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How much is the metal of an Olympic medal worth?
Commodities
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?
Composition and value analysis
In line with our previous exploration of the rising value of the materials used in the UEFA EURO trophy, we now turn our attention to the medals for the Paris 2024 Olympics.
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*:
Gold medal (2024)
Gold plating: 6gSilver core: 505g
Eiffel Tower Iron: 18g
Total Weight: 529g
Silver medal (2024)
Silver core: 507g Eiffel Tower iron: 18g
Total weight: 525g
Bronze medal (2024)
Copper: 415.15g
Zinc: 21.85g
Eiffel Tower iron: 18g
Total weight: 455g
Given the current** value of each of these metals, it’s no surprise that the Gold medal tops the podium for the three 2024 Olympic medals based purely on raw composition value:
Zinc: 21.85g
Eiffel Tower iron: 18g
Total weight: 455g
Given the current** value of each of these metals, it’s no surprise that the Gold medal tops the podium for the three 2024 Olympic medals based purely on raw composition value:
Level | Composition value (USD) |
Gold | 935.89 |
Silver | 473.43 |
Bronze | 3.88 |
2024 yearly comparison
2024 has seen the price of gold at an all-time high, making this year’s Olympic top prize the most valuable it has ever been. For comparison, we’ve reviewed the prices of the raw metals in the Paris Olympic medals over the past decade. The only medal that has decreased in value is the bronze medal, which was valued at USD 4.11 during the Tokyo games in 2021.
| 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 |
Economic and environmental influences
The rise in medal values mirrors broader economic trends, particularly the demand for precious metals. Ole Hansen, head of commodity strategy at Saxo, attributes the rising metal prices to the global shift towards green energy. He explains that the demand for metals such as silver and copper, crucial for renewable energy technologies, has significantly increased. This heightened demand, alongside post-pandemic inflation concerns and a robust surge in gold prices, has driven the overall rise in metal prices.
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 |