Part 1 — Gold taxation

The Belgian government introduces a new framework: investment gold is now subject to capital gains tax.

What is affected

Only investment gold:

• Gold bars ≥ 995/1000
• Coins ≥ 900/1000

Not affected

• Jewelry
• Collectibles
• Art

Key point: most second-hand jewelry remains outside this framework.

The rate

• 10% on capital gains
• €10,000 annual exemption

Important

For gold held before 2026, only gains after 2026 are taxed.

The reference is the value on December 31, 2025.

Proof of ownership

• Dated photo
• Insurance document
• Vault certificate
• Inheritance records

Conclusion

• Limited impact
• Clear framework
• Historical gains protected

Part 2 — Gold between war and interest rates

The market is currently driven by two opposing forces.

Upward pressure

Geopolitical tensions increase the demand for safe assets.

Downward pressure

• Higher interest rates
• Stronger dollar

Volatility

• Hedge funds
• Algorithms
• Futures trading

Long-term view

• Rising debt
• Economic pressure
• Potential rate cuts

Essence

• Uncertainty supports gold
• Interest rates create resistance
• Gold remains protection