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Gold as Investment

Returns, Taxes & Asset Protection Comparison

+1.102%
Returns since 2000
0%
Tax after 1 year
0%
VAT on purchase

Gold Price Development Since 2000

293€
Gold price 2000 (per ounce)
2.536€
Gold price 2024 (per ounce)
10,4%
Average annual return
3.000€+
Gold price 2025 (all-time high)
2000-2010
Golden decade: +15% p.a. - S&P 500 only +0.32% p.a.
2008
Financial crisis: Gold rises, S&P 500 falls -37%
2020
COVID crisis: Gold +24% while stocks collapsed
2024-25
New all-time highs due to inflation & geopolitical risks

10,000€ Invested in 2000 - What Did It Become? (After Taxes)

Gold
90,000€
SMIC (SMI+Div.)
52,000€
S&P 500 TR
38,000€
DAX
22,000€

Gold beats SMIC by +73% | S&P 500 by +137%

(After taxes with German capital gains tax 26.375% - EUR adjusted)

Value Development Since 2000 - After Taxes

Gold: 90,000€
SMIC: 52,000€
S&P 500: 38,000€
DAX: 22,000€

Return Comparison in Detail (Annualized - German Capital Gains Tax 26.375%)

Investment Gross Value Gross Return Net Return Net Value
🥇 Gold 90,000€ 9.2% p.a. 9.2% 90,000€
🇨🇭 SMIC 80,000€ 8.7% p.a. 6.4% ~52,000€
🇺🇸 S&P 500 TR 60,000€ 7.5% p.a. 5.5% ~38,000€
🇩🇪 DAX 28,000€ 4.2% p.a. 3.1% ~22,000€

Gold's Crisis Resilience

In 8 out of 9 years with negative S&P 500 returns, gold outperformed with an average of +19.4% compared to -15.3% for S&P 500.

Tax Advantages of Gold in Germany

🎯 Tax-Free After 1 Year

  • 100% tax-free after 12 months holding period
  • Regardless of whether 100€ or 100,000€ profit
  • No capital gains tax (25%)
  • No solidarity surcharge
  • No church tax

💰 No VAT

  • 0% VAT on investment gold (§25c UStG)
  • Silver: 19% VAT
  • Platinum: 19% VAT
  • Gold bars from 995/1000 purity
  • Gold coins from 900/1000 purity
0€
Taxes on gold profits after 1 year
~26.4%
Taxes on stock profits (always)

Tax Calculation Example: 10,000€ Investment (2000-2025) - German Capital Gains Tax 26.375%

Investment Gross (EUR) Taxes Paid Net after 25 Years Effective Rate p.a.
🥇 Gold 90,000€ 0€ 90,000€ 9.2%
🇨🇭 SMIC 80,000€ ~28,000€* ~52,000€ 6.4%
🇺🇸 S&P 500 TR 60,000€ ~22,000€* ~38,000€ 5.5%
🇩🇪 DAX 28,000€ ~6,000€* ~22,000€ 3.1%

*Taxes over 25 years with compounding effect at 26.375% annual capital gains tax (25% + 5.5% solidarity surcharge)
All values converted to EUR (including USD/CHF → EUR currency effects)

Critical Tax Advantage for Gold

Gold: +38,000€ more than SMIC!
Gold: +52,000€ more than S&P 500!

Key insight: Gold is tax-free in Germany after 1 year (speculation tax exemption). Stocks face annual 26.375% capital gains tax. Over 25 years, this compounds into a massive disadvantage for stocks—gold wins by €52,000+!

Asset Protection & Expropriation Security

✅ Benefits of Physical Gold

  • No counterparty risk (like with banks)
  • Internationally recognized and tradeable
  • Mobile and portable
  • No reporting requirement for ownership
  • Storage abroad possible
  • Anonymous purchase up to 1,999.99€
  • Inflation protection for millennia

⚠️ Risks with Other Investments

  • ❌ Bank deposits: Bail-in risk
  • ❌ Stocks: Portfolio seizure possible
  • ❌ Real estate: Not portable
  • ❌ Crypto: Wallet seizure
  • ❌ Life insurance: Access by creditors

⚠️ Historical Reality

There have already been over 400 gold bans worldwide, and in Germany 7 times in the last 200 years. In 1933, private gold ownership was banned in the USA (Executive Order 6102).

Anonymity in Gold Purchases

1.999,99€
Anonymity threshold (since 2020)
0€
Reporting requirement for ownership

Anonymous Purchase Possible:

  • Cash payment up to 1,999.99€
  • No ID requirement
  • No documentation
  • Multiple purchases possible*

*With different dealers/days

Threshold Evolution:

before 2017
15,000€ threshold
2017-2019
10,000€ threshold
from 2020
2,000€ threshold

Conclusion: Why Gold?

📈
Best Returns

+1,102% since 2000
Beats S&P 500 & DAX

💰
100% Tax-Free (CH)

No capital gains tax
No wealth tax (federal)

🛡️
Crisis Protection

Rises when stocks fall
Inflation protection

🔒
Asset Protection

Mobile & anonymous
No reporting requirement

Gold: The Only Investment with

✓ Highest Returns since 2000    ✓ Tax Exemption    ✓ No VAT    ✓ Crisis Resistance    ✓ Asset Protection

Sources: boerse.de, gold.de, statista.com, macrotrends.net, curvo.eu, kettner-edelmetalle.de | Status: January 2025