How is an Olympic gold medal made, and what is it worth?

Despite the name, Olympic gold medals are not made of solid gold. Under International Olympic Committee rules, they are primarily composed of silver and plated with a thin layer of gold.

Still, with gold prices now hovering at historic highs, even the thin coating carries more value than it once did.

Using the official size and weight specifications for the Milan Cortina 2026 medals, precious metals firm Dillon Gage calculated what a gold medal would be worth if it were cast entirely in solid gold.

Each Milan Cortina medal measures 80 millimeters in diameter and 10 millimeters thick. Based on those dimensions, Dillon Gage estimates a medal of that size would have a volume of approximately 47.6 cubic centimeters and would contain about 919 grams of gold if produced entirely from the metal.

At the current spot gold price of US$5,061.45 per troy ounce, that equates to roughly US$149,600 in intrinsic metal value alone, all before factoring in craftsmanship or symbolism.

But this is a hypothetical scenario. The actual gold medal that will hang around an athlete’s neck in Italy will contain 500 grams of .999 fine silver and just 6 grams of .9999 gold plating.

Using current spot prices of gold at US$5,061.45 per troy ounce and silver at US$87.00 per troy ounce, the combined intrinsic metal value of a 2026 Olympic gold medal comes to approximately US$2,375.

A silver medal, made of 500 grams of .999 silver, carries a metal value of about US$1,402 at today’s prices.

A bronze medal, composed of 420 grams of copper priced at roughly US$5.90 per pound, has a melt value of about US$5.46.

“The value of gold medals is a curious inquiry we receive, especially around the time of the Olympics,” said Terry Hanlon, president of Dillon Gage Metals. “It’s one of the most recognizable medals in the world, so it’s natural for people to wonder what it’s made of and what it’s actually worth. While Olympic gold medals are not solid gold, the silver content alone carries far more value today than it did just a few years ago, reflecting how much precious-metal markets have changed.”

The medals themselves were designed by a multidisciplinary team led by Raffaella Paniè and produced by the Italian State Mint and Polygraphic Institute (IPZS). Their split-surface design symbolizes the union of Milan and Cortina, as well as the shared effort behind every Olympic achievement.

Precious metals on the rise

Still, as eye-catching as the design may be, the math behind the medals offers a telling snapshot of today’s precious metals market.

When the Paris 2024 Olympic medals were unveiled two years ago, gold was trading around US$2,400 per troy ounce. At that time, the intrinsic metal value of a gold medal was under US$1,000.

Today, gold prices have more than doubled. The theoretical value of a solid-gold Milan Cortina medal now approaches US$150,000, and even the thin six-gram plating layer carries over US$975 in gold value alone.

The surge reflects broader trends in global markets where gold has rallied amid inflation concerns, geopolitical tensions, and rising investor demand for safe-haven assets.

Silver has also strengthened, contributing significantly to the base value of Olympic medals that are largely silver by weight.

But what is it really worth?

Yet despite the fun computation experiment, their actual worth undeniably lies elsewhere: the years of training, the sacrifices, the split-second finishes, and the history attached to standing atop a podium as the world watches.

By the time the flame is lit in Milan and Cortina, more than 5,000 athletes will compete for a place in Olympic history.

While its actual value will technically be worth a few thousand dollars in weight, for the world-class athletes showcasing their prowess, each medal is priceless in their own right.

No matter how high gold prices climb, the opportunity to win on the Olympic stage remains beyond calculation.

Investor Insight

Valeura Energy offers investors exposure to a debt-free, cash-generating Southeast Asia oil producer with growing reserves, visible production growth and multiple near- and medium-term catalysts to unlock value.

Overview

Valeura Energy (TSX:VLE,OTCQX:VLERF) is an oil and gas company focused on the development and operation of shallow-water offshore assets in the Gulf of Thailand. The company is listed on the Toronto Stock Exchange and is headquartered in Singapore, reflecting its strategic focus on the Asia-Pacific region. Valeura currently operates four producing oil fields – Nong Yao, Jasmine, Wassana and Manora – and has established itself as a low-cost, reliable operator in a mature basin with extensive existing infrastructure.

Valeura’s strategy is centred on generating strong free cash flow from its existing production base while extending asset life through continuous drilling, facility upgrades and near-field exploration. This organic growth is complemented by a disciplined acquisition strategy, positioning Valeura as a potential consolidator in a region where competition for assets is limited. The company is led by an internationally experienced management team with deep operational and transactional expertise in Asia, supported by award-winning safety, environmental and operational performance.

Company Highlights

• Second-largest oil producer in Thailand, operating four shallow-water offshore fields in the Gulf of Thailand
• Strong financial position, with US$306 million in cash and no debt as of December 31, 2025
• Growing reserves and extended field lives, with 57.6 mmbbl of 2P reserves and a multi-year history of approximately 200 percent reserves replacement per year
• Highly cash-generative business, generating US$158 million in free cash flow over the last twelve months to September 30, 2025
• Growth-oriented strategy, combining disciplined organic investment with accretive M&A opportunities in the Asia-Pacific region

Key Projects

Core Thailand Producing Portfolio (Operated)

Valeura’s primary focus is its operated portfolio of shallow-water offshore oil fields in the Gulf of Thailand, which form the foundation of its cash flow, reserves growth and near-term value creation. The company currently operates four producing fields – Nong Yao, Jasmine, Wassana and Manora – all located in a mature basin with extensive infrastructure and a long history of reserve replacement through continued development.

Nong Yao (90 percent working interest) is Valeura’s largest and most profitable asset, and the company’s top operational priority. Following an expansion in 2024 which saw the installation of a third production facility and successful drilling thereafter, Nong Yao has become Valeura’s largest producing field, delivering approximately 10.6 mbbls/d in Q3 2025. Ongoing appraisal, seismic interpretation and infrastructure-led exploration support further production and reserves upside.

Jasmine (100 percent working interest) and Manora (70 percent working interest) are mid-life fields that continue to exceed expectations through targeted drilling and operational optimisation. Jasmine has produced many times its originally-forecast ultimate recovery and has seen its economic life extended repeatedly. Manora, while smaller, has similar characteristics – continual extensions of economic life through drilling success and optimisation projects. Together, these assets provide stable production and strong operating margins.

Wassana (100 percent working interest) represents a cornerstone growth project within the Thailand portfolio. Valeura is executing a major field redevelopment that includes a new central processing platform designed to increase production from approximately 3 mbbls/d to around 10 mbbls/d. First oil from the new facility is expected in Q2 2027, with the redevelopment extending field life into the 2040s and creating a hub for future satellite developments.

Gulf of Thailand Growth Platform (Non-operated)

Beyond its existing producing fields, Valeura is expanding its footprint in Thailand through a strategic farm-in with PTT Exploration and Production, Thailand’s national oil company. The transaction significantly increases Valeura’s acreage position in the Gulf of Thailand and introduces exposure to both oil and gas opportunities adjacent to existing infrastructure.

The blocks (G1/65 and G3/65) contain multiple existing discoveries and are already the subject of near-term development planning, with the potential to progress initial development projects toward final investment decisions in 2026. While the farm-in transaction remains subject to government approval, management views its nascent partnership with PTTEP as a key medium-term growth catalyst that complements Valeura’s operated production base.

Türkiye Deep Gas Asset (Non-operated, Legacy Upside)

Valeura also retains an interest in a deep, tight-gas play in Türkiye, which represents a longer-dated upside opportunity. The asset has been farmed out to an experienced regional operator, limiting Valeura’s capital exposure while preserving upside through appraisal and testing activity. Management has positioned Türkiye as a “free option” for shareholders, providing potential upside without detracting from the company’s operational and strategic focus on the Asia-Pacific region.

Management Team

Sean Guest – President & Chief Executive Officer

Sean Guest brings 30+ years of international oil and gas experience, including senior operational and leadership roles with Shell, Woodside and Schlumberger. Prior to joining Valeura, he served as CEO of two private juniors, leading production and exploration teams across Asia and Africa.

Yacine Ben-Meriem – Chief Financial Officer

Yacine Ben-Meriem is a seasoned finance professional with 15+ years in oil and gas investment banking and finance, particularly in Southeast Asia. Before joining Valeura, he co-founded Panthera Resources, a key partner in Valeura’s Gulf of Thailand acquisitions. He has held senior roles at ABN AMRO and Standard Chartered in Singapore.

Grzegorz (Greg) Kulawski – Chief Operating Officer

Grzegorz Kulawski brings 25+ years of upstream experience through leadership roles at Shell, including deputy CEO of Sakhalin Energy, head of global safety, and senior leadership roles overseeing other major producing operations. His background spans brownfield operations and greenfield developments, with expertise in complex project execution and team integration across regions.

Kelvin Tang – Executive Vice-president, Corporate, General Counsel & Corporate Secretary

Kelvin Tang has over 18 years of experience in international oil and gas, with experience as head of business development at Hibiscus Petroleum and as CEO and COO of KrisEnergy, a Singapore-listed predecessor to Valeura’s initial Thailand interests. His background combines legal, commercial and strategic leadership.

Ian Warrilow – Thailand Country Manager

Ian Warrilow has 30+ years of operational and commercial experience in oil and gas across Australia, Europe and Southeast Asia. Before joining Valeura, he served as COO of Energy Development Oman and held senior roles with Mubadala Petroleum, including leadership positions in Indonesia and Thailand. His technical and regional expertise supports Valeura’s on-the-ground operations.

The math supports copper demand

The last several years have brought a narrowing gap between copper supply and demand.

The panelists noted that newer industries such as artificial intelligence (AI), electric vehicles (EVs) and the energy transition are driving additional demand in an already tight market.

Rule noted that, regardless of whether demand from new technologies declines, underlying base-level consumption will be driven by urbanization and the growth of the middle class in developing nations.

“It isn’t about Teslas. It’s about the fact that a billion people on Earth have no access to primary electricity,’ he said.

‘It’s about the fact that one of the greatest leaps forward in humankind was raising 500 million Chinese from rural penury to middle-class status,” Rule told the audience at VRIC.

He explained that it’s a matter of simple arithmetic, suggesting that the amount of copper that it will take to get everyone to a better standard of living is going to be massive.

“It’s inescapable, it’s truly inescapable,” Rule said.

Bebek noted that it’s not just the developing world; there are also significant projects underway in the US.

“One of the biggest uses of copper is in development, and if you travel around the US, everywhere there is a lot of modernization. Airports and infrastructure to meet the new requirements, and everyone’s building is cleaner. So that’s going to be steady,” he said. Bebek also noted that tech demand is inevitable even if there is some deceleration.

“Baseline demand is built in. Data center demand may be influenced by copper prices, but I don’t think it matters. I think copper demand grows 2 percent compounded without data centers,” Rule added.

Copper supply facing challenges

Meanwhile, steady copper demand growth is running up against a stressed supply chain.

Experts have been calling for a structural copper supply deficit for years, largely due to the absence of new mining operations, but in 2025, the industry faced significant supply-side disruptions.

In May, underground activities at Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kakula mine in the Democratic Republic of the Congo were suspended after water ingress into the mine; the company ultimately reduced its annual guidance by 28 percent. Then, in July, a tunnel collapse that killed six at Codelco’s El Teniente mine in Chile forced the company to temporarily halt operations, causing it to reduce its guidance by 30,000 metric tons.

In September, another water ingress incident at Freeport-McMoRan’s (NYSE:FCX) Grasberg mine in Indonesia killed seven workers, forced the shutdown of operations and deferred significant production through Q4 2025.

These major incidents, along with other minor supply-side disruptions throughout last year, have shortened the timeline for the copper market to enter a supply deficit.

“Really, last year the market was close to equilibrium, but all the charts going forward were this widening supply gap. We’re there now. And last year we had so many major disruptions that it was nowhere near equilibrium,’ said Tiggre.

‘I’m a simple due diligence guy, and I just don’t see the supply,’ he added.

Overall, the panelists agreed that there’s enough copper in the world to meet demand, but the challenge is in getting out of the ground. Discovering deposits will be key to overcoming that issue.

“Copper mines are hidden behind geopolitical boundaries, social issues or undercover. They’re blind, and the easy ones have been found,” Bebek explained to the VRIC crowd.

He cited data showing that since 2015, there haven’t been any copper discoveries of real consequence.

Rule echoed that point, suggesting that it’s largely going to be an issue of investment into exploration. He discussed his history in the industry and noted the underinvestment in copper exploration during that period; however, when funds were spent, copper was uncovered. He also suggested that the easy copper has been found.

“There’s still more to be found, but its going to be found undercover. Let’s just say they’re pretty far off the highway. When we start spending money, we will find copper, but we haven’t started spending money,” he said.

Rule went on to explain that once the industry decides to reinvest in exploration, copper will be revealed, but it will take at least a decade. “There’s no relief in sight in the near term,” he said.

He also highlighted permitting issues and cited the example of the Resolution mine in Arizona, US.

Rule stated that the project has exceptional grades averaging 1.5 percent; however, it’s been stuck in permitting for a massive 28 years. Even with streamlined permitting processes being developed in countries like Canada and the US, companies are still likely to face years-long timelines to bring metal online.

“Even if Trump decides that copper is the most critical mineral, and he’s going to provide subsidies and price floors, and he’s going to guarantee that what could technically be referred to as crappy projects make money, you still have to get them permitted,” Tiggre said. Even with fast-track permitting, he noted that these projects will still require billions in investment, and in the best-case scenario will only save three to five years.

Investor takeaway

The biggest emerging factor is how the industry will respond to the growing copper supply gap.

As Rule pointed out, there doesn’t appear to be a near-term solution.

He also noted that in order for companies to maintain copper production at the current level, the required investment stands at US$250 billion over the next 10 years, which is US$150 billion more than the industry has.

“The problem with that is that maintains current production, a level where copper is in deficit and demand is growing at 2 percent compounded,” Rule explained to the audience.

With copper prices at all-time highs, it may not be time to jump in. But with geopolitical and economic uncertainty still looming over global financial markets, there could be opportunities from volatility.

“All I’m saying is there’s no need to give in to FOMO here. I’m super bullish. Doug Casey taught me to let volatility to be my friend. That’s what I’m thinking this year,” Tiggre said.