Sometimes, yes. It is usually silver gilded in gold.
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Greatest with a silver: Colin Jackson
According to the official Olympics website the London 2012 Olympic medals weigh 375-400g, are 85mm in diameter and 7mm thick. The gold medal is made up of 92.5% silver and 1.34% gold, with the remainder copper (a minimum of 6g of gold).
Only U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. At today's commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5. There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
47---19 Gold+13 Silver+15 Bronze
Yes ... Armenia has won 9 Olympic medals (1 gold, 1 silver, 7 bronze). They won 4 medals in wrestling (1 gold, 1 silver, 2 bronze), 4 medals in weightlifting (4 bronze), and 1 medal in boxing (1 bronze).