Olympic medals have never been so expensive Blame it on soaring gold and silver prices

The Milano-Cortina 2026 Winter Olympics have officially begun and, already in the first days of competition, no fewer than 13 gold medals have been awarded. Objects that for millions of athletes represent the pinnacle of a career, the culmination of years of sacrifice and training, but that today also tell another story: that of a precious metals market that has completely spiraled out of control.

Never before, in fact, have Olympic medals reached such high values in purely economic terms as they have in 2026. And no, it’s not because they have gone back to being made of solid gold - the last time that happened was in 1912 at the Stockholm Olympics - but for reasons far more closely tied to today’s geopolitical and financial landscape. The real protagonist is silver, whose price has surged dramatically in recent months.

Gold medals are not made of gold

From a technical standpoint, the composition has not changed compared to recent editions. An Olympic gold medal weighs around 506 grams and is made of 500 grams of sterling silver, coated with 6 grams of pure gold. According to the New York Times, it is precisely the recent surge in precious metals that has made those six grams of gold decisive. As of February 6, gold was trading at $4,889 an ounce, up 70% from a year earlier and roughly double the levels seen during the Paris 2024 Olympics. Even more striking is silver, which has reached $77 an ounce, up 138% year-on-year and nearly three times its value two years ago.

This growth is far from accidental, as the NYT points out, since gold and silver have benefited from their role as safe-haven assets in historical moments marked by geopolitical tensions, political instability, and inflation fears. In January 2026 alone, silver recorded a jump of around 60%, one of the strongest monthly increases in recent decades.

How much does a gold medal really cost?

These increases translate directly into the value of the medals. As highlighted by CNN, considering only the price of the metals, a gold medal today is worth around $2,300, more than double its value at Paris 2024. Silver medals, meanwhile, are worth close to $1,400, tripling their value compared to two years ago. According to FactSet data, since the end of the Paris Olympics in July 2024, spot prices for gold and silver have risen by over 100% and around 200%, respectively.

An acceleration that has made the Milano-Cortina medals the most expensive ever in terms of intrinsic value. Behind this trend lie several factors. First and foremost, silver has also been driven by demand from retail investors, while gold has benefited from massive purchases by central banks and from investors’ renewed shift toward assets considered safer in a period of economic uncertainty.

Recycled & Made in Italy

There is also another aspect that makes these medals distinctive. The medals awarded to athletes are made using recycled metals by the Italian State Mint and Polygraphic Institute, a choice rooted in sustainability that does not, however, change the economic substance of the object. The contrast becomes even more evident when looking at bronze medals, which, with their 420 grams of copper, are worth just over $5 each, a considerable, perhaps even excessive, drop compared to the rest of the podium.

After all, the idea of the gold medal as an entirely precious object is more of a myth than a historical reality. The last solid-gold medals were awarded more than 100 years ago, weighed just 26 grams, and were worth less than $20. According to a CNN estimate, adjusted today for US inflation, that figure would amount to roughly $530.