The Paris 2024 Olympics have wrapped up, marking the end of over two weeks of elite athletic competition.
A Record High Price
While the event was full of memorable moments and intense rivalries, it also saw its share of controversies. Over 10,500 athletes from 206 countries competed for one of the most coveted prizes in sports: the Olympic gold medal.
But beyond its symbolic value, just how much does an Olympic gold medal cost this year? According to El Economista the price has hit a record high.
As the Olympic Games concluded with a spectacular closing ceremony featuring an unexpected appearance by actor Tom Cruise, the focus has already shifted to the next host city: Los Angeles. The 2028 Summer Olympics will see whether the price of gold medals continues to climb.
The cost of the gold medals awarded in Paris has surged to a record high. Each medal is estimated to be worth around $900, based on the cost of the materials used.
They contain six grams of gold, which saw prices soar in July due to increased demand from central banks, Chinese retailers, and expectations of a loosening in U.S. monetary policy. Gold prices recently hit historical highs, surpassing $2,480 per ounce.
Sold on Auction for $1.5 million
The price of silver, which constitutes at least 92.5% of the medal’s weight, has also increased significantly, though it has recently decreased from its peak of over $34.40 per ounce in May. Even when adjusted for inflation, the value of Olympic medals remains the highest ever recorded.
In practice, athletes rarely melt down or sell their medals, largely due to their immense sentimental value. The Paris 2024 medals also feature a unique touch: a small piece of the iconic Eiffel Tower.
Beyond the intrinsic value of the medals, their worth can soar even higher at auctions. For instance, Jesse Owens' gold medal from the 1936 Berlin Olympics sold for nearly $1.5 million in 2013.
Additionally, athletes often receive substantial rewards from their home countries, including cash prizes, military service exemptions, and even luxurious gifts. For example, Filipino gymnast Carlos Yulo, who won his country’s first gold medal, will enjoy a fully furnished apartment and a lifetime of free medical services.
