The price of gold has reached new historic highs over the last twelve months, fueling a debate involving analysts, asset managers and private savers: is the rally destined to continue or is the expansion phase now mature?
According to many analysts, and also based on the macroeconomic variables that historically support the yellow metal (persistent inflation, geopolitical instability, dollar weakness and massive purchases by central banks of emerging markets) the asset remains one of the most promising of 2026.
For this reason, the interest of Italian investors in physical gold has started to grow significantly again and the question that circulates most frequently no longer concerns the nature of the asset, but the timing: does it still make sense to enter now, or has the market already priced in the best?
We talked about it with Gregorio Delfino, partner and owner of Gioielleria Delfino, a company active between Savona and Finale Ligure since 1928 and an operator authorized by the Bank of Italy for the buying and selling of investment gold.
Gold, current situation and security
Gregorio Delfino, who has four generations of experience in the gold sector and over ten years as an authorized operator in the investment gold sector, has expertise that translates into qualified guidance for those who want to understand how to move in a market that is now more complex and more followed than ever.
Doctor Delfino, why is there more and more talk today about investment gold?
In recent years the global economic context has changed profoundly. Rising inflation, geopolitical tensions and financial market volatility are pushing many savers towards safer solutions. Investment gold has returned to the forefront precisely for this reason: historically it is the safe haven par excellence and, in moments of crisis or instability, it represents a concrete form of security.
Furthermore, it is a physical and tangible asset, which does not directly depend on governments or financial systems, and in a phase in which general trust towards these entities is at an all-time low, the idea of physically owning an investment can be reassuring.
Can we therefore say that gold is really a safe investment in 2026?
Gold is considered one of the most solid assets in the long term, especially in times of economic uncertainty. It is not a speculative instrument, but a solution designed to protect capital and defend against inflation.
Unlike money, it does not lose value over time in the same way and tends to maintain its purchasing power even in complex scenarios. In recent years we have witnessed truly significant growth in this metal, capable of recording growth of around 30% per year.
Obviously, the race cannot be expected to continue at such speed, but the underlying dynamics remain the same, and there is no end in sight. If it is in fact very true that gold tends to rise as geopolitical and monetary uncertainty increases, we are also witnessing a very strong push from the central governments of various developing countries.
The central banks of China, Brazil, Russia, Thailand and Indonesia, to name just a few, are purchasing physical gold in large quantities with the aim of consolidating the value of their currencies, and it is here that we can also read at least in part the simultaneous decline of the dollar, which is used less and less in the internal trade of these countries.
The specifics of investing in gold
So far, everything is very clear. But for those who are now approaching this world, perhaps it is time to ask a more concrete question: How does investing in physical gold work?
Investing in physical gold essentially means purchasing gold bars or coins, and in general gold with a fineness greater than 900 parts per thousand. The most widespread forms are coins, among which we include British Empire pounds, European Marenghi, South African Krugerrands, American Dollars or Mexican Pesos, and ingots or slabs of various sizes.
In fact, it is a very simple investment: you purchase a real asset, easily conserved because it is small in size, and can be resold at any time, whose value follows the gold stock market price.
What is the difference between physical gold and other financial investments?
Unlike stocks, bonds or digital instruments, gold is a real, tangible asset. It does not represent a promise of payment, but value in itself. This makes it particularly attractive at times when confidence in financial markets declines and more independent assets are sought.
Furthermore, for this very reason, it has the advantage of not having “holding costs”, as happens in most cases of bond or equity investments. Once purchased, you have already paid everything you need to pay for the investment to mature!
Purchase, ingots and coins
We talked about tangible, real goods. You yourself spoke about real good, easily storable because of its small size: so, Can the purchased gold be taken home?
Yes, and it is one of the main advantages of investment gold. Those who purchase ingots or coins can take them home and store them independently, for example in a safe, or choose a bank or professional custody. Furthermore, even significant assets take up little space: a 1 kg bar is extremely compact and easily stored, making the investment discreet and practical.
And is it better to opt for gold bars or coins?
It depends on the investor’s goals. To be clear: ingots generally carry a smaller spread and are ideal for pure investment, while gold coins are more immediately recognizable and therefore easier to resell all over the world, and obviously have the advantage of being able to divide the investment into smaller quantities that can be easily monetised in a very short time. A balanced strategy can include both solutions, combining efficiency and flexibility.
Tax aspects and resale
Let’s take it a step further. What are the tax aspects of purchasing physical gold?
Since it is an investment in the strict sense, investment gold is exempt from VAT. This makes it particularly tax efficient compared to other physical assets, helping to increase its attractiveness, and, as in the case of any other financial instrument, the only tax that needs to be paid is on the capital gain that can be obtained, and is calculated at the time of sale of the gold.
It therefore becomes essential, naturally, to carefully preserve the gold purchase certificates, which must clearly indicate the personal data of the buyer and the price paid, in order to then be able to calculate the capital gain at the time of any resale.
Is it easy to resell gold?
Gold is one of the most liquid assets in the world. Bullions and coins can be sold at any time to authorized professional gold operators, whose register is visible on the Bank of Italy website and updated every year.
Identifying the most correct time to buy and sell investment gold depends on many factors, which also vary based on everyone’s personal situations, and it is for this reason that a consultative approach to the matter, and not a merely commercial one, becomes fundamental.
Useful advice for future investors
We want to conclude by asking you two questions. The first is Who is investing in gold suitable for?while the second is more linked to its prestigious jewelery shop: what is the added value of your reality?
I’ll start with the first question. Investing in gold is particularly suitable for those who want to protect their savings in the long term and diversify their portfolio. It is not a short-term speculative instrument, but a prudent choice, also suitable for those approaching investments for the first time thanks to the possibility of purchasing different denominations.
Regarding Gioielleria Delfino, it has been active since 1928 between Savona and Finale Ligure and we are now in its fourth generation. We have been operators authorized by the Bank of Italy since 2012, and we are able to offer a level of guarantee and transparency ensured by the great passion for the service and the profound knowledge of the sector and its historical trends.
Experience allows us to provide qualified consultancy, correct quotes and certified products, accompanying the customer at every stage.
