2026 Winter Olympics Medals Worth More as Precious Metal Prices Soar

The value of gold and silver in Olympic medals has risen sharply, though collectability still drives their true worth.

Published on Feb. 9, 2026

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The medals awarded at the 2026 Winter Olympics in Milan could be far more valuable than in past games due to soaring gold and silver prices. While Olympic medals typically have a greater financial value due to their historical significance and collectability, the 'melt value' of a gold medal is now estimated at around $2,500 based on current precious metal prices.

Why it matters

The rising value of the raw materials in Olympic medals highlights the impact of global economic factors like inflation and geopolitical uncertainty on the intrinsic worth of these prestigious awards. However, the collectability and historical significance of the medals mean their true financial value far exceeds their melt value for most athletes and collectors.

The details

Olympic gold medals are no longer made of solid gold, but rather 500 grams of silver plated with 6 grams of pure gold. Silver medals contain 500 grams of silver with no gold plating, while bronze medals are solid bronze. At current precious metal prices, the 'melt value' of a gold medal is around $2,500, with the gold worth $1,018 and the silver $1,463. This is a significant increase from past Olympics due to soaring gold and silver prices.

  • The last time a pure gold medal was awarded was at the 1912 Summer Olympic Games in Stockholm, Sweden.
  • On Monday, the price of gold rose to $5,090 per ounce.
  • In 2013, one of four gold medals won by U.S. track and field athlete Jesse Owens at the 1936 Olympic Games in Berlin was auctioned for $1.47 million, a record for an Olympic medal.

The players

Bobby Eaton

An Olympics memorabilia expert at Boston-based RR Auction.

Ryan Lochte

A swimming champion who auctioned six of his medals - three silver, three bronze - to raise money for a children's charity.

Breezy Johnson

A gold medalist in downhill skiing for Team USA who reported her medal had broken after she jumped in excitement.

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What they’re saying

“There is a discrepancy between the melt value and actual collectible value.”

— Bobby Eaton, Olympics memorabilia expert (CBS News)

“I'm not one to be all sentimental about medals. My medals are just sitting in my closet collecting dust. The memories that I have is what means the most.”

— Ryan Lochte (The Associated Press)

“Don't jump in them. I was jumping in excitement and it broke. I'm sure somebody will fix it — it's not like crazy broken — but it's a little broken.”

— Breezy Johnson, Gold medalist in downhill skiing (CBS News)

What’s next

The Olympics Organizing Committee said it is investigating an 'issue affecting a small number' of the medals after some athletes complained that their medals had broken.

The takeaway

The soaring value of the raw materials in Olympic medals underscores the impact of global economic factors on these prestigious awards, though their true worth remains tied to their historical significance and collectability rather than just their melt value.