Gold

MILAN — Chloe Kim came up short in her attempt to become the first person to win three consecutive Olympic snowboarding gold medals on Thursday, finishing second in the halfpipe to South Korea’s Gaon Choi at Livigno Snow Park.

Choi stormed back from a nasty crash on her first run in which she clipped the lip of the halfpipe and came tumbling almost head first onto the icy surface. She looked shaky on her second run then the 17-year-old who leads the World Cup standings threw down a near flawless 90.25-point run while fresh snow fell to jump ahead of Kim, who had 88 points on her first run.

Dropping in last as the top qualifier, Kim had a chance to grab the gold medal back. She flashed two thumbs up to her coaching team before dropping in. But she fell on a cab double cork 1080, which she had stomped in her first two runs.

At the bottom of the halfpipe, Choi threw her arms in the air. Her coach ran to hug her. Kim, after sliding to the bottom of the pipe, ran through the crowd to congratulate Choi. The new Olympic champion was celebrating with Kim’s family.

The snowboard stars have history. Kim helped Choi train at Mammoth Mountain Snowboarding Club. Choi counts Kim among one of her snowboarding idols after Kim launched herself to superstardom at the 2018 Olympics.

Kim, then 17, became the youngest woman to win an Olympic snowboarding gold medal in PyeongChang. She followed it up with a historic gold in Beijing, where she became the first woman to win two Olympic gold medals in halfpipe.

The 25-year-old Kim suffered a torn labrum in her right shoulder in early January while training in Switzerland. It was the second time she had injured her shoulder in less than four weeks after she was forced to withdraw from a World Cup competition in December.

The injury meant the Olympics were Kim’s first competition of the season.

For the second straight Winter Olympics, Mathilde Gremaud bests Eileen Gu in the women’s blue ribband freeski event.

Switzerland’s Mathilde Gremaud has retained her Olympic title in the slopestyle freestyle skiing competition at the Milano Cortina 2026 Winter Games in a gripping race in the Italian Alpine town of Livigno.

China’s Eileen Gu, who had been hoping to convert her Beijing 2022 silver medal into gold this time, came in second on Monday after tumbling at the start of her last run.

Canada’s Megan Oldham, ⁠24, took the bottom step of the podium despite a big crash on her second run.

Earning herself a day-late birthday present, Gremaud skied well above the already very high bar set by Gu on her first run with three spectacular runs of her own, wearing the Swiss flag like a cape as she came down the last time, having already ensured herself the gold medal.

Gremaud rolls out new trick

On a crisp and sunny day in the high-altitude ski resort close to the Swiss border, Gremaud kicked off the final by performing – ⁠for the first time by a woman – an elite-level trick known as the nose butter double cork 1260.

In this trick, the skier presses the tips of the skis on the takeoff to start the spin and then performs a double cork 1260, two distinct off-axis, inverted flips combined with three-and-a-half full, horizontal rotations.

Known for her variety of tricks on the slope, the Swiss champion veered towards the very technical ones, followed by breathtaking acrobatic jumps during her second run, earning her the eventual highest score overall of 86.96, just pipping Gu’s first-run score of 86.58.

Despite the big crash on her second run, ‌Oldham picked up in the third run, soaring through the rails and performing conservative yet still very acrobatic jumps at the end, winning her a score of 76.46.

At the end of the race and during the prize-giving ceremony, the crowd was painted in different hues of red as the ‌flags of the three winning countries – Switzerland, China and Canada – all waved in the air to the beat of loud music and cheering. The medals were handed out by Britain’s ‌Princess Anne, a former Olympic equestrian.

High competition

Double Olympic champion Gu, 22, set ⁠the bar high on the first run with big tricks on the rails and stunning jumps, adding flair to all of her tricks and putting herself in first place early on.

After a poor second run when she stumbled on the rails at the beginning of the beautifully sculpted piste, Gu knew ‌she would need something special on her final run to grab the title away from Gremaud. But she tumbled into the snow almost immediately, ending her hopes of reclaiming top spot in the competition.

American-born Gu, who represents her mother’s country of China at the Olympics, said last week that she had nothing left to prove after her two gold and one silver medal from Beijing.

She will be defending her big air and halfpipe titles later in the Games.

Interest in gold has skyrocketed in recent weeks, with the price of one ounce hitting an all time high of $5,600 on January 29 before settling back to just under $5,000 on Sunday.

As economic conditions fluctuate and geopolitical tensions rise, more individuals are seeking gold as a secure investment.

In this visual explainer, Al Jazeera breaks down how gold value is determined, the prices of gold coins in different markets, and the countries holding the largest reserves.

How is the value of gold measured?

Understanding the value of a gold item requires knowing its weight in troy ounces alongside its purity in karats.

Weight (in troy ounces)

The weight of gold and other precious metals like silver and platinum is commonly measured in troy ounces (oz t). One troy ounce is equal to 31.1035 grammes.

At $5,000 per troy ounce, 1 gramme of gold is worth about $160, and a standard 400-troy-ounce (12.44kg) gold bar costs $2m.

Troy ounces are different from regular ounces, which weigh 28.35 grammes and are used to measure everyday items including foods.

Purity (in karats)

Karat or carat (abbreviated as “K” or “ct”) measures the purity of a gold item. Pure gold is 24 karats, while lower karats such as 22, 18, and 9 indicate that the gold is mixed with less expensive metals like silver, copper, or zinc.

To determine the purity of gold, jewellers are required to stamp a number onto the item, such as 24K or a numeric value like 999, which indicates it is 99.9 percent pure. For example, 18K gold will typically have a stamp of 750, signifying that it is 75 percent pure.

Some typical values include:

• 24 karat – 99.9% purity – A deep orange colour, is very soft, never tarnishes and is most commonly used for investment coins or bars
• 22 karat  – 91.6% purity – A rich orange colour, moderate durability, resists tarnishing and most often used for luxury jewellery
• 18 karat – 75% purity – A warm yellow colour, high durability, will have some dulling over time and most often used in fine jewellery
• 9 karat – 37.5% purity – A pale yellow colour, has the highest durability, dulls over time, used in affordable jewellery

Other karat amounts such as 14k (58.3% purity) and 10k (41.7% purity) are often sold in different markets around the world.

When you buy jewellery, the price usually depends on the day’s gold spot price, how much it costs to make, and any taxes.

If you know the item’s exact weight in grammes and the gold’s purity in karats, you can calculate the craftsmanship cost on top of that.

You typically cannot negotiate the spot gold price, but you can often haggle over the craftsmanship costs.

The price of gold has quadrupled over the past 10 years

Gold has been valued for thousands of years, serving various functions, from currency to jewellery. The precious metal is widely regarded as a safe haven asset, particularly in times of economic uncertainty or market volatility.

Up until 1971, the United States dollar was physically defined by a specific weight of gold. Under the classical gold standard, for nearly a century, from 1834 until 1933, you could walk into a bank and exchange $20 for an ounce of gold.

In 1933, amid the Great Depression, the price was raised to $35 per ounce to stimulate the economy.

In 1971, under President Richard Nixon, gold was decoupled from the dollar, and its price began to be determined by market forces.

Over the past 10 years, the price of gold has quadrupled from $1,250 in 2016 to around $5,000 today.

How is the price of gold determined in different countries?

Gold is priced globally based on the spot market, where one troy ounce is traded in US dollars on exchanges such as London and New York. Local prices vary as the dollar rate is converted into domestic currencies, and dealers add premiums for minting, distribution and demand.

Taxes and import duties further influence the final cost: India adds 3 percent GST, while the United Kingdom and United Arab Emirates impose none on gold investments.

Different countries produce unique gold bullion coins and bars, each with its own distinct features and cultural significance. Notable examples include the Gold Eagle from the US, the Gold Panda from China, and the Krugerrand from South Africa.

Which countries have the most gold reserves?

The US leads global gold reserves with 8,133 tonnes, nearly equal to the combined total of the next three countries. Germany is in second place with 3,350 tonnes, and Italy comes in third with 2,451 tonnes.

The graphic below shows the top 10 countries with the largest gold reserves.

MILAN — Believe in the Quad God.

Ilia Malinin’s clutch free skate that scored 200.03 points gave the United States its second consecutive team figure skating gold medal Sunday at the Milan-Cortina Olympic Games.

After Amber Glenn fought through a shaky free program that finished third and lost the United States its two-point lead, Malinin stepped up as only he could. He executed five quad jumps and won by nearly six points, even if he did not perform his signature quad axel. He even put his hand down after a jump, but the mistake only seemed to fuel him as he finished with a flourish, changing the back-half of his program to earn back extra points.

His U.S. teammates, cheering from the sideline box rose to their feet and pumped their fists after each of Malinin’s jumping passes. When he landed his back flip, skating flawlessly through one foot, the packed crowd at Milano Ice Skating Arena roared.

While Japan’s Shun Sato scored a season’s best to finish the competition, he could not match the technical prowess of Malinin, who is also the favorite to win individual gold this week.

In front of a raucous home crowd, Italy held off Georgia for the bronze medal behind a dazzling free skate from Matteo Rizzo, who dropped to his knees on the ice and cried after his performance had fans chanting “Italia!” before he even finished. He cried into the Italian flag in the kiss-and-cry after his season’s best 179.62 points.

With the first figure skating medal of the Milan-Cortina Games on the line, every skater fought for every fraction of a point. U.S. pairs skater Ellie Kam went deep into a one-legged squat to hold on to the first throw jump. The United States led by five points entering the final day, but still had no room for error as Japan finished first in qualifying in all of Sunday’s disciplines. With the dominance of Japan’s Riku Miura and Ryuichi Kihara in pairs, Kam’s partner Danny O’Shea knew the strategy for the U.S. pair was to simply try to stay as close as possible.

Ellie Kam and Danny O’Shea perform in pairs figure skating during the team competition at the Milan-Cortina Games on Sunday.

(Stephanie Scarbrough / Associated Press)

Kam fought for the landing on a throw loop so hard that she could feel her leg cramping.

“I was like, ‘I’m not going down,’” Kam said, “I got this. We got this.”

They looked at each other before their next element and said “calm.” Their message cut through the energized crowd that cheered louder and louder with each jump. At the end, Kam’s and O’Shea’s celebratory screams simply joined the crowd’s roar. As they saluted the crowd, O’Shea pointed toward Kam to acknowledge her effort.

The pair’s fourth-place finish in the free program was a one-point improvement from their qualifying spot, earning a slim, but vital cushion entering the men’s and women’s free skates.

Instead of sending world champion Alysa Liu back for the free skate after she performed the short program, the U.S. selected the three-time national champion Glenn. The 26-year-old was making her Olympic debut.

On the Olympic stage for the first time, Glenn has tried to embrace the opportunity while treating the competition as if it were any other one. But the larger stage has created additional stress for Glenn after she was asked in a news conference about President Trump’s approach to the LGBTQ+ community in recent years and how it’s affected her personally.

U.S. figure skater Amber Glenn competes during the team competition on Sunday at the Milan-Cortina Games.

(Ashley Landis / Associated Press)

Glenn, who identifies as bisexual and pansexual, encouraged people in the queer community to “stay strong in these hard times” and recognized that it wasn’t the first time the community had to unite to “fight for our human rights.” Glenn then received threats on social media after the news conference and posted on Instagram that she would be taking a break from social platforms to focus on the competition.

But it wasn’t the social media hate that rattled Glenn, she insisted. She was simply tired, sore and disoriented from the unfamiliar Olympic team competition format.

All of Glenn’s other competitors did the short program portion of the competition on Friday. She came in with several good days of training at the venue, but did not get the same kind of opportunity to get used to the stage. Glenn fought through a shaky triple axel to open her program and stepped out of a triple flip that prevented her from completing a planned combination for her second jumping pass.

Waiting in the kiss-and-cry, Glenn bowed her head and stared at the ground. She struggled to muster even a fake smile.

“I’m grateful that the team is so supportive.” said Glenn, who finished behind Japan’s Kaori Sakamoto and Italy’s Lara Naki Gutmann. “But I do feel guilty that I could be the reason that we don’t win the gold, and I don’t know how I will ever apologize for that.”

Glenn clasped her hands in her lap waiting for Sato’s score after the Japanese skater performed a clean program that had his teammates in tears. But his technical score was about five points less than Malinin’s. Glenn was the first skater to hug Malinin in the United States’ team celebration, lifting him off the ground as he extended arms out wide.

CORTINA D’AMPEZZO — CORTINA D’AMPEZZO, Italy — The mountainside packed with fans and competitors was eerily silent after disaster struck.

Lindsey Vonn, attempting to win a gold medal despite sustaining a torn anterior cruciate ligament in her final race before the Games, clipped her pole on a gate early in her first Olympic downhill skiing run and crashed Sunday.

Vonn, 41, could be heard screaming after the crash. She received medical attention on the snow and was airlifted off the mountain.

The race was halted while Vonn was treated. Her teammate, Breezy Johnson, held the early lead and went on to win the race after the competition resumed. Johnson won the Americans’ first gold medal of the Games.

The U.S. downhill team celebrated with Johnson but continued to think of Vonn.

American Lindsey Vonn crashes into a gate during an alpine ski downhill race at the Winter Olympics in Cortina d’Ampezzo, Italy, Sunday.

(Handout / Getty Images)

“It’s heartbreaking,” said American Isabella Wright, who finished 22nd in the competition. “Jackie [Wiles] and myself, we were up there. We watched it live and things just happen so quick in this sport. It looked like Lindsey had incredible speed out of that turn and she hooked her arm [on a gate on the course] and it’s just over. Just like that. After all the preparation, after years of hard work and rehabilitation and all the things, it’s the last thing you want to see somebody go through.”

Vonn retired after a series of injuries seemed to be too much to overcome. Nearly six years later, she announced she missed racing and was confident she had fully recovered her form after a right knee replacement.

She shocked many by immediately winning races needed to qualify for the Games and entered the Olympics as the leader in the World Cup downhill standings. Nine days ago, she suffered a torn ACL, a bone bruise and meniscus damage.

Amid great scrutiny, Vonn was determined to keep racing with the support of her medical team and a large knee brace. She was optimistic about her ability to compete after practice runs and pushed back at critics on the social media platform X.

Fans react after watching American Lindsey Vonn crash during the women’s downhill skiing race at the Winter Olympics Sunday.

(Robert Gauthier/Los Angeles Times)

“It’s the last thing you want to see for Lindsey, but she should be really proud of everything she has gone through to get back here,” Wright said. “And regardless, if got last today, if she won — she obviously crashed. Whatever happened today, she’s an inspiration to all of us and she should be really proud. I know it probably doesn’t feel like that right now, but I hope one day she can recognize that.”

As the upcoming Winter Olympic Games Milano Cortina 2026 approaches, attention naturally shifts to records, rivalries, and the prestige of making it to the podium. But after the celebrations end, a practical question always resurfaces: What are those medals actually worth?

The answer depends on how you define “worth.” There’s the literal value of the metal, the tax implications that follow, and then the much bigger value that comes from status, visibility, and opportunity.

Are Olympic Gold Medals Actually Solid Gold?

Despite the name, Olympic gold medals are not solid gold. Even though the tradition of a solid gold medal was established in 1904, forging the medals 100% out of gold didn’t last long, as it became too costly after World War I. As a result, the top medal hasn’t been made of solid gold since the 1912 Olympic games.

Today, gold medals are primarily made of silver, with a relatively thin coating of pure gold on the surface. The exact specifications vary slightly, but the general formula has remained consistent. A modern Olympic gold medal typically contains 523 grams of sterling silver, with approximately six grams of gold plated on top. This allows it to look like gold and feel substantial, while also carrying enormous symbolic weight.

Silver medals are indeed solid, made of 525 grams of sterling silver. Bronze medals meanwhile contain no precious metals at all, typically containing 90 percent copper and other alloys, such as tin and zinc.

As a result, the true value of each medal comes more from the prestige of being a medalist and the opportunities it may offer than from the raw materials that comprise each medal.

What Gold, Silver, and Bronze Medals Are Worth at Today’s Metal Prices

Metal prices fluctuate constantly, so any estimate is a snapshot in time. Using current pricing, gold is trading around $4,900 per troy ounce, and silver around $85 per troy ounce. Six grams of gold works out to be worth about $945 at current prices, while the silver portion of a gold medal, about 523 grams, is worth about $1,430. Added together, the raw metal value of a gold medal currently lands around $2,375.

Silver medals, made of 525 grams of sterling silver, would be worth around $1,435, while bronze medals are worth far less from a materials standpoint. With copper currently priced at about $0.38 per ounce and a bronze medal comprising 495 grams of copper, the third-place medal would be worth less than $7 at today’s prices.

Do Olympic Athletes Have To Pay Taxes on Their Medals?

Fortunately for U.S. athletes, the tax picture has changed over time. In the past, medals and associated prize money were treated as taxable income, meaning athletes could owe federal taxes on both the cash bonuses and the fair market value of the medal itself.

That shifted in 2016, when Congress passed the United States Appreciation for Olympians and Paralympians Act of 2016. The legislation allows most U.S. Olympic and Paralympic athletes to exclude medal-related prize money from federal income taxes if their overall income falls below a certain threshold. The intent was to prevent athletes, many of whom train for years with limited financial support, from being hit with tax bills simply for winning.

Why Medals Are Worth Far More Than the Metal

If medals were only worth their metal content, they’d be impressive keepsakes, but not life-changing ones. The real value comes from what the medal represents and what it unlocks.

An Olympic medal can raise an athlete’s profile overnight, leading to endorsements, sponsorships, and paid appearances that weren’t on the table before. The impact often lasts well beyond competition, opening doors to coaching, leadership roles, and media opportunities long after the Games are over.

Those opportunities don’t look the same for every medalist—or arrive all at once. For some athletes, especially gold medalists, the exposure of winning on the sport’s biggest stage can translate quickly into major endorsement deals. For others, the payoff is more gradual, showing up as smaller sponsorships, speaking fees, or a clearer path into post-competition careers built on recognition and trust.

Winning multiple medals can also amplify the effect, creating a sustained spotlight that brands and audiences tend to value more than a single podium finish.

While the metal in an Olympic medal may only be worth a modest sum, the visibility it brings can reshape an athlete’s earning potential in ways that far outlast the Games themselves—making its true value less about what it’s made of, and more about what it makes possible.

Emma Finucane and Anna Morris won gold for Great Britain on day three of the 2026 UEC Track Elite European Championships in Turkey.

Olympic and former world champion Finucane, 23, came into the third day of action in Konya in fine form after setting a new world record for the women’s flying 200m time-trial on Monday.

In the final of the women’s sprint, Finucane’s time of 10.608 seconds was 0.045secs faster than team-mate Sophie Capewell to secure her second gold medal of the event.

Finucane said after her win: “Yesterday I wanted to execute my ride perfectly, and I did; I came away with a world record and I couldn’t believe it.

“But it doesn’t finish there, you still have to race races and the girls were really fast, there was lots of fast sprinting and to come away with this medal and with this jersey means so so much to me. “

Finucane’s Welsh compatriot, Olympic bronze medalist Morris, dominated the women’s omnium to win her third European Championship gold medal.

Morris, who said the “European jersey is really special”, finished 13 points in front of Norway’s Anita Stenberg.

Matt Bostock finished fourth in the men’s individual pursuit.

Great Britain have won seven medals in Turkey, including four golds.

If Hilary Knight is the GOAT of women’s ice hockey, then Caroline Harvey is the kid.

That isn’t just a reference to her age, 23, which makes her the seventh-youngest player on the U.S. Olympic team. The term is also used for baby goats. And with Knight, the oldest player on the U.S. team, expected to retire from Olympic competition after the Milan Cortina Games, that makes Harvey the GOAT in waiting.

“Hilary is a great role model,” Harvey said. “She did blaze that trail. It’s been exciting to see what she did, the legacy she left.”

Like the 10 world championship gold medals, most by a hockey player of either gender; the soon-to-be five Olympic appearances, most by any American hockey player; the scoring titles and MVP awards. But the real legacy she’ll leave will have little to do with any of that.

In 2019, while at the height of her career, Knight risked everything when she joined more than 200 other players in boycotting the existing women’s hockey leagues to form the Professional Women’s Hockey Players Assn. Four years later that led to the creation of the well-funded Professional Women’s Hockey League, with eight teams playing in the U.S. and Canada.

Knight said she took inspiration for that campaign from the 1999 Women’s World Cup soccer team of Mia Hamm, Julie Foudy and Brandi Chastain, which not only won the title but soon after began the decades-long fight with the U.S. Soccer Federation that eventually ended with the women getting the same pay and benefits as the men’s team.

“We credit the ‘99ers to sort of helping us with our vision and creating more equitable space,” she said. “We’re far from there but we’re taking great steps in that direction.”

In fact, women’s hockey has never been better, a popularity both Knight and Harvey hope to build on in the Olympic tournament, which begins Thursday with the U.S. facing Czechia.

“Visibility is really important; continuing to get those eyes,” said Knight, a tireless promoter of the game. “We’re going to have some new and unique viewership. With the Olympics in itself [viewers] might accidentally watch hockey and be like ‘I love this sport.’

“Just having more programming elevates the game on the global stage. And that’s really exciting.”

U.S. forward Hilary Knight skates to the bench after scoring against Canada in November 2023.

(Ross D. Franklin / Associated Press)

The game Knight, 36, is championing is really one she built, especially in the U.S. A two-time NCAA champion at Wisconsin, she’ll be going for her fifth Olympic medal — and second gold — in Milan. Yet she insists the experience never gets old.

“Every Olympics feels like my first Olympics,” she said. “Each is so unique. You’re in a different country, a different culture, just so much fun to be able to explore. The Olympics are so special, whether it’s your first or your fifth.”

These Games are likely to feel a little different, though, since they’ll end with her passing the baton to Harvey, who followed Knight to Wisconsin. The two women have more in common than just their alma mater, though.

Both were the youngest players on the team when they made their Olympic debuts, Knight as a high-scoring forward in 2010 and Harvey as a physical, offensive-minded defenseman in 2022. Both have won multiple world championships and both began their careers playing on boys teams. As children, they both told relatives they would someday play in the Olympics — a prediction that was particularly bold for Knight since women’s hockey wasn’t even an Olympic sport then.

When Harvey joined the national team ahead of the 2021 world championships, Knight shared some advice.

“She said something to the effect of ‘it’s the same game, no matter what level you’re at. Trust your instincts, play natural, play free,’” Harvey said. “That just really stuck with me.

U.S. defenseman Caroline Harvey shoots during a Rivalry Series game against Canada in November.

(Jason Miller / Getty Images)

“Hopefully at some point [I] grow into that leadership role,” she continued. “I’ve had some years now and that past Olympics, it was more of a being a sponge. I’m always trying to learn something new every day from the veterans.”

One thing she’s learned recently is how to beat Canada, which could come in handy in Milan since the U.S. will face its northern neighbors in the final game of group play, and likely a second time in the knockout rounds.

Canada has won five of the last six women’s Olympic tournaments, beating the U.S. in four of the those finals, including the most recent one in 2022. But the U.S. swept Canada in the pre-Olympic Rivalry Series, winning the four games by a combined 24-7. Knight and Abbey Murphy led the tournament in scoring with five goals each.

“When the puck drops, your heart is beating out of your chest,” Knight said of playing Canada. “You’re like ‘am I human? This is insane. This is awesome.’”

Still, when Knight finally does hang up her skates for the final time, those won’t necessarily be the memories she holds closest from her Olympic career.

“I get to do cool things with cool people on a daily basis,” she said. “What I’ve been able to accomplish in my career is incredible. And I’ve obviously played with amazing women and I’m so grateful for every opportunity that I’ve had.

“I’m just at a place where I want to embrace these lasting memories and moments with teammates and friends and family, all those people that go into this journey. That’s what I’m looking forward to.”

After that, the GOAT will give way to the kid.

Think of Mike Buckley as a kind of double agent.

Not the sinister kind, who give away state secrets for money or revenge; Buckley is privy to much lower-level intelligence. But that doesn’t mean it’s not just as valuable to the people involved.

Buckley is the Kings’ goaltender coach and his chief pupil is Darcy Kuemper, who will be playing for Team Canada in the Milan Cortina Olympic hockey tournament. Buckley will be in Milan coaching for Team USA. And if the competition goes to form, Canada and the U.S. will meet in the final.

You can see where this is going.

So would Buckley give up the goods on his NHL goalie if it meant helping his national team win a gold medal?

“I probably have a little bit more insight being with him on a day-to-day basis. But at the end of the day, the players still have to execute,” said Buckley, like Kuemper, a first-time Olympian. “So if I tell someone to shoot somewhere at a certain time or a certain spot, they’re going to have to be able to execute that.”

The answer then is maybe.

Still, that’s a dilemma Buckley will probably never face since Jordan Binnington of the St. Louis Blues, who was spectacular in goal in last year’s Four Nations Face-off, will probably start for Canada in Milan. But with the Kings sending four other players (defenseman Drew Doughty, Canada; and forwards Adrian Kempe, Sweden; Kevin Fiala, Switzerland; and Joel Armia, Finland) plus Canadian equipment manager Darren Granger to the Olympics, there’s a good chance guys who have shared a dressing room since September will be competing against one another.

Kings forward Kevin Fiala controls the puck while playing for Team Switzerland at the 2025 world championships.

(Michael Campanella / Getty Images)

The same goes for the Ducks, who are sending four players — goalie Lukas Dostal and defenseman Radko Gudas, Czechia; forward Mikael Granlund, Finland; and defenseman Jackson LaCombe, U.S. — to Milan. Ducks star Leo Carlsson, who was expected to start for Sweden, will miss the Games after undergoing surgery to repair a rare injury in his left thigh last month.

So while the Olympics may bring countries together, it also has the potential to turn teammates against one another — at least temporarily.

In the group stage of the tournament, for example, Armia and Finland will play against Kempe’s Sweden. And Canada, with Kuemper and Doughty, will face Switzerland, which is led by Fiala.

“It’s obviously going to be a little strange,” Gudas said. “It’s only for a few games. For that amount of time, you can put things aside a little bit.”

Those kinds of match-ups were rare in the last two Olympic tournaments since NHL players didn’t take part, sidelined by a dispute over insurance, travel costs and scheduling issues. This year 147 NHL players are on the 12 Olympic rosters, with all 32 NHL clubs represented.

Not all the top NHL players will be in Milan, however. Russia has been banned from the tournament because of the country’s invasion of Ukraine, meaning Alexander Ovechkin, the NHL’s all-time leading goal scorer, won’t play.

Granlund, who won a bronze medal with Finland in 2014, the last time NHL players participated in the Olympics, is glad to be back.

“It was such a cool experience,” he said. “It’s one of the biggest honors I can have as a hockey player, playing for a country in the Olympics. There’s no player in the NHL who wouldn’t go.”

That’s due in large part to the rush that comes with wearing your country’s colors on your chest.

“It’s tough to explain how much it means,” he said. “You grow up in a country like Finland, watching the national team play. As a kid you’re dreaming to play for that team.

“Every single time you put that jersey on, it’s such a pride you feel.”

Doughty, who already has two gold medals, agreed, saying the only time he sings along with the Canadian anthem is at the Olympics.

Kings defenseman Drew Doughty controls the puck while playing for Canada in the Four Nations Face-Off last year.

(Maddie Meyer / Getty Images)

“When we hear it in the NHL, I’m not singing,” he said. “But when you’re wearing a Canadian jersey, that’s one of the biggest moments you can have.”

Not just for the guys on the ice. Granger, the equipment manager, will be making his third trip to the Olympics with Canada. And the journey never gets old.

“It’s not something that you apply for. It’s something that you’re asked to do,” he said. “So I don’t take that lightly. It’s an honor.”

The equipment managers may have the most difficult job in the Olympic hockey tournament since they must prepare and maintain the sticks, skates, gloves and uniforms for 25 players, some of whom they’ve never met. That means checking in with the equipment managers of rival NHL teams to get prepared.

“We have quite a few players that are particular about certain things,” he said. “After a while, you just kind of get used to what those things are. If it’s a player that likes to use three sticks a game, then making sure he has that. If it’s a guy that likes to change gloves every other game, making sure you have enough.”

Yet if Canada wins the tournament, Granger’s reward won’t be a gold medal. Olympic rules say medals only go to the players, leaving the equipment managers, trainers and coaches — even coaches with inside information like Buckley — out in the cold.

“That’s OK,” Buckley said. “I just want the players to get one.”

Published on
02/02/2026 – 12:02 GMT+1

Gold and silver prices extended last week’s dramatic sell-off on Monday, as investors continued to digest the implications of President Donald Trump’s announcement of Kevin Warsh as the next chair of the US Federal Reserve.

The move has fuelled expectations of a more government pressure on the Fed and prompted a sharp reassessment of positions across precious metals.

Spot gold fell as much as 10% in early trading, while silver plunged up to 16%, following Friday’s rout that marked the largest intraday decline on record for the white metal.

The scale and speed of the move underscored how vulnerable the market had become after months of aggressive buying driven by geopolitical tension and bets on looser US monetary policy.

“The sharp selloff on Friday followed news that US President Donald Trump intends to nominate Kevin Warsh as the next Federal Reserve chair – a development that boosted the US dollar and reinforced expectations of a more hawkish policy stance,” said Ewa Manthey, commodities strategist at ING, and Warren Patterson, head of commodities strategy.

“While a correction was overdue after the intense rally, the scale of Friday’s decline far exceeded most expectations.”

Why the Fed matters for gold

Gold and silver are particularly sensitive to US interest-rate expectations.

Higher rates increase the opportunity cost of holding non-yielding assets such as precious metals, while a stronger dollar makes them more expensive for overseas buyers.

Warsh, a former Fed governor, has voice sentiments supportive of Trump’s vision for the Fed, including regular rate cuts.

That reassessment has been swift. Investor caution has been evident in exchange-traded funds, with silver holdings falling for a seventh consecutive session to their lowest level since November 2025.

Futures data also show speculators cutting back sharply on bullish bets, signalling a broader retreat from the sector.

“CFTC positioning shows a cooling in speculative interest across precious metals,” the ING report continued.

“Managed money net longs in COMEX gold fell by 17,741 lots last week… Speculators also cut net longs in silver… taking positioning to its lowest since February 2024.”

Margins rise, volatility bites

Market stress has been amplified by mechanical factors.

CME Group is set to raise margin requirements on COMEX gold and silver futures after last week’s historic swings, forcing traders to post more collateral or reduce exposure.

Such moves tend to accelerate sell-offs, particularly in heavily leveraged markets.

Attention is now turning to Asia, where Chinese investors have historically provided support during price dips. However, with volatility elevated and the Lunar New Year approaching, participation may be more cautious than usual.

“With volatility spiking and the Lunar New Year approaching, traders are likely to pare back positions and reduce risk,” the ING analysts said.

“Price direction in the near term will hinge on the extent of dip-buying from Chinese investors following Friday’s retreat.”

Outlook remains fragile

For now, the precious metals market remains at the mercy of macro forces, with little clarity on how quickly sentiment will stabilise.

Investors are watching US data closely for clues on real interest rates and the dollar’s next move, both of which will be shaped by expectations around the Fed’s future direction.

“Overall, volatility across precious metals is likely to remain elevated in the near term,” Manthey and Patterson said.

“For gold and silver, macro uncertainty, real rate expectations, and USD direction will continue to dominate sentiment,” the report concluded.

South Korean stocks nosedived by more than 5 percent Monday, due largely to a risk-averse sentiment following the nomination of the new Federal Reserve chair, and a sharp decline in silver and gold prices. The Korean won plunged against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 274.69 points, or 5.26 percent, to close at 4,949.67, snapping a four-session winning streak.

The country’s main bourse operator, the Korea Exchange (KRX), issued a sell-side circuit breaker for 5 minutes around noon.

Trade volume was heavy at 568.8 million shares worth 32 trillion won (US$21.9 billion). Losers outnumbered winners 795 to 116.

Foreign and institutional investors offloaded a net 2.5 trillion won and 2.2 trillion won, respectively. Retail investors, on the other hand, went bargain hunting and snapped up a net 4.6 trillion won.

Local stocks came under selling pressure following the nomination of Kevin Warsh, seen widely as a hawkish figure, as Fed chair, and sharp declines in silver and gold prices, according to Lee Kyoung-min, an analyst from Daishin Securities.

“A sharp drop in precious metals triggered the liquidation and margin call of derivatives holding them. This in turn led to the forced liquidation of other assets, as investors went to preserve margins, further amplifying the stock market’s decline,” Lee said.

International gold prices have experienced a sharp decline of over 10 percent in the past few days, while sliver prices plunged over 30 percent.

The local gold market was affected, too, with gold traded on the KRX falling to its lowest permissible limit of 10 percent Monday. It marked the first time KRX gold prices fell to the floor since the market opened in March 2014, according to the bourse operator.

“There is a possibility the benchmark KOSPI could take a breather, considering its sharp gains recently, but a daily decline of 4 to 5 percent seems excessive,” Han Ji-young, a researcher at Kiwoom Securities, said.

Shares closed lower across the board.

Market top-cap Samsung Electronics declined 6.29 percent to 150,400 won, while its chipmaking rival SK hynix tumbled 8.69 percent to 830,000 won.

Top car marker Hyundai Motor retreated 4.4 percent to 478,000 won, bio firm Celltrion lost 3.33 percent to 203,000 won, and defense giant Hanwha Aerospace closed down 4.69 percent to 1,239,000 won.

Financial shares were among the few winners.

Hana Financial Group added 3.2 percent to 103,300 won, and Meritz Financial Group inched up 0.69 percent to 117,400 won.

The Korean won was quoted at 1,464.3 won against the U.S. dollar at 3:30 p.m., down 24.8 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 1.4 basis points to 3.152 percent, and the return on the benchmark five-year government bonds rose 1.2 basis points to 3.448 percent.

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As the Trump administration ploughs forward with its incendiary policies, European trust in the US government is fading.

Amid tariff threats and pledges to conquer Greenland, citizens and politicians in Europe are unsettled — questioning a long-standing alliance.

Marie-Agnes Strack-Zimmermann (FDP), chair of the Defence Committee in the EU Parliament, claims to have an answer that is “worth its weight in gold”. In this case, the expression is more literal than figurative.

Around 1,236 tonnes of German gold, worth more than €100bn, are sitting in vaults in the US. Strack-Zimmermann has now announced that, in view of Trump’s recent political manoeuvres, it’s no longer justifiable to leave them be. This has reignited a fierce debate: to retrieve or not to retrieve?

The demand to bring gold back to Germany has been around for a long time, with some surveys suggesting that many citizens are in favour of the move. Similar debates are happening in Italy, which has the third-largest gold reserves in the world after the US and Germany.

Why does Germany hold gold in the US?

Germany’s gold reserves amount to around 3,350 tonnes. About 36.6% of this is in the US, a legacy of the Bretton Woods system of fixed exchange rates after World War II.

“At the time, all exchange rates were tied to the dollar, and the dollar was tied to gold,” Dr. Demary, senior economist for Monetary Policy and Financial Markets at the German Economic Institute (IW), told Euronews.

“Germany had large export surpluses with the US, so we accumulated a lot of dollars. To keep exchange rates stable, we exchanged those dollars for gold. That’s how these reserves were built up.”

During the Cold War, it was also practical to store gold abroad, as the US was considered a safe place in case of conflict with the Soviet Union. Over the years, some gold has been repatriated. By 2017, 300 tonnes were brought back from New York, 380 tonnes from Paris, and 900 tonnes from London.

This was part of a Bundesbank plan, unveiled in 2013, to store half of Germany’s gold reserves in Germany from 2020 onwards.

Bringing in the gold treasure: What are the risks?

Strack-Zimmermann and other politicians and economists cite Trump’s unpredictable trade and foreign policy as the reason for moving the gold out of the US.

“Of course, there is always some risk when you keep assets abroad,” said Demary. For example, there is a storage risk if a break-in occurs. But this risk exists whether the gold is stored abroad or in Germany.

“Another possible scenario is that the US government, due to tight currency reserves, could prevent the gold from being transferred,” he explained.

To ensure the safety of gold holdings, the Bundesbank has had to make frequent trips to New York in the past to take an inventory.

“It makes sense to leave this gold in the US in case we have a banking crisis here and need to obtain dollars,” said Demary.

Retrieving the gold could not only be logistically complex, but also risky.

“The gold would have to be transported in armoured vehicles onto a ship, which would also need to be guarded, and then brought back to Frankfurt under security,” added Demary. “There could be robberies, the ship could sink, or the cargo could be seized.”

Is Strack-Zimmermann’s demand pure populism?

Is Strack-Zimmermann’s demand pure symbolic politics? “I think so,” said the economist. “Perhaps it was a political move in response to the tariff threats, saying, ‘We’re bringing our gold back now.’”

According to the economist, it is also possible that Strack-Zimmermann estimated the magnitude of this gold value to be somewhat greater than it really is. In any case, the gold is currently safe in New York, even if Trump wanted to use it to exert pressure on Germany.

“The Federal Reserve is actually independent in its monetary policy. The US government cannot simply intervene. They would have to change laws first,” explained Dr Demary.

Even in the absolute worst case, if the US refused to release the gold, there would still be the option to go to court and enforce its return or receive compensation in dollars, said Demary.

“You have to weigh up the pros and cons and I would say the advantages of leaving the gold in the US outweigh the disadvantages,” he told Euronews.

Gold has risen more than 20% since the start of the year, surpassing the significant $5,500 milestone this week.

The precious metal’s rally, seen alongside a lift in commodities such as silver and platinum, is driven by a number of interlinking factors — including geopolitical tensions, rising government debt, and an uncertain outlook for interest rates and inflation.

Gold’s appeal is linked to the narrative that it is a safe haven asset, acting as a “hedge against inflation”. It typically increases in value when the dollar declines, it’s easily sold, and it’s also a tangible, finite commodity.

These factors are significant at a time when questions are being raised about the dollar, as well as fiat currencies like the Japanese yen. As government debt rises, so do fears around inflation and fiscal stability.

In the US, incendiary policies from the Trump administration are increasing market jitters around the health of the economy, prompting what some analysts view as a “sell America” trade. In recent weeks, the president has threatened to conquer Greenland, hinted at US intervention in Iran, sought to influence policy at the Federal Reserve, and launched an attack on Venezuela. To top that off, he’s also threatened more tariffs on trading partners, bringing back a well-worn tactic from 2025.

Although analysts argue that the dollar will not be unseated as the world’s reserve currency anytime soon, it seems investors are diversifying away from the greenback. The US’ next moves remain uncertain, and no one wants to be caught in the crosshairs. As an alternative to fiat currencies, gold may seem like a strong portfolio option.

“Investors previously bought US Treasuries as they were viewed as being quite risk-free. But especially because of the way that some wealth has been weaponised, certain countries are becoming more careful about how they allocate their capital,” said Simon Popple, managing director at Brookville Capital. “The dollar debasement helps the gold price,” he told Euronews.

Even so, Popple and other analysts stress that a major factor lifting the bullion price is far less complicated. As gold continues to make headlines, investors are caught up in the momentum, sparking a buying frenzy.

“People are naturally drawn to things they see moving and they’ve seen gold have an astonishing rally,” said Chris Beauchamp, chief market analyst at IG. “It’s bound to lead to an ignition of interest.”

He added that while gold has beneficial investment properties, the metal’s ability to hold its value is overstated, particularly in the short term. Gold’s position in the market notably shifted after former US president Richard Nixon decided to end direct dollar convertibility to gold in 1971. Put simply, countries no longer fixed their currencies to a specified amount of the precious metal.

“The gold standard is still invoked to suggest the metal is some kind of totemic asset we should have because it’s a fixed store of value. It’s not,” concluded Beauchamp.

Kenneth Lamont, a principal in Morningstar’s Manager Research Department, reiterated this message, also drawing comparisons between gold and crypto. While both are limited in supply, they are both “incredibly volatile”, he stressed.

“If you’re using either crypto or gold to buy something, it might be 30% less from one day to the next. It’s not actually a good store of value in the short term.”

While gold is much more established than bitcoin, and it has historically performed well over the long term, analysts stress that the unpredictability of both assets means the death knell is not yet ringing for fiat currencies.

Whether bullion’s price will continue to climb in the immediate future is a guessing game. Even so, given the precarious nature of global politics, it seems the metal may still have further to run.

Federal Reserve Chair Jerome Powell pushed back against political pressure on the US central bank on Wednesday and defended its independence, urging the next chair to “stay out of elected politics”. Markets, however, appeared unconvinced, accelerating a sell-off in the dollar as gold and silver hit fresh record highs.

“Don’t get pulled into elected politics. Don’t do it,” Powell told reporters.

The reaction followed the Federal Reserve’s latest decision to leave interest rates unchanged in a range between 3.5% and 3.75%.

Asked whether the Fed was drawing any macroeconomic signal from the explosive rally in precious metals, Powell played down its significance.

“We don’t take much message macroeconomically,” Powell said. “The argument that we are losing credibility is simply not the case. If you look at where inflation expectations are, our credibility is right where it needs to be.”

He highlighted that the Fed does not “get spun up over particular asset price changes”, although it continues to monitor markets closely.

Markets react

The market reaction sharply contradicted Powell’s message.

Gold jumped to $5,500 per ounce, setting a new all-time high, while silver climbed above $117 per ounce.

Gold is now up over 20% this month, on track for its strongest monthly performance since January 1980.

Silver’s gains have been even more dramatic, with prices already up around 55% this month — the strongest monthly rise on record.

Meanwhile, the US dollar index, which tracks the greenback against a basket of major currencies, fell to levels last seen four years ago.

“The next couple of days will show whether investors have concluded that the dollar needs to go lower and that today’s bounce is a selling opportunity,” said James Knightley, chief economist at ING.

The dollar is now more than 10% below its 2025 highs, weighed down by persistent macro headwinds, including global central bank diversification away from US assets, widening fiscal deficits, recurring questions over Fed independence, and expectations of further policy easing.

‘Is gold the new bitcoin?’

Veteran Wall Street economist Ed Yardeni linked the rally to politics, suggesting its sustained popularity could make “gold the new bitcoin”.

Yardeni argued that US President Donald Trump, a vocal supporter of cryptocurrencies, appears to be inadvertently fuelling the rise in gold prices.

On Tuesday, Trump said “the dollar is doing great” when asked whether the currency had fallen too much, signalling he is comfortable with a weaker greenback.

“A weaker dollar may put upward pressure on US inflation, which would also boost the price of gold,” Yardeni said.

Commodities surge beyond gold and silver

The rally has spread across the broader commodities market.

Platinum climbed above $2,900 per ounce for the first time on record this week and is already up 33% this month. Palladium, which benefits from stronger industrial demand, rose to a four-year high and is up more than 22% year to date.

Copper also surged, hitting a record $6.30 per pound on Thursday.

Across commodity markets, investors are increasingly positioning for prolonged dollar weakness, amid perceptions that US institutions are willing to tolerate — or quietly accept — the shift.

Euro stronger, equities mixed

In Europe, the euro traded near $1.1950, edging lower after briefly breaking above $1.20 earlier in the week following Trump’s comments.

The single currency has now risen for three consecutive months against the dollar and is up around 15% year on year.

European equities were mixed. France’s CAC 40 and Italy’s FTSE MIB gained around 0.5%, while Germany’s DAX fell over 1%.

Frankfurt’s losses were led by SAP, which slid 16% — its biggest one-day drop since October 2020 — after weaker-than-expected cloud sales and a cut to 2026 revenue guidance outweighed in-line fourth-quarter results.