Olympic Medals Worth More Than Ever As Gold, Silver Costs Soar

Economists say Milan Cortina gold medals could be worth $1,940, much more than the $700 estimated for 2022 Winter Olympics.

Published on Feb. 7, 2026

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Medals won at this year's Winter Olympics in Milan Cortina will be worth more than ever as the prices of gold and silver have rallied in recent months, while athletes willing to part with their hardware can likely sell them for a big sum of money. Gold medals, though, aren't purely made of gold—they're made of about 500 grams of silver and are plated with 6 grams of gold, while silver medals are made of 500 grams of silver.

Why it matters

The rising value of Olympic medals highlights the impact of volatile commodity prices, especially for gold and silver, on the intrinsic worth of the medals. This could affect how athletes and collectors view and value the medals, as well as the potential financial windfalls for medalists who choose to sell their awards.

The details

Economists at Oxford Economics said gold medals won in Milan Cortina could be worth $1,940, much more than the $700 it estimated golds were worth at the 2022 Winter Olympics. Silver medals are expected to be worth about $1,000. The higher values are due to the recent rally in gold and silver prices, with silver about three times more expensive now than during the 2024 Olympics and gold about twice as pricey. Dillon Gage Metals, a Texas-based metals trading firm, projected even higher values of $2,357 for a gold medal and $1,399 for a silver medal.

  • The 2026 Winter Olympics will be held in Milan Cortina.
  • The 2024 Summer Olympics were held in Paris.

The players

Oxford Economics

An economic research and consulting firm that provided estimates on the value of Olympic medals.

Dillon Gage Metals

A Texas-based metals trading firm that provided its own projections on the value of Milan Cortina medals.

Bobby Eaton

An Olympics memorabilia expert at the Boston-based RR Auction house.

Greg Louganis

A well-known Olympic diver considered by some to be the greatest of all time.

Ryan Lochte

A 12-time Olympic medalist swimmer who has sold some of his medals.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.