The investment should be evaluated taking into account several key factors:

• Storage and security: Gold must be stored safely, often requiring the use of safe-deposit boxes or specialized vaults.
• Liquidity constraints: Sales can only be carried out through authorised professional dealers.
• Capital gains taxation: In the event of a sale, a substitute tax of 26% is applied to the capital gain realised (Art. 67, paragraph 1, letter c-ter, TUIR).

Regarding this last point, it is essential to note that, in order to correctly apply the tax solely to the capital gain, the purchase price must be proven by keeping the relevant documentation (invoice, receipt, contract). If proof is lacking, the tax is applied to the entire sale price.

Consider the case of purchasing a gold bar in 2024 for €1,500 and selling it in 2025 for €2,000:

• With proof of purchase, the tax would amount to €130 (26% on €500), resulting in a net return of 25%.

• Without documentation, the entire amount (€2,000) would be taxed: the tax would amount to €520, resulting in a net loss of more than 1%.

Despite these operational complexities, physical gold can be advantageous and represent a valid solution for transferring wealth between generations.

Upon the owner's death, investment gold must be included by the heirs in the inheritance tax return and valued at its market value on the date of death, which will become the new tax basis for the heir.

At this stage, a de facto “free step-up” in the tax value of the gold occurs, which may subsequently allow for a completely tax-free sale.

Assuming the common scenario in which a son inherits gold bars or coins without proof of purchase and is eligible for the inheritance tax exemption up to one million euros, the transfer of the gold would take place without tax implications.
If the son then sold the gold at the value declared in the inheritance tax return, no capital gain would arise and, consequently, no tax would be due.

In other cases (e.g. non-family heirs), the inheritance tax of 8% would still apply, which would nevertheless be more favourable than the 26% tax applicable to a lifetime sale generating a capital gain.

Within proper tax and estate planning, investment-grade gold can therefore be a very useful and advantageous tool.