Olympic gold medals have reached unprecedented value this year due to the rising cost of raw materials. The price of gold surged to a record high in mid-July, driven by central-bank purchases, increased retail interest in China, and expectations of US monetary policy changes, as reported by Business Standard.
However, despite the surge in gold prices, Olympic gold medals might not be as valuable as they seem because they are not made entirely of gold. According to Money.com, the gold medals awarded at the Paris Summer Olympics weigh 529 grams (a little under 19 ounces). If they were made of pure gold, each medal would be worth over $45,000 based on the current gold price of around $2,400 an ounce. In reality, gold medals contain a significant amount of silver, as the International Olympic Committee requires them to be at least 92.5% silver. Typically, only about 6 grams of gold are used, and the medals are plated in gold.
The actual auction value of a gold medal can vary widely based on factors such as the athlete’s profile, the sport, the medal’s condition, and its historical significance. Bobby Livingston, executive vice president at RR Auction, estimates that a gold medal from the recent Paris Olympics might sell for between $15,000 and $30,000 if won by a lesser-known athlete.
This year’s medals also include a small piece of the Eiffel Tower. Despite their potential value, Olympians usually do not sell their medals, as the honor of winning them is highly prized. Additionally, the financial rewards accompanying their achievements can be substantial. For example, the U.S. Olympic & Paralympic Committee’s Operation Gold program offers $37,500 for an Olympic gold medal, $22,500 for silver, and $15,000 for bronze. USA Wrestling’s Living the Dream Medal Fund awards $250,000 to U.S. gold medal-winning wrestlers. Reports indicate that Botswanan sprinter Letsile Tebogo, who won his country’s first Olympic gold in the men’s 200m at the Paris Games, has been promised a four-bedroom apartment and a $75,000 cash prize by the Botswanan government.
