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In the end, the gold isn’t really the point. It never is.
But at the Milano Cortina 2026 Winter Olympics, even the symbolism is carrying more weight than usual.
With gold trading over $5,000 per ounce, the melt value of a gold medal has climbed to roughly $2,300 to $2,500 — the highest intrinsic value in the modern Games. According to a report by CNBC's Luke Fountain.
Since the opening of the Paris 2024 Summer Olympics on July 26, 2024, spot gold has surged approximately 110%, while silver has jumped nearly 180% to around $78 an ounce, according to the report.
The result is the most valuable podium hardware athletes have ever draped around their necks.
Each gold medal weighs about 506 grams, or roughly 17.5 ounces, though just six grams are pure gold. The remainder is sterling silver. Under International Olympic Committee guidelines, gold medals must be composed of at least 92.5% silver and plated with a minimum of six grams of gold.
At current market prices, that thin layer of gold is worth just over $1,000, while the silver core accounts for roughly another $1,300, depending on daily fluctuations.
There has not been a solid gold medal awarded since the 1912 Stockholm Summer Games. And we'll likely never see one again.
Silver medals weigh about 500 grams and now carry an intrinsic value near $1,400. The third-place Bronze medals, which are primarily copper, and weighing around 420 grams and worth only about $5 to $6 in raw materials.
The rally in precious metals has been fueled by geopolitical tensions, stubborn inflation and broader economic uncertainty.
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If we compare other sports prizes, Olympic medals remain modest in raw material value. A special edition World Boxing Council “Money Belt” featuring 1.5 kilograms of 24-karat gold would approach $275,000 in metal value.
Super Bowl rings, typically crafted from 10- or 14-karat gold and weighing between 100 and 150 grams, carry an estimated melt value around $10,000. Still, value is relative.
The medals themselves have never been worth more. Not emotionally or historically. But on the raw market.
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