Economics in the News – Feb. 2-8, 2026
Economics impacts our lives every day. Below are some of the top storylines from this past week related to economics.
o How much is an Olympic medal worth? With prices of gold and silver surging in recent weeks, the medals won by Olympians over the next two weeks have surged in value since the 2024 Paris Olympics. The price of gold is double what it was during the 2024 Summer Olympics, while silver is trading at nearly triple the price it was in 2024.
While the Olympic gold medal isn’t actual gold – it’s mostly silver with six grams of gold plating on the outside. The value of a gold medal for the 2026 Olympics is $2,397, compared to $1,021 during the 2024 Olympics. Meanwhile, the silver medal – made up of 500 grams of sterling silver – is worth $1,362, compared to $519 during the 2024 Olympics. The bronze medal is around the same $5 it was worth in 2024. The prices of gold and silver have jumped, as investors worry about geopolitical risks and inflation. [The New York Times]
o Abandoned fishing nets, typically made of nylon, can trap marine life on the bottom of the ocean floor. In Spain, siblings started a company that collects abandoned nets and turns them into usable products. Rescuing the nets often requires a team of experts to dive to the bottom of the ocean. But the amount of netting rescued can be a tremendous amount.
The name of the company is called Gravity Wave and they work with companies to finance cleanup operations. The company has collected 1,400 tons of plastic and fishing nets, with more than 700 tons being processed. The recycled material is then turned into anything ranging from furniture to stadium seating. European regulations on transporting waste across borders have caused challenges for Gravity Wave, as the company has been forced to source local recycling partners in Italy and Greece. [The New York Times]
o What has happened historically when a United States President has tried to control the Federal Reserve? President Donald Trump recently nominated Kevin Warsh as the next chairman of the Federal Reserve, in part, because Trump expects Warsh to lower interest rates.
Richard Nixon picked his longtime economic advisor Arthur Burns to become Fed chair in 1970. Nixon wanted Burns to hold interest rates low before the 1972 election. After doing so, inflation went from below four percent to over 12 percent in 1974. That caused the Fed to raise rates sharply, which was followed by a recession. Meanwhile, Carter nominated Miller at the end of 1977 because he thought he would be cooperative with the administration. However, that ended up not being the case, as the confidence in his leadership was lost after he voted in the minority against raising rates. That caused Carter to demote Miller to Treasury secretary and promoted Paul Volcker. Volcker then raised interest rates and a recession followed, ending Carter’s presidency. A third case is Harry Truman and William McChesney Martin Jr., in 1951. At the time, the Fed was essentially under the Treasury’s control. Martin disappointed Truman by going against the President’s wishes of keeping interest rates stable. He helped establish the modern, independent Federal Reserve. He served under four more presidents for over 19 years. [The Wall Street Journal]
o What was your favorite commercial during Super Bowl LX? The cost for an advertisement reached as high as $10 million for the Seattle Seahawks victory over the New England Patriots. Average prices for a 30-second ad were $8 million, as advertisers rush to promote their brands to an event that was the most-watched in US television history last year.
This year’s game is part of a banner three-week period for NBC where they are airing the Super Bowl, the Winter Olympics, and the NBA All-Star Game in succession. Because of those three high-demand events, NBC talked to advertisers as early as 2024 about purchasing ads as a bundle deal. In addition, fans who streamed the game on NBC’s Peacock platform saw some different ads that were bought at a discount where the main broadcast showcased a local ad instead. [Bloomberg]
o The average American worker between the ages of 21 and 64 has $955 saved for retirement, according to the National Institute on Retirement Society. While that includes workers with access to 401(k) and other retirement accounts, it also includes those without access to an employee-sponsored retirement plan.
Workers with access to retirement savings plans have accumulated a median balance of $40,000. According to Fidelity, workers should have one year of their annual income in retirement savings by age 30. By age 60, workers should have at least eight times their annual income. However, according to the study, workers between the ages of 55 to 64 are far behind, accumulating only 19 percent of their savings targets for retirement. Add in that Social Security is facing a potential shortfall that could cut benefits by 20 percent starting in 2034, if not addressed by Congress, leaving retirement in doubt for many Americans. Current seniors are citing financial reasons and returning to the workforce at a seven percent rate, as poverty among seniors in America climbed to 15 percent in 2024 – up from 14 percent in 2023 – the most among all age groups. [CBS News]
