Guida agli investimenti in metalli preziosi: oro, argento e molto altro

Fin dall’antichità, i metalli preziosi hanno rivestito un ruolo centrale come riserva di valore, attraversando culture e secoli fino ad arrivare ai moderni sistemi bancari. In periodi segnati da volatilità economica e inflazione, l’oro e altri metalli tornano in auge come strumenti di protezione del capitale.

Ma cosa rende oggi l’investimento in metalli preziosi una scelta interessante? E come può un investitore alle prime armi accedere a questo mercato in modo consapevole? Grazie alla nostra guida scoprirai come funziona l’investimento in metalli preziosi, il motivo per cui vengono considerati dei beni rifugio e le principali alternative disponibili.

Gold is the most traded precious metal, and for good reason. It’s widely recognised, easy to buy and sell, and backed by a large global supply – around 200,000 tonnes in total, with about 35,000 tonnes held by central banks. Annual production is steady at roughly 3,000 tonnes, meaning any change in demand can have a strong impact on its price.

Gold demand is also well balanced. Each year, around half goes into jewellery, a quarter into investment, 15% to central banks and the rest to industry. This mix creates a kind of built-in stability: when one sector slows down, another often picks up.

Another important factor is the link between gold and interest rates, especially real interest rates (the rate after inflation). For example, if a savings account earns 2% but inflation is 4%, the real return is –2%. That’s a €200 loss per €10,000 saved.

In these situations, gold can be a smart alternative. It doesn’t earn interest, but it also doesn’t lose value in the same way. There’s also a tax benefit for European investors: gold bars and coins (with a purity above 995/1000) are exempt from VAT – a perk other metals don’t offer.

Silver

Silver plays a double role. Like gold, it’s a traditional store of value. But it also powers modern industries from electronics and medical tech to solar energy. In fact, around half of all silver mined today goes to industrial use. The rest is split between jewellery and investment.

This mix creates a unique market dynamic. During economic slowdowns, industrial demand often drops, pulling prices down. At the same time, silver can attract investors looking for a safe haven. These opposing forces make silver more volatile than gold.

The energy transition is also reshaping the silver market. As solar panel production expands, silver use is expected to rise sharply. By 2030, nearly 20% of all silver mined could go to solar tech alone – each solar panel locks away a small but growing amount of silver.

However, there’s a tax drawback for European investors. Unlike gold, physical silver isn’t VAT-exempt. Depending on the country, VAT adds between 19 and 21% to the price. That means if you invest €1,000, up to €210 goes to tax – silver must rise that much before you break even. It’s a factor worth keeping in mind.

Platinum

Platinum is even rarer than gold and just 180 tonnes are mined each year. Yet it often trades at a lower price. That’s partly because South Africa controls around 70% of global production, a concentration that can lead to supply disruptions.

Most of platinum’s demand comes from industry. Around 40% goes into diesel vehicle catalysts, 30% into jewellery and 20% into chemical and electronic applications. Only about 10% is used for investment. This strong industrial link means platinum prices are more sensitive to economic ups and downs than gold.

However, the future may hold something new. Platinum plays a key role in hydrogen technology – especially in fuel cells and electrolysers. If large-scale hydrogen adoption takes off, demand for platinum could rise sharply. But it’s still early days, and as always with emerging tech, the outlook remains uncertain.

As with silver, physical platinum isn’t VAT-exempt in Europe. This tax can be a hurdle for private investors.

Palladium

Palladium plays a key role in the automotive sector, with around 80% of demand coming from petrol vehicle catalysts. Supply is highly concentrated too – nearly 40% comes from Russia, followed by South Africa. This geographic concentration means that global events and diplomatic tensions often translate directly into sharp price swings.

The recent price history says it all. Palladium rose from $ 500 per ounce in 2016 to over $ 3,000 in 2022 – then dropped below $ 1,000 not long after. That level of volatility makes it a challenging choice for long-term investors.

Still, for experienced investors comfortable with short-term speculation, palladium can offer compelling opportunities. It's less about stability, and more about timing.

How to invest in precious metals: methods and options

Physical purchase of bars and coins

Buying physical bars and coins is one of the most direct ways to invest in precious metals. It’s popular among those who want to hold a tangible asset – something they can see and store themselves.

You can buy these through specialised dealers, some banks and trusted online platforms. But before you invest, there are a few key points to consider:

• Premiums: This is the extra cost above the global market (spot) price. It varies depending on size and type. A small 1/10 ounce coin might carry a 10–15% premium, while a large bar could be just 2–3% above spot. In times of crisis, premiums can spike. For example, in March 2020, silver coin premiums jumped to 25% as demand surged.

• Spread: This is the difference between the price you buy at and what you’d get if you sold immediately. If gold trades at €60 per gram, a dealer might sell it to you at €63 and buy it back for €58 – that’s an 8% spread, which can hit short-term returns.

• Storage: Keeping physical metal safe comes with ongoing costs. A bank safe deposit box costs around €100–€500 per year. A certified home safe starts at about €1,000, and insuring your gold may cost 0.5–1% of its value annually. Over time, these costs can eat into your investment performance.

Advantages of physical precious metals

• Tangible and direct ownership

• Zero intermediary failure risk

• Potentially confidential transactions

• Permanent intrinsic value

Things to consider

• Mandatory secure storage (personal or bank safe)

• Essential insurance for significant amounts

• 20% VAT on silver, platinum and palladium

• Complex resale requiring finding buyer

• Authentication sometimes required

For those who want the security of physical ownership without the hassle, Bitpanda Metals offers a smart alternative. You own your metals outright – they're legally yours and stored in a high-security vault in Switzerland. Every asset is physically backed, investment-grade and LBMA certified. With fractional access starting from just €1, it's never been easier to diversify your portfolio with stability.

Precious metals ETFs

Exchange-traded funds (ETFs) have made it simpler than ever to invest in precious metals. These funds track the price of gold, silver or other metals – and many are backed by physical metal stored in secure vaults. With just a few clicks, you can gain exposure to metal price movements without the need for a safe or insurance.

ETFs are a good fit for investors who value liquidity and ease of access. But they don’t offer the same emotional reassurance as physically owning a bar or coin.

There are two main types:

• Physical ETFs: These funds actually buy and store metal. If a fund holds €10 billion, that’s €10 billion worth of gold in vaults. Your shares represent a piece of it. Some funds even allow large investors to request delivery, though usually only above €100,000.

• Synthetic ETFs: These use financial instruments like swaps and futures to mimic gold’s performance without owning any metal. While fees may be lower and price tracking tighter, the added complexity and counterparty risk make them better suited to experienced investors.

Advantages of investing in precious metals ETFs

• Easy to buy and sell during market hours

• No need for storage or insurance

• Lower fees compared to physical metals

• Flexible investment amounts

• Accessible via any securities account

Things to consider

• No physical ownership

• Trades only during market hours

• Some risk if the ETF provider fails

• Possible differences between ETF price and metal price

• Capital gains may be taxable

Curious how physical gold stacks up against gold ETFs? Whether you're after long-term security or flexible trading, our guide on buying physical gold vs ETFs breaks down the key differences – from costs and ownership to tax treatment and market access.

Mining company shares

Buying shares in companies like Barrick Gold, Newmont or AngloGold is another way to benefit from rising gold prices. These "miners" often move more dramatically than the metal itself, thanks to the way their cost structures affect profits.

Here’s how it works: imagine a mining company extracts gold at $1,200 per ounce and sells it for $1,500. That’s a $300 margin. If the gold price rises 10% to $1,650, the margin jumps to $450 – a 50% increase. Because their production costs stay mostly the same, any rise in gold prices can quickly boost profits.

But the reverse is also true. If gold drops 10% to $1,350, the margin shrinks to just $150 – a 50% drop. This leverage effect means mining stocks can outperform gold when prices rise, but they can also fall much harder when prices dip.

Mining shares may appeal to investors looking for higher potential returns and who are comfortable with more risk. Just keep in mind: during broader stock market sell-offs, miners often fall with the rest of the market, even if gold is holding steady or rising.

Advantages of investing in mining companies

• Exposure to leveraged gains when metal prices rise

• Potential for dividend income

• Diversification through sector-based funds

• Easy to buy and sell with standard stock market access

Things to consider

• Operational risks, such as strikes or accidents

• Political and country-specific risks, including instability or nationalisation

• Poor management decisions can impact performance

• Often move with broader stock markets, not just metals

• Higher volatility compared to physical metals or ETFs

Digital tokenised metal platforms

Modern platforms combine the security of owning real metal with the simplicity of a digital experience. When you invest through an app like Bitpanda Metals, you're buying real, investment-grade gold or silver. The metal is physically stored in ultra-secure vaults, and you receive a digital certificate confirming your legal ownership – even if the platform were to shut down, your assets remain yours.

One key benefit lies in the storage setup. By keeping the metals in a Swiss customs-free zone, you avoid VAT altogether – even on silver and platinum, which are usually taxed around 20%. For European investors, that’s a significant upfront saving.

This model appeals to a new generation of investors looking for tangible value without the complexity of physical storage. It also opens the door to long-term strategies: with Bitpanda Metals, you can automate regular purchases with a savings plan – for example, every month-end, no matter the price.

Bitpanda Metals lets you invest in real, LBMA-certified precious metals stored securely in Switzerland. Combine it with Bitpanda Savings to build your position over time, automatically and stress-free.

Digital platform advantages:

• Professional storage with trusted partners

• Legal ownership secured in your name

• 24/7 trading availability

• Start from as little as €1

• Set up automatic monthly savings

Digital platform disadvantages:

• No direct physical access to your metals

• Dependence on the platform's infrastructure

• Storage fees may apply above certain thresholds

Comparison of Investment Methods

Each way of investing in precious metals has its own strengths and trade-offs. From physical bars to ETFs and digital platforms, here’s how the main options compare across key factors:

Security and risks

Each method comes with its own risk profile. Physical metals protect against systemic failures but require you to manage theft and storage risk. ETFs avoid burglary concerns but rely on the fund issuer’s stability. Mining shares introduce additional business risks, like management errors or strikes. Digital platforms offer a balanced solution – professional storage and legal ownership with reduced exposure to theft or platform failure.

Liquidity

ETFs offer high liquidity during market hours. Digital platforms go one step further, allowing 24/7 trading. Physical metals are far less liquid – you need to find a buyer, agree on a price and possibly verify the asset. Mining shares trade like any listed stock and offer matching liquidity.

Cost structure

Costs can vary significantly. Physical metals carry premiums (3–10%), potential VAT (up to 20%), annual storage (€100–€500) and insurance (0.5–1%). ETFs usually charge between 0.15–0.50% annually. Digital platforms apply 0.5–2.5% per transaction with minimal ongoing fees. Mining shares come with standard brokerage fees.

European taxation

Tax treatment matters. In some countries, physical gold held over a year is exempt from capital gains tax (e.g. Germany or Austria). ETFs and mining shares are taxed like regular securities. Depending on how they’re structured, digital platforms can offer the same favourable treatment as physical gold.

Minimum investment

The entry threshold varies. Physical coins typically require a few hundred euros. ETFs start at the cost of one share (often €20–€200). Mining shares vary by price. Digital platforms make investing more accessible because you can start from as little as €1.

Conclusion

Precious metals shouldn't monopolise your portfolio, but they deserve a strategic position within it. In a world of shifting economies, monetary uncertainty and geopolitical tension, they act as a form of financial insurance by helping to preserve value when other assets falter.

Choosing how to invest is just as important as deciding to invest. Physical metals suit those who value tradition and are prepared to handle storage. ETFs are ideal for investors seeking liquidity and ease of trade. Mining shares offer higher risk but potential for amplified returns.

Digital platforms mark a new chapter. With real ownership, insured vault storage and no VAT, they remove the barriers that once made precious metals exclusive. Add 24/7 trading and a €1 entry point, and the market is more accessible than ever.

Frequently asked questions about precious metals investment

Still have questions? Here are some of the most common topics investors ask about when it comes to gold, silver and other precious metals.

Is precious metals investment safe?

Precious metals offer a level of security, especially in times of financial stress. Unlike paper assets that can lose their value overnight, a gold bar will always retain intrinsic worth. That said, prices do fluctuate and short-term losses are possible. Your level of safety also depends on how you hold the metal – physical storage at home carries theft risk, while ETFs introduce counterparty exposure.

What portion of my portfolio should i dedicate to precious metals?

Most professionals suggest allocating 5 to 10% of your total wealth to precious metals. In highly uncertain times, that could go up to 15%. Your age, risk tolerance and financial goals play a big role. Younger investors may afford a higher allocation, while retirees might prefer to stay more conservative. In any case, metals shouldn’t dominate your portfolio – they don’t produce income, and historically underperform equities over the long term.

Do precious metals generate income?

No, and that's their main weakness. Metals don’t pay interest, dividends or rent. Returns come solely from price increases. If you’re looking for income, mining shares might offer dividends, but they carry a very different risk profile. Precious metals are about value preservation, not yield.

What taxes apply to capital gains?

Taxation varies widely by country and investment type. In some cases, physical gold held long-term can be tax-exempt (e.g. in Germany or Austria). In France, physical gold is taxed either at a flat 36.2%, or under a regime with holding-period discounts. ETFs usually fall under standard capital gains tax, like a 30% flat rate. Because local rules and exceptions abound, it’s best to consult a tax adviser for personalised guidance.

Can Precious Metals Be Easily Resold?

That depends on how you’ve invested. ETFs can be sold instantly during market hours. Digital platforms like Bitpanda Metals offer 24/7 trading, including weekends. Physical metals, however, require more effort – you’ll need to find a buyer, agree on a price and sometimes verify authenticity. That process can take a few days and often involves selling below the current spot price.

Going Further

Before you get started, take time to explore the Bitpanda Academy – it’s packed with educational resources on precious metals, how they work and how their prices evolve. With markets moving fast, having the right knowledge helps you make more informed, confident decisions.