Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Saxo Group
For the next few weeks, the world's top athletes will compete to bring back the ultimate symbol of Olympic glory: the Olympic medals. But what is the actual worth of these medals when strictly looking at the metals used in them?
At Saxo, 2024 has been highlighted as the year of metals, with precious metal prices experiencing significant growth throughout the year. This makes it an exciting time to examine the raw values of the commodities that make up the Olympic medals. A unique twist for this year’s Olympic prize is the inclusion of 18 grams of iron from the Eiffel Tower in each medal. The composition of the 2024 medals is as follows*:
Level | Composition value (USD) |
Gold | 935.89 |
Silver | 473.43 |
Bronze | 3.88 |
| Value in USD | ||
Level | 2012 | 2016 | 2021 |
Gold Medal | 765.82 | 555.48 | 763.79 |
Silver Medal | 456.27 | 304.17 | 415.50 |
Bronze Medal | 3.20 | 1.97 | 4.11 |
The Olympic medals of 2024 not only represent athletic prowess but also encapsulate economic dynamics. As metal prices continue to fluctuate, the intrinsic value of these medals provides a fascinating lens through which to view global economic trends.
Notes:
*The composition of the medals was found here.
**The values are based on the latest available market data:
Date collected | Material | Price in USD per Gram |
23/07/2024 | Gold | 77.38725 |
23/07/2024 | Silver | 0.93379 |
22/07/2024 | Copper | 0.0092 |
22/07/2024 | Zinc | 0.00266 |
22/07/2024 | Iron Ore | 0.00010816 |