As the Milan–Cortina 2026 Winter Olympics approach and organizers unveil the newly designed medals, a U.S.-based precious metals firm has put a dollar figure on one of the world’s most recognizable prizes – at least from a bullion perspective.
According to calculations released this month by precious metals wholesaler Dillon Gage Metals, an Olympic gold medal cast entirely in solid gold would carry a metal value approaching six figures in U.S. dollars, or well into six figures in Canadian terms, at current prices. While Olympic gold medals are not made of solid gold, the firm’s analysis highlights how rising precious-metal prices have dramatically changed the intrinsic value of medals awarded at the Games.
Under International Olympic Committee rules, Olympic gold medals are primarily silver, plated with a thin layer of gold. Using the size and weight specifications announced for the Milan–Cortina 2026 medals, Dillon Gage estimated that a solid-gold medal of the same dimensions would have a volume of roughly 47.6 cubic centimetres and contain about 919 grams of gold. At a spot price of approximately US$4,967 per troy ounce or $6,795 CAD, such a medal would be worth about US$146,800 based on gold content alone, or roughly $200,000 CAD.
The firm also calculated the approximate metal value of the medals that will actually be awarded in 2026. A gold medal, composed of 500 grams of .999 fine silver plated with about six grams of .9999 fine gold, carries an estimated metal value of about US$2,360, or roughly $3,200 at current prices. A silver medal, consisting of 500 grams of .999 fine silver, has an intrinsic value of approximately US$1,400, or about $1,900, while a bronze medal, made from roughly 420 grams of copper, contains metal worth just over US$5, or about $7.
“The value of Olympic gold medals is a question we’re asked frequently, especially around the time of the Games,” Dillon Gage president Terry Hanlon said in a statement. “While they’re not solid gold, the silver content alone is worth far more today than it was even a few years ago, reflecting how dramatically precious-metal markets have changed.”
Designed by a multidisciplinary team led by Raffaella Paniè and produced by the Italian State Mint and Polygraphic Institute, the Milan–Cortina medals measure 80 millimetres in diameter and 10 millimetres thick. Organizers have emphasized sustainability in their production, citing the use of recycled metals, renewable energy and FSC-certified packaging.
While a hypothetical solid-gold Olympic medal might carry a bullion value near $200,000 in Canadian dollars, Dillon Gage noted that Olympic medals are not intended to be valued for their metal content. Still, for collectors and bullion watchers, the calculations provide a timely illustration of how rising gold, silver and copper prices continue to reshape the intrinsic value of some of the world’s most iconic medals.