Milan Games Gold, Silver Medals Worth Four Times Tokyo Counterparts

Tokyo, Feb. 10 (Jiji Press)–Gold and silver medals for the Milan-Cortina Winter Olympics are about 10 pct lighter than those at Tokyo 2020, yet their metal value has climbed nearly fourfold as geopolitical tensions have driven precious metal prices higher. The silver medal for the Tokyo Games contained 550 grams of silver, compared with 500 grams for Milan-Cortina. Each gold medal consists of a silver base plated with 6 grams of gold. Converted into yen at exchange rates on the opening days of each Games and based on COMEX futures, both gold and silver prices nearly quadrupled. As a result, the intrinsic value of a gold medal jumped to 345,000 yen from 88,000 yen, while a silver medal rose to 194,000 yen from 49,000 yen. Gold is widely viewed as a safe-haven asset and tends to gain when concerns over geopolitical tensions or economic crises intensify. This year, the U.S. military intervention in Venezuela and tensions over Iran pushed gold prices sharply higher, with gains spilling over into silver. Silver prices have also been buoyed by growing use in solar power panels as renewable energy spreads. Copper, which has seen rising demand from electric vehicles, has also posted steep gains. “The Olympics are a rare moment when the world looks in the same direction,” said Satoru Yoshida, commodity analyst at Rakuten Securities Economic Research Institute. “I hope that silver will draw attention during the Games, helping deepen interest in environmental issues.” END [Copyright The Jiji Press, Ltd.]