SALT LAKE CITY — There’s a common saying that some things are as valuable as their weight in gold. However, an Olympic gold medal doesn’t quite fit this description. The reason? It contains only a small amount of actual gold.
The International Olympic Committee mandates that gold and silver medals must be composed of at least 92.5% pure silver. For the upcoming Paris Olympics, the gold medals will have a gold plating of six grams and a total weight of 529 grams. The silver medals, on the other hand, will weigh slightly less at 525 grams. The bronze medal, an alloy of copper, tin, and zinc, will weigh 455 grams, which is just over a pound.
Each medal is embellished with a unique and priceless piece of metal, as described by the Paris Olympics organizers: the original iron from the Eiffel Tower. This metal is cut into a hexagonal shape and embossed with a flame, the words “Paris 2024”, and the iconic Olympic rings.
The reverse side of the medal portrays the resurgence of the Games in Greece, featuring Nike, the goddess of victory, emerging from the Panathenaic Stadium. This is the very place where the Olympics were revived in 1896. The Acropolis and the Eiffel Tower are also depicted in the background.
Value of the Gold Medal
According to Oxford Economics, a gold medal is valued at $1,027, while silver and bronze medals are worth $535 and $4.60, respectively. This estimation does not include the value of the iron from the Eiffel Tower.
“Given the current buoyancy of the precious and industrial metals markets, winning an Olympic medal this year should provide significant investment value, in addition to the everlasting glory that comes with securing a podium spot,” Oxford Economics states.
The economic advisory firm also predicts that by the next Summer Games, the value of Olympic medals will increase significantly. By the 2028 Los Angeles Olympics, the gold medals will be worth $1,136, silver medals $579, and bronze medals $5.20. By the 2032 Brisbane Olympics, the medals will be worth $1,612, $608, and $6, respectively. “So, this year’s winning athletes are indeed securing a real deal!”
Interestingly, if the gold medal was made entirely of gold, its value would be approximately $41,161.50, as per Forbes. The last time pure gold medals were awarded was way back in 1912.
Medals as Designer Jewelry
The Paris Olympic organizers have designed the 2024 medals to resemble exquisite pieces of jewelry that “establish a connection between the medal-winning athletes and our country.”
“By incorporating the most iconic metal from France’s heritage into the heart of the most prestigious sports medals, Paris 2024 is continuing Gustave Eiffel’s daring legacy. The renowned engineer defied the norms of his era by choosing iron to construct the first 300-meter tower. By embedding fragments of the Eiffel Tower into its medals, Paris 2024 aims to provide athletes with a memorable memento of the Games, of Paris, and of France.”
I disagree, knowing the exact amount of gold in an Olympic gold medal adds to its prestige and value.
I disagree, the purity of the gold has no bearing on the significance of winning an Olympic gold medal.
Disagree, the material value of the gold doesn’t diminish the honor of winning an Olympic gold medal.
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