Soaring Metal Prices and the Symbolic Weight of the Olympic Podium
Not all that glitters is gold. But at the Milano Cortina 2026 Winter Olympics, that old saying will apply a little less than usual.The medals to be awarded at the 2026 Winter Olympic and Paralympic Games will be the most valuable ever produced, at least in terms of the raw value of the metals they contain. In total, 1,146 medals will be awarded across Olympic and Paralympic competitions, spread over 195 events.For the Olympic Games, there will be 245 gold, 245 silver and 245 bronze medals. The Paralympic Games will award 137 medals for each metal. All medals will share the same dimensions, 80 millimetres in diameter and 10 millimetres thick, a choice intended to ensure stylistic and symbolic continuity across events.
What the medals are made of
The composition follows long standing Olympic tradition.
Gold medals are made of 999 silver, coated with approximately six grams of pure 999.9 gold, for a total weight of 506 grams.
Silver medals are entirely in 999 silver and weigh 500 grams.
Bronze medals are made of copper and weigh 420 grams.
The paradox of the Olympic podium remains. In a gold medal weighing more than half a kilo, only six grams are actually gold. Olympic medals have not been made of solid gold since 1912, but that does not mean their material value is insignificant.
Why these medals are so expensive
The reason Milano Cortina medals will be the most expensive ever has little to do with sport, which cannot be measured in money, and everything to do with markets.
Since the Paris Games in July 2024, spot prices for gold and silver have surged. Gold prices have risen by around 107 percent, while silver has increased by roughly 200 percent.
As a result, the estimated metal value of a gold medal today stands at around $2,300, roughly €1,950 at current exchange rates.
A silver medal is worth about $1,400, close to €1,190, up to three times its value at the time of the Paris Games.
At the other end of the scale, despite its weight, a bronze medal is worth only about $5.60, less than €5, in metal terms.
Prize money for Italian athletes
The International Olympic Committee does not award prize money directly. Financial rewards are left to national Olympic committees, resulting in significant differences from country to country.
Italy remains among the most generous. The Italian Olympic Committee has confirmed the same bonuses used in recent editions, €180,000 for gold, €90,000 for silver and €45,000 for bronze.
Beyond official bonuses, Olympic medals can acquire extraordinary value on the collectors’ market. The most famous case remains Jesse Owens, who won four gold medals at the 1936 Berlin Olympics. One of those medals was later sold at auction for more than $1.4 million, around €1.2 million.
Who is producing the medals
The production of the Milano Cortina 2026 medals has been entrusted to the Istituto Poligrafico e Zecca dello Stato, Italy’s official mint.
“We stand alongside the Olympic Committee, the Paralympic Committee and the Milano Cortina Foundation to celebrate victory and the years of commitment, sacrifice and dedication of athletes and their teams,” said Michele Sciscioli, CEO of the Istituto Poligrafico e Zecca dello Stato (the Italian State Printing Office and Mint). “ These Olympic medals are a tangible reward for intagible efforts. Each medal represents the will and effort required to win.”
In the end, the true worth of an Olympic medal still lies beyond gold, silver or copper. But in 2026, thanks to soaring metal prices, those symbols of victory will also be worth more than ever before.
