Holding Period

The holding period (also referred to in tax law as the speculative period) is the cornerstone of private precious metal taxation in Germany. It determines whether a profit from the sale of physical gold, silver, platinum or palladium is subject to tax or may be received entirely tax-free. The legal basis is § 23 of the Income Tax Act (EStG), which governs so-called private disposal transactions.

The one-year rule for precious metals

For physical precious metals — bars, coins, granules — a holding period of one year (365 days) applies. Anyone who sells their gold, silver or platinum at least one year and one day after purchase realises the capital gain tax-free, regardless of the amount of the gain. If the holding period is shorter, the gain is subject to taxation as miscellaneous income at the personal income tax rate.

Note: This page is for general information purposes only and does not constitute tax or investment advice. For binding information, please consult a tax adviser.

Calculating the holding period

The period begins on the acquisition date (purchase date as stated on the invoice or statement) and ends on the disposal date (sale date). The calculation is governed by the civil law rules on periods under §§ 187 ff. BGB.

Disposal date − Acquisition date > 365 days → tax-free

Example: Purchase on 15 March 2024 → Tax-free from 16 March 2025.

For multiple purchases of the same metal, the FIFO principle (First In, First Out) applies: the units purchased first are deemed to be sold first. Anyone who has acquired 10 ounces of gold in various tranches must therefore document which lot was disposed of in the event of a partial sale.

Tax-free allowance and loss offsetting

Even if the holding period is not met, a gain remains tax-free if all private disposal gains in the calendar year do not exceed the tax-free allowance of €1,000 (since 2023; previously €600). Important: this is a tax-free threshold, not a tax-free allowance — if it is exceeded, the entire amount is taxable.

Losses from private disposal transactions can only be offset against gains from the same category of income, not against other categories.

Special features of different precious metal forms

• Physical bars and bullion coins: Holding period 1 year (§ 23 EStG).
• Investment gold: Exempt from VAT on purchase (§ 25c UStG); the one-year holding period for tax exemption remains unchanged.
• Silver, platinum, palladium (physical): Also 1-year holding period; however, VAT is payable on purchase, which increases the effective cost basis.
• Gold ETCs without physical delivery entitlement, gold ETFs: Not covered by § 23 EStG, but subject to withholding tax (25% + solidarity surcharge) — the one-year rule does not apply here. Xetra-Gold and comparable products with an individual entitlement to physical delivery are, by contrast, treated like physical metal (§ 23 EStG, one-year rule).
• Collector coins (numismatics): Treated as economic assets under tax law; holding period 1 year.

You can track the current gold price and historical price trends on this site at any time in order to assess the optimal time to sell after the holding period has expired.

Documentation obligations

Investors are well advised to retain purchase receipts, invoices and bank statements permanently. The tax authorities may request proof of the acquisition date as part of an assessment. For over-the-counter cash transactions (cash purchases without disclosure of name up to the cash limit), voluntary self-documentation with date, weight and purchase price is recommended.

In brief

Physical precious metals such as gold and silver can be sold completely tax-free in Germany after a holding period of more than one year — a decisive advantage over securities. Anyone who knows the holding period and carefully documents purchases and sales can legally reduce their tax burden to zero.