Gold ETF
Physical gold exposure without storage
"The oldest store of value in human history."
Avg. yearly return
6–9%
Volatility
Medium
Liquidity
High for ETF (1–2 days) / Low for physical (days to weeks)
Min. investment
From €50 (ETF) / From €100 (physical coins)
Gold has been used to preserve wealth for over 5,000 years. In the modern era, you can gain exposure to gold prices without physically owning bars or coins by buying a gold ETF — a fund backed by real physical gold held in a vault. When gold prices rise, your ETF rises with them. When crises hit — wars, financial collapses, hyperinflation — gold typically holds or increases its value while other assets fall.
10-year price history
+120% (2015–2024)Starting value = 100 (index)
Indexed to 100 in January 2015. Based on gold spot price in USD. Gold reached all-time highs in 2024 driven by geopolitical uncertainty and central bank buying.
Risks to understand
No income
high riskGold pays zero dividends or interest. It is a pure store of value. In calm, growing economies, gold can underperform equities and bonds significantly for years at a time.
Price volatility
medium riskGold can lose 20–30% of value in periods of economic optimism (2013, 2021). It is not as stable as many people assume — it is volatile, just in a different cycle to stocks.
Currency risk
medium riskGold is priced in USD globally. If the dollar weakens, gold prices rise in dollar terms but the gain may be partially offset for EUR or GBP holders. EUR-hedged gold ETFs exist to address this.
Storage and counterparty risk
low riskWith a physical gold ETF, the gold is held in a vault by a custodian (e.g. HSBC, JPMorgan). If the custodian fails, your gold is protected as segregated assets. This risk is very low for established ETFs.
How to invest in this asset
Buying a gold ETF is as simple as buying any other fund through a broker.
Choose a physical gold ETF (not synthetic)
Always buy a "physically backed" gold ETF — this means real gold bars are held in a vault on your behalf. Avoid "synthetic" gold products that use derivatives.
Look for UCITS gold ETFs
Examples: iShares Physical Gold ETC (IGLN), Invesco Physical Gold ETC (SGLD), WisdomTree Physical Gold (PHAU). All are physically backed and UCITS-eligible.
Keep it to 10–20% of your portfolio
Gold works best as insurance, not as a primary investment. Most professional portfolios hold 5–15% in gold as a defensive hedge.
Consider physical gold for large amounts
If you are investing over €50,000 in gold, you may also consider buying physical gold coins or bars from a reputable dealer. Storage costs apply but counterparty risk is zero.
Providers and platforms
iShares (BlackRock)
ETF provider · Min. Via broker · FCA, multiple
iShares Physical Gold ETC (IGLN) — one of the largest, most liquid gold ETFs in Europe.
Invesco
ETF provider · Min. Via broker · FCA, multiple
Invesco Physical Gold ETC (SGLD) — very low annual fee of 0.12%.
WisdomTree
ETF provider · Min. Via broker · FCA (UK)
WisdomTree Physical Gold (PHAU) — established since 2006, fully allocated physical gold.
Degussa
Physical gold dealer · Min. €100 · German trade law
Reputable physical gold dealer. Buy gold coins or bars for direct ownership. Offices in Germany, Switzerland, Spain.
Perth Mint
Physical gold dealer · Min. €200 · Government of Western Australia
Government-backed gold dealer. Sells coins and bars internationally. Also offers online gold accounts.
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