Here’s the twist: Not all that glitters are gold. You’re about to find out what exactly goes into the 2024 Olympic gold medal and why it’s worth examining the value of these precious metals.
After a century, the 2024 Summer Olympics will see the games return to Paris.
All in for the win, the world’s top athletes dedicated years to their sport. Olympic champion Jess Fox is hoping to make it back-to-back gold this year and will be competing tirelessly to take home the ultimate symbol of glory—the Olympic gold medal.
On Thursday 8 February, Tony Estanguet, President of the Paris 2024 Organising Committee unveiled the medals of the upcoming Paris Olympic and Paralympics.
The Paris Mint is manufacturing 5,084 medals. Of this number about 2,600 are for the Olympics and 2,400 for the Paralympics.
Each gold, silver, and bronze medal features an 18-gram hexagonal chunk of iron that was once part of the Eiffel Tower. The medals measure 85mm in diameter and 9.2mm in thickness.
Unlike any medals awarded since Athens 1896, LVMH’s Chaumet has taken up the challenge of combining these precious metals. They have brought the vision of modern Olympic medals to life, incorporating a small piece of Paris into each design.
You’d be forgiven thinking that the Olympics Paris 2024 gold medal is made of gold.
The fact is that it isn’t made of gold at all. Only 6 grams are pure gold, used for plating.
95% of the Olympic gold medal is actually silver—505 grams, to be exact.
The remaining 18 grams are iron.
The silver medal weighs 525 grams, with 507 grams of silver and 18 grams of iron. Based on the spot prices for silver and iron as of July 24, its value is around $486.
Based on VT Markets’ analysis, silver has been recognised as the top-performing commodity of 2024. Silver prices (Symbol: XAGUSD) have risen by 21% year-to-date in 2024, outperforming other metals like gold and copper, as well as the S&P 500 index.
Read the full analysis here: Silver shines bright as the best-performing commodity of 2024
The bronze medal weighs 455 grams, made up of 415.15 grams of copper, 21.85 grams of zinc, and 18 grams of iron. Its value is roughly $13.
529g: the weight of the gold medal
Gold plating: 6 grams
Silver: 505 grams
Eiffel Tower iron: 18 grams
525g: the weight of the silver medal
Silver: 507 grams
Eiffel Tower iron: 18 grams
455g: the weight of the bronze medal
Copper: 415.15 grams
Zinc: 21.85 grams
Eiffel Tower iron: 18 grams
If these medals were made entirely of gold, they’d be worth around $41,161.50 each! That’s why the last time they handed out pure gold medals was way back in 1912.
While the monetary value of an Olympic medal is around $500, that doesn’t mean athletes don’t make money at all.
The payout for Olympic medalists varies by country— with Malaysia, Morocco, or Serbia receiving an upward of $200,000 from their country’s government or national Olympic committee for bringing home gold. The true value lies in its priceless pride of victory.
Source: USA TODAY
Medals with some history behind them have been sold for an excess of 1 million dollars on auction. The value of past gold medals has surged dramatically due to record gold prices. For example, one of Jesse Owens’ medals from 1936 sold for approximately $1,470,000.
US swimmer Michael Phelps is the most decorated Olympian with 23 golds, 3 silvers, and 2 bronze, earning him the title of “King of medals” in the Summer Olympics and an estimated net worth of $100 million.
This significant wealth comes from his exceptional swimming career, smart business investments, and profitable brand endorsements.
Hence, the 2024 Olympic medals not only symbolise athletic achievement but also reflect economic dynamics as metal prices continue to fluctuate.
On the topic of gold, you might be interested to discover 4 reasons why traders flock to safe-haven gold during global political tensions
This makes it an exciting time to examine the raw values of the commodities that make up the Olympic medals.
Although various financial instruments like options, futures, and ETFs are available for trading gold and other precious metals, their performance can differ significantly, especially depending on the broker offering them.
Much like a top Olympian, VT Markets’ CFD precious metals—gold (XAUUSD), silver (XAGUSD), and copper (CME)—demonstrate a competitive edge in a highly dynamic market. Trading with VT Markets offers advantages like ultra-low spreads and flexible leverage options up to 500:1.
With a diverse precious metals portfolio for you to choose from, it’s easy to optimise your trading strategy and align them with your preference. In the same way athletes compete in multiple events to increase their chances of winning, trading various precious metals like gold, silver, and platinum helps diversify your portfolio, spreading out risk.
Unleash your athletic spirit
In celebration of the 2024 Paris Olympics, VT Markets is running a once-in-four-years campaign where you could win up to USD 14,000 from our prize pool by trading with us. Complete simple daily missions to earn rewards and stay in the race to maximise your gains.
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