The value of the medals at the 2026 Milan-Cortina Winter Olympics, which open on the 7th (Korea time), is expected to be the highest in Olympic history due to a surge in precious metals prices.
According to CNN and Fortune, the metal value of this Olympics' gold medal is expected to be about $2,300–$2,400 (about 3.38 million–3.53 million won), more than double the price at the Paris Olympics. The gold medal awarded at the Paris Olympics was valued at $900 (1.32 million won) at the time. The silver medal's value is also $1,400 (about 2.06 million won), more than triple the Paris Olympics.
A spike in gold and silver prices has sharply increased the monetary value of the medals. According to data from financial analytics firm FactSet, since the Paris Summer Olympics in Jul. 2024, gold prices have jumped about 107% and silver nearly 200%. Fortune said investors are flocking to gold as a safe haven, and called the recent surge an unprecedented phenomenon following decades of gradual growth.
This gold medal weighs 506g, but only 6g of fine gold is used for plating. The remainder is composed of silver with a purity of at least 92.5% under International Olympic Committee (IOC) rules. Olympic gold medals were made of solid gold only until 1912. Silver medals are made entirely of silver, and bronze medals contain 420g of copper.
The spot value of the bronze medal, which is primarily copper, is relatively low. Bronze medals are typically made of about 95%–97% copper and about 3%–5% zinc and tin. The metal value of the bronze medals to be used at this Winter Olympics is estimated at about $5.6 (about 8,000 won).
Of course, when symbolism and scarcity are added, the actual price at which medals are sold is set higher. This year alone, three gold medals from former U.S. Olympic swimmer Ryan Lochte sold for a total of $385,520 (about 570 million won), or a little over $125,000 (about 180 million won) per medal on average. A gold medal from the 1912 Stockholm Olympics sold for about £19,000 (about 38 million won) at auction in 2015.
Michele Cicciolini, CEO of the Italian State Mint (IPZS), said in an interview with Reuters that medals are "a tangible reward for intangible effort." CNN said Olympic medals rarely come to market for transaction because of their symbolic meaning.
Medal values do not always rise. The gold medal at the 2016 Rio de Janeiro Olympics was valued at about $601 (about 880,000 won) on opening day as both gold and silver prices fell. That was about 12% lower than the 2012 London Olympics. However, with demand for precious metals expected to hold for the time being amid geopolitical uncertainty and rising government liability, the prevailing view is that the metal value of medals at the 2028 Summer Olympics will be higher than at this Winter Games.
A total of 735 medals (245 gold, 245 silver, 245 bronze) are at stake at the Milan-Cortina Winter Olympics. The medals are produced by the Italian State Mint using recycled metal recovered from metal waste for the first time in Olympic history, in a furnace powered by 100% renewable energy. The medals are designed in the form of two halves meeting to form a single circle, reflecting the theme of Milan and Cortina d'Ampezzo, the host cities, becoming one.