Can you invest in gold through a PEA?

No, not directly. Products backed by physical gold (ETCs) are almost all domiciled outside the European Union, which makes them ineligible for the PEA, reserved for European securities. The only way to get gold exposure inside a PEA is through European mining-company shares — but that's not the same as holding gold: you're exposed to the company's risk, not just the metal's price.

What is the tax on gold in France in 2026?

For physical gold (coins, bars), at resale you choose between two regimes: the flat precious-metals tax of 11.5% on the total sale price (no purchase invoice needed), or the capital-gains regime at 37.6% with a 5% per-year allowance from the 3rd year of holding, meaning full exemption after 22 years. For paper gold (ETC), gains fall under the 30% flat tax (PFU). Gold is not included in the French wealth tax (IFI) base.

Physical gold or paper gold (ETC): which to choose?

Physical gold (coins, bars) offers tangible ownership with no counterparty risk, but requires secure storage and insurance. Paper gold (an ETC backed by physical gold) is more liquid, more practical for small amounts, and buys like a share through a broker. For a beginner who just wants exposure to the gold price, the ETC is generally simpler; physical gold makes sense for those who value real possession.

Diversification · 8 min read

How to invest in gold in 2026: a beginner's guide

Q: How much gold should you hold in a portfolio?

Gold pays no dividend or interest: it doesn't 'produce' anything, it mainly serves as diversification and protection in a crisis or against inflation. Most cautious allocations cap it at a small portfolio sleeve (often 5 to 10%), with the core remaining a diversified equity portfolio such as an MSCI World ETF.

Updated 5 June 2026 — Gold keeps setting records, with an all-time high of $4,950 per ounce on 24 January 2026. Naturally, "how to invest in gold" is exploding in searches. But gold is not an ordinary investment: it pays nothing, and the way you buy it changes everything — especially the tax. Here's the clear guide so you don't get it wrong.

⚠️ Understand this first

Gold produces nothing: no dividend, no interest, no earnings. Its value depends solely on what others are willing to pay. It serves as diversification and protection (crises, inflation, instability), not as a long-term performance engine. Buying gold after a sharp rally is a bet, not a certainty.

Why gold is so attractive in 2026

Gold has historically played the role of a "safe haven": when uncertainty rises (geopolitical tensions, inflation, distrust of currencies), investors flock to it. That's precisely what's fuelling the 2026 surge. But beware the classic beginner's bias: people rush into gold after it has already risen sharply, when it's at its most expensive.

The two main ways to invest in gold

	Physical gold	Paper gold (ETC)
Form	Coins, bars	Listed security backed by gold
Liquidity	Medium (dealer resale)	High (on the stock market)
Storage	Your responsibility (safe, insurance)	No concern
Small amounts	Hard	Easy
PEA eligible	❌ No	❌ No (domiciled outside EU)

1. Physical gold (coins and bars)

This is gold "you can touch": sovereigns, Krugerrands, small bars… The advantage: tangible ownership with no counterparty risk. Good to know: buying investment gold is VAT-exempt. Drawbacks: you must store it securely (safe, insurance), and resale happens through a professional with a spread between buy and sell prices.

Practical tip: when buying, always demand an invoice stating the nature, purity, weight and price. It's your proof to opt for the capital-gains regime at resale — without it, you're stuck with the flat tax.

2. Paper gold (ETC)

An ETC (Exchange Traded Commodity) is a stock-exchange-listed security backed by physical gold held by a custodian. It buys like a share, through your broker, with low annual fees. Convenient for small amounts and for "clean" exposure to the gold price. The downside: these products are almost all domiciled outside the EU, so they are PEA-ineligible: you need an ordinary brokerage account (CTO).

Gold and the PEA: the truth

It's the most-asked question, and the answer is clear: you cannot hold gold (physical or ETC) in a PEA. The PEA is reserved for European securities, and gold ETCs are domiciled elsewhere. The only "gold" exposure possible in a PEA is through European mining shares: but then you're buying a company (with its debt, management, and own risks), not the metal. It's not the same thing.

Gold taxation in France in 2026

This is where the physical / paper choice really matters.

Physical gold — two regimes to choose from at resale:

① Flat precious-metals tax: 11.5%
On the total sale price, no purchase invoice needed. Simple.

② Capital-gains regime: 37.6% (19% income tax + 18.6% social charges)
But with a 5% per-year allowance from the 3rd year of holding → full exemption after 22 years. Requires a purchase invoice.

In practice: if you sell quickly, the 11.5% flat tax is often the better deal. If you hold for a very long time, the capital-gains regime with its allowance can lead to exemption.

For paper gold (ETC), it's simpler: gains are subject to the 30% flat tax (PFU) (you can opt for the progressive income-tax scale), like most securities in a brokerage account.

A common piece of good news: since the wealth tax was narrowed to property (IFI) in 2018, gold is not included in the wealth-tax base.

How much gold should you hold in a portfolio?

Gold is a diversification tool, not a return engine. Since it generates no income, it should not be the core of your wealth. The most common approach:

Role	Example	Indicative weight
Core (growth)	MSCI World ETF in a PEA	The bulk
Stability / safe haven	Gold ETC or physical gold	~5 to 10%

The idea: a small gold sleeve can cushion certain crises where equities fall, without dragging down the portfolio's long-term performance. Beyond 10-15%, you sacrifice growth potential for an asset that produces nothing.

What not to do

Put all your money in gold: a non-yielding asset won't grow wealth over 20 years.
Buy in a panic after a record out of fear of "missing out" — that's often buying the top.
Believe gold is "risk-free": its price can stagnate or fall for years.
Forget the invoice when buying physical gold — without it, no access to the capital-gains regime.
Confuse miners with gold: a mining share doesn't move like the metal.

Frequently asked questions

Does gold really protect against inflation?

Over very long periods, gold has broadly preserved purchasing power, but unevenly: it can go through long phases of decline in real terms. It's a long-term hedge, not a year-after-year guarantee. It complements a portfolio; it doesn't replace one.

How much do you need to start?

With a gold ETC, you can start with a few tens of euros, just like an equity ETF. For physical gold, the entry ticket is higher (a coin, a small bar) and the buy/sell fees weigh more heavily, proportionally, on small amounts.

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