The opening ceremony for the XXIII Winter Olympics Games in PyeongChang, South Korea, will begin tomorrow, marking the official start of the grandest event in sports. By its conclusion on February 25, nearly 3,000 athletes will have participated in a record 102 events in six sports and 15 disciplines. They will all be competing for the ultimate prize: The Olympic gold medal.
As a symbol of what is largely believed to be the ultimate accomplishment in sports, the gold medal is priceless. However, these medals do have an intrinsic monetary value.
This year the PyeongChang 2018 Olympic gold medal has “podium value” of approximately $570 based on the spot price of gold and silver as of Thursday morning. This is a few dollars more than the gold medals at the last two Olympics in Rio and Sochi. However, it remains a long way off from $708 dollar record value of the gold medal at the 2012 London Olympics. While it is known throughout the world as the gold medal it is actually a silver medal plated with gold.