Olympic Gold Medal 'Highest Ever Price'... How Much Is Triple Champion Kim Woo-jin's Medal Worth?

Due to Precious Metal Price Increase

Bloomberg reported on the 11th (local time) that the price of the gold medal for the 2024 Paris Olympics is estimated to be a record high of $900 (about 1.23 million KRW). This is due to the recent increase in the prices of precious metals such as gold and silver.

Three-time archery gold medalist at the Paris Olympics, Kim Woo-jin Photo by Yonhap News

According to the information on the gold medal released by the Paris Olympic Organizing Committee, the gold medal has a diameter of 85 mm, a thickness of 9.2 mm, and weighs 529 g. Of this, only a very small portion is gold, about 6 g, and approximately 18 g of iron pieces from the Eiffel Tower are also included. The Eiffel Tower pieces used in the medal were reportedly sourced from about 91 kg of iron pieces that the Eiffel Tower Operating Association had removed and stored during the tower’s maintenance and repair. The rest is mostly silver, which Bloomberg estimates to be more than 92.5% of the medal’s composition.

The price of gold is soaring due to aggressive purchases by central banks worldwide, inflows of investment funds from China, and expectations of interest rate cuts in the United States. It reached an all-time high of $2,483.73 per ounce in mid-last month and is currently trading around $2,470. Compared to the beginning of the year, the price has risen by nearly 20%. Silver prices are also rising sharply.

Bloomberg noted that thanks to the rise in gold prices and the increase in the medal’s weight, even considering inflation, the gold medal for this event is the most expensive ever. However, it also pointed out that athletes can gain greater benefits at the national level, such as prize money or exemption from military service, which can be more valuable than the gold medal itself.

Martin Fourcade, chairman of the 2024 Paris Olympics Athletes’ Committee, said in February, “Bringing the medal home means bringing a piece of history home,” adding, “I hoped athletes would cherish a small piece of France in their hearts.” The iron pieces from the Eiffel Tower are embedded in all medals regardless of their color.

The silver medal is still made entirely of pure silver. The bronze medal is made by mixing copper, tin, and zinc alloys. The silver medal for this event weighs 525 g, and the bronze medal weighs 455 g.

The design work was handled by Chaumet, a jewelry brand under the French luxury group LVMH (Louis Vuitton Mo?t Hennessy). Chaumet designed the Eiffel Tower iron pieces in a hexagonal shape to represent the French continent, adding symbolic meaning to the medals.