Soaring Gold and Silver Prices Put Olympic Medals in the Spotlight at Milano Cortina 2026
As the Milano Cortina 2026 Winter Olympic Games unfold, attention is not only on performances on the ice and slopes, but also on the medals awaiting winners — now the most valuable in Olympic history.
Rising gold and silver prices over the past two years have significantly increased the intrinsic value of medals awarded at this year’s Games.
While Olympic medals remain priceless symbols of achievement, the precious metals they contain are now worth far more than in previous Olympic cycles.
Gold prices have risen by more than 100% since the Beijing Winter Olympics in 2022, while silver has climbed even more sharply, helping push medal values to record levels this year.
Gold medals—primarily struck in silver with a gold plating component —along with solid silver medals have both surged in metal value, with their intrinsic value now more than double that of previous Games.
Produced by Italy’s state mint and printing institute, the Istituto Poligrafico e Zecca dello Stato (IPZS), the medals combine tradition, innovation and meticulous craftsmanship.
As a long-time observer of global mint releases and collectable coin markets, Rael Demby, CEO of The South African Gold Coin Exchange & The Scoin Shop, says renewed attention on medal values naturally spills over into commemorative coin collecting.
“People often think of medals purely as sporting trophies, but from a minting perspective, they are extraordinary works of art,” says Demby.
“They represent the highest levels of metalworking skill — design, sculpting, striking and finishing all coming together to create an object that carries enormous emotional and historical weight.”
While Olympic medals themselves rarely enter private collections, the fascination they generate has long fuelled demand for commemorative coins released ahead of each Games.
For decades, host nations have issued official commemorative coins in gold and silver, transforming sporting milestones into collectables.
Italy’s Milano Cortina 2026 coin programme features winter sports imagery and alpine landscapes, allowing collectors to own pieces connected to this global event.
While athletes compete for medals symbolising the pinnacle of sporting achievement, collectors continue securing their own pieces of Olympic history through commemorative coins long after the Games conclude.
Demby notes that Olympic issues have traditionally held strong appeal among collectors. “Historically, Olympic commemorative coins have been highly sought after because they capture moments of global significance in beautifully crafted, limited-edition pieces,” he says.
“We expect the Milano Cortina releases to attract similar interest, as collectors continue to seek coins that combine craftsmanship, history and lasting collectable value.”
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