Gold does not pay dividends or coupons, yet it captures an increasing share of wealth allocations. To measure the real interest of this asset in 2026, one must compare the costs of each investment vehicle at the time of purchase, during holding, and especially at resale. It is precisely on the applicable taxation that the gaps widen between physical gold, gold ETFs in securities accounts, and life insurance.
2026 Gold Taxation: Comparison by Investment Vehicle
The LFSS 2026 has raised social contributions on wealth income from 17.2% to 18.6%, with retroactive effect on 2025 income. This increase alters the tax burden on all supports except for physical gold sold under the flat tax regime.
| Support | Tax Regime at Resale | Global Rate | Holding Period Allowance |
|---|---|---|---|
| Physical Gold (flat tax) | Tax on precious metals | 11.5% of the sale price (11% + 0.5% CRDS) | None |
| Physical Gold (capital gains) | Regime for movable property | 37.6% (19% IR + 18.6% PS) | 5% per year beyond the 2nd year, total exemption after 22 years |
| Gold ETF (securities account) | PFU | 31.4% (12.8% IR + 18.6% PS) | None under PFU |
| Gold ETF (life insurance, after 8 years) | Reduced PFL + PS | 24.7% or 30% depending on the amount | Annual allowance on gains (4,600 euros or 9,200 euros) |
The choice of regime for physical gold depends on the holding period. The flat tax at 11.5% applies to the total price, not to the capital gain. For long-term holdings with significant appreciation, the capital gains regime becomes more advantageous due to the annual allowance of 5%.
Keeping purchase receipts is the condition for accessing the capital gains regime. Without an invoice, the seller is forced to opt for the flat tax, even if it is unfavorable to them.
Physical Gold vs Gold ETF: What the Cost Gap Reveals
Beyond taxation, ongoing fees clearly separate the two approaches. Physical gold involves a premium at purchase (the difference between the price of the bar or coin and the spot price), secure storage fees, and a possible discount at resale if the product is not in perfect condition. The investor wishing to evaluate these parameters before a purchase can rely on platforms like proximmonet.fr to compare the conditions offered by different players.
A physically backed gold ETF charges annual management fees, typically ranging from a few tenths of a percent. These fees erode performance in an invisible but continuous manner. In contrast, the ETF eliminates the risk of counterfeiting, the worry of storage, and the friction of resale.
- Physical Gold: direct ownership, independence from the banking system, but conservation costs and liquidity vary depending on the format (bar, small bar, coin).
- Gold ETF in securities account: immediate liquidity on the stock market, modest management fees, taxation at PFU of 31.4% with no holding period allowance.
- Gold ETF in life insurance: favorable tax envelope after 8 years, but limited access to the units of account offered by the insurer and additional envelope fees.
For a horizon of less than 8 years, the ETF in a securities account offers the simplest combination of accessibility and cost. Beyond 15 years, physical gold under the capital gains regime can become the least taxed solution, provided that the date and price of acquisition can be proven.
Central Banks and Institutional Demand: A Signal to Consider
Central banks purchased 289 tons of gold in the second quarter of 2025, making it the worst first half since 2022 in terms of cumulative volume. This figure, published by the World Gold Council, reflects a slowdown compared to the massive purchases of previous quarters.
This relative decline does not indicate a lack of interest. The Central Bank of Ghana, for example, suffered estimated losses of $1.7 billion on its gold purchases in 2025, illustrating that institutional gold buying carries a real timing risk. Meanwhile, gold ETFs recorded 45 tons of net outflows in the second quarter of 2025, signaling profit-taking after the price increase.
For a retail investor, these institutional flows serve as a trend indicator, not a buy signal. When central banks reduce their purchases and ETFs experience outflows, prices tend to stabilize or correct. Conversely, a resumption of net purchases supports prices in the medium term.
What Share of Gold in a Diversified Portfolio
Gold produces no income. Its yield comes exclusively from price variation. Allocating too large a share to it exposes the portfolio to concentration in a volatile asset in the short term.
Wealth allocations that include gold generally position it as a stabilization brick representing a minority share of the portfolio. Its main role remains decorrelation: when stocks and bonds fall simultaneously, gold can cushion the overall loss. This property is not systematic, but it has been verified during several recent stress episodes.
The chosen format (physical or paper) and the tax envelope determine as much the final result as the price of gold itself. An investor who holds physical gold for 22 years benefits from a total exemption from capital gains. Another who sells a gold ETF in a securities account after 3 years pays 31.4% on their gains. Taxation can represent a gap of several points of annualized return between two strategies exposed to the same price.
Before setting an amount, the question to resolve concerns the horizon and the targeted tax regime. The rest, including entry timing, weighs less heavily on the long-term result than these two structural parameters.