank, said demand for gold and silver is likely to remain strong due to ongoing geopolitical uncertainty and expanding government debt. He suggested that medals awarded at the 2028 Summer Olympics could be even more expensive than those presented at this year’s Winter Games.

By Sabina Mammadli