Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Chief Macro Strategist
You can access both of our platforms from a single Saxo account.
The rising value of the EURO Trophy
Saxo Group
As the UEFA European Championship unfolds, the focus is on which team will emerge victorious and lift the coveted Henri Delaunay Trophy. In 2008, UEFA unveiled a new version of the trophy, crafted from sterling silver, standing 60 centimetres tall and weighing eight kilograms.
At Saxo, 2024 continues to retain the title as the year of metals, as the price of precious metals has a grown over the year. For fun, as the sterling silver trophy has a composition of minimum 92.5% Silver, and maximum 7.5% Copper (and/or other alloys), we decided to ask ourselves how much has the rise in metals’ prices impacted its raw value?
Since 2008, the price of silver has surged by 64%, leading to a clear rise in the trophy's worth. Today, the trophy’s silver content alone is valued at USD 7,137.57, with the copper (assuming that copper makes up the remaining 7.5% of sterling silver) amounting to USD 6.08, bringing the total to USD 7,143.65.
Comparative values over the years
The table below highlights the trophy's value over different years, reflecting the fluctuating prices of silver and copper, with each of the prices being taken from the start date for each of the last 5 UEFA EUROS tournaments:
Year | Total Weight (g) | Silver (7,400g) | Copper (600g) | Total Cost (USD) |
2024 | 8,000 | 7,137.58 | 6.08 | 7,143.66 |
2021 | 8,000 | 6,642.70 | 6.00 | 6,648.71 |
2016 | 8,000 | 4,123.14 | 2.69 | 4,125.83 |
2012 | 8,000 | 6,828.28 | 4.35 | 6,832.63 |
2008 | 8,000 | 4,173.10 | 4.75 | 4,177.85 |
These figures underline the dramatic rise in the value of the Henri Delaunay Trophy, primarily driven by the increasing prices of the metals used in its construction.
Economic and environmental factors
Ole Hansen, Head of Commodity Strategy at Saxo, attributes the rising metal prices to the global push for green energy. He explains that the demand for metals like silver and copper, essential for green and renewable energy technologies, has surged. This demand, coupled with post-pandemic inflation fears and a strong rally in gold prices, has driven silver prices up by 64% since 2008. Copper, too, has seen a significant price increase, surpassing USD 10,000 per ton due to its critical role in electrification and renewable energy initiatives.Hansen highlights that, "these economic factors have made the Euro Cup trophy more valuable, reflecting the broader market dynamics. Inflation and the green transformation have bolstered the prices of both metals, making the trophy not just a symbol of football excellence but also an emblem of significant economic and environmental shifts."
Although we can calculate the raw metal value of the trophy is USD 7,143.66, consensus will show that a team’s ability to earn the right of raising the trophy above their heads at the end of the tournament is priceless.
Source: Espimetals.com and Bloomberg (Data as of 13 June 2024)
Latest Market Insights
Quarterly Outlook
-
-
Quarterly Outlook
Equity Outlook: The ride just got rougher
Charu Chanana
Chief Investment Strategist
-
Quarterly Outlook
China Outlook: The choice between retaliation or de-escalation
Charu Chanana
Chief Investment Strategist
-
Quarterly Outlook
Commodity Outlook: A bumpy road ahead calls for diversification
Ole Hansen
Head of Commodity Strategy
-
Quarterly Outlook
FX outlook: Tariffs drive USD strength, until...?
John J. Hardy
Chief Macro Strategist
-
Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
-
Quarterly Outlook
Equity Outlook: Will lower rates lift all boats in equities?
Peter Garnry
Chief Investment Strategist
After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto... -
Quarterly Outlook
Commodity Outlook: Gold and silver continue to shine bright
Ole Hansen
Head of Commodity Strategy
-
Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c... -
Quarterly Outlook
FX Outlook: USD in limbo amid political and policy jitters
Charu Chanana
Chief Investment Strategist
As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ...