Physical gold has come through centuries of history as one of the world's most dependable safe-haven assets. With rising inflation, geopolitical instability and expansionary monetary policy shaping today's economy, a growing number of investors — private and institutional alike — are rediscovering the value of owning gold outright.
Physical gold vs. paper gold
When people talk about "investing in gold", it is worth distinguishing between physical gold (bars and coins) and gold-linked financial instruments (ETFs, futures, certificates). The fundamental difference is ownership: with physical gold you own a real, tangible asset. With a financial instrument, you own a promise.
Physical gold carries no counterparty risk. It does not depend on the solvency of a bank, a fund or an issuer. It is yours, in your hands.
The tax advantages in Italy
In Italy, investment gold enjoys a particularly favourable tax regime thanks to Law 7/2000:
- VAT-exempt: bars with a purity of 995/1000 or higher, and gold coins meeting certain requirements, are exempt from VAT
- 26% tax on gains only: tax applies solely to the capital gain you realise when you sell
- No stamp duty: unlike deposit accounts and financial instruments
Gold's role in a portfolio
Asset-allocation specialists typically suggest holding 5–15% of a portfolio in gold. The reason is simple: gold has a low or negative correlation with other asset classes, which means it tends to perform well precisely when equities and bonds are struggling.
Over the past 20 years, the price of gold in euros has increased almost fivefold — proof of its ability not just to preserve purchasing power, but to generate real returns over the long run.
How to get started
The simplest way to start is to buy a small bar (2g or 5g) from an authorised Professional Gold Operator. Alternatively, a Recurring Purchase Plan lets you put a monthly amount towards physical gold until you reach the bar you have chosen.
What matters most is choosing a regulated dealer — one listed on the Bank of Italy's OPO register — who guarantees certified bars and full transparency on pricing.