Investors, with the gold price deposited securities investing, perhaps to go ice tax. The reason: unresolved issues of compensation tax.

Basically: who invests in gold, you can profit from the sale after the expiry of the one-year speculation period tax-free once wealthy. This is true even for purchases made after 1 January 2009. The reason: the compensation picks for property tax, such as coins, gold, jewelry or art objects are not.

Whether these tax-free but also for gold deposited with a securities case, the tax is not yet conclusively settled. A 100-percent gold cover, there are currently only available in products such as foreign funds from Switzerland. In Germany, however, no funds authorized to be 100 percent in physical gold investing. Episode: For non-authorized foreign funds are more stringent tax rules in this country. Then investors have about 70 percent of the annual capital gains with the personal tax rate.

Providers advertise tax-free

Even investors who have in domestic or overseas launched Certificates (Xetra Gold Certificate), or ETFs (Exchange Traded Funds) physical gold sign, must be based on tax problems. Actually, these securities are investments for which the compensation tax rules. Nevertheless attract issuers that by buying a "right delivery of gold" and thus justifying the sale after the expiry of the one-year speculation period is exempt from tax. Whether the Treasury's what this is, however, still stands in the stars.

A similar problem could ETCs (open structured securities) appear. Again, it is unclear what tax investors take when they buy structured securities, which is physically deposited gold collateral. For redemption of the bond the investor gets no money back, but gold bars for his locker. Whether this settlement gold supply is exempt, and the profits from the subsequent sale after the expiry of the one-year holding period will remain exempt, the tax must also be clear. Cautious investors are waiting, or they will be able to direct investments in gold.