According to the Olympic Charter, the gold and silver medals must each be made of at least 92.5 percent pure silver and the gold medal must be gilded with at least six grams of gold.
The price of gold changes daily. Assuming there's six grams of gold in each medal, at 31.1 grams per troy ounce, that is about 0.2 troy ounces. With gold at $1100 per troy ounce, the value would be about $212.
The remainder of the gold medal is made out of silver. The price of silver also fluctuates, but at an average of $14.50 per troy ounce, and assuming the entire medal weighs 500 grams, the remaining silver in the gold medal hovers around $230, bringing the total value to around $450.
Additional facts: The Beijing 2008 medals also include Jade for the first time, which could impact the value. The 2010 Vancouver medals are the largest in Vancouver history, weighing at about a pound each.
See related links for a Wall Street Journal article on the worth of Olympic medals.