The Value of Olympic Gold Medals in 2024 Paris Games
Olympic gold medals at this year’s Paris games are more valuable than ever, with the raw materials that make up the medals potentially fetching around $900 each. The medals contain six grams of gold, and the price of gold reached a record high in mid-July due to various factors such as central-bank buying, retail interest in China, and expectations of easing US monetary policy. Additionally, the price of silver, which makes up at least 92.5% of the weight of gold medals, has also seen a significant increase this year.
Insight: The high value of the medals not only benefits Olympians from the rally in bullion prices but also reflects the increasing worth of these prestigious awards.
Increasing Value of Medals for Olympians
Even after adjusting for inflation, the value of Olympic medals this year is the highest it has ever been. Olympians typically do not sell or melt their medals, especially with this year’s medals containing a small piece of the Eiffel Tower. However, the real financial benefits come from the gifts that winning athletes receive from their countries, which can include cash prizes, exemptions from military service, and even unusual gifts such as cows.
Insight: Olympic success not only brings material rewards but also unique gifts and opportunities, showcasing the value and significance of winning a medal at the games.
The Lucrative Market for Olympic Medals
While Olympians may not sell their medals, those that do enter the market can fetch prices far exceeding their metal value. For example, one of Jesse Owens’ gold medals from the 1936 Berlin Olympics – where he famously challenged Adolf Hitler’s ideology of Aryan racial supremacy – sold for almost $1.5 million at auction in 2013.
Insight: The historical significance and stories behind Olympic medals can significantly increase their value, making them sought-after collectibles.
Overall, the value of Olympic gold medals at the Paris games reflects not only the current market prices of gold and silver but also the unique and invaluable rewards that come with winning these prestigious awards.
