Gold is regaining its credentials among French savers. Its progression in 2025 and its records at the start of 2026 have reinforced its appeal compared to large traditional asset classes, in a context of persistent geopolitical tensions and questions about currencies. The temptation to buy a few pieces to diversify one’s assets or prepare for a transfer is clear.
Except that the terrain is undermined for the uninitiated who often starts by buying a gold coin. The risk is “spending 1,000 euros when you will sometimes only have a fraction of this amount actually invested in metal”warns Étienne Brois, heritage engineering consultant, trainer and author of Protect your savings withgold and money, Éditions Eyrolles.
Among the most common errors, we obviously find the premium on the coins, the confusion between physical gold and financial products backed by gold, and the choice of a supplier incapable of ensuring a redemption under good conditions.
The premium, this additional cost which cuts into the investment
The premium corresponds to the difference between the intrinsic value of the metal contained in a coin and its selling price. The higher it is, the less the share of metal actually acquired. “If you buy some pieces commemorative, you can have very high premiums”explains Étienne Brois. Conversely, the Marianne Coq, minted between 1899 and 1914, generally displays a limited premium. For an amount close to 1,040 euros paid, the investor obtains around 1,000 euros of metallic value. This difference is explained by liquidity. The Marianne Coq is among the most traded pieces on the French market. The Napoleon III, Génie or Cérès also have similar characteristics. Commemorative coins, special editions or collectible products, on the other hand, have a value that is not necessarily found upon resale. The phenomenon also exists on metallic silver. Depending on the products and market tensions, premiums can reach several tens of percent. In this context, Étienne Brois recommends an allocation mainly oriented towards gold, supplemented by a portion of physical silver. “Silver remains an effective monetary metal when situations get tough,” he recalls.
Paper gold, jewelry and resale: other pitfalls to be aware of
The other pitfall is the confusion between physical holding and financial exposure to the price of gold. ETFs, certificates or futures contracts allow you to follow the evolution of the metal without necessarily owning coins or bars. These products meet different objectives. For an investor seeking above all asset protection in the event of a major crisis, they do not provide the same level of ownership as a physical asset held directly.
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Jewelry is generally not an investment. Their price includes manufacturing and distribution costs that are rarely recovered on resale. Certain less sought-after pieces can also be resold with greater difficulty.
The essential criterion often remains neglected: the redemption conditions. “When it comes time to resell, many suppliers are no longer there”underlines Étienne Brois. “Among the players present on the market are Comptoir National de l’Or, Godot & Fils and Gold Avenue”. The entry ticket remains relatively accessible. Some physical coins start at a few hundred euros. Fractional holding solutions, such as the Veracash platform, also make it possible to invest smaller amounts.
On the tax side, two regimes coexist. Without proof of acquisition, the flat rate tax on precious metals applies upon sale. With a nominative invoice, the capital gains regime can be used, with a progressive reduction mechanism for the duration of ownership leading to an exemption after twenty-two years.
Investing in precious metals involves a risk of price fluctuation as well as a risk linked to physical holding. Past performance is no guarantee of future performance. The tax regimes mentioned are subject to change. The actors cited in this article do not constitute a recommendation from Capital.
