The short answer: the real capital gain on your gold is not how far the price has risen. It is what you actually receive when you sell, after fees, minus what you actually paid, premium and costs included. To see your gain in purchasing power, also take off tax and inflation.
In this article
Why the rise in gold is not your gain
Gold being up 40% does not mean you are 40% better off:
- You did not buy at the market price. You paid for the metal plus a premium: making the piece, transport, storage if any, and the seller's margin. We explain it in the gold premium.
- You do not sell at the market price either. Whoever buys it back applies a fee or a discount, and there may be shipping or testing costs.
- The tax office takes a share, and inflation quietly takes another.
Today's price, on the gold and silver price today, tells you what the metal is worth. Not what you have gained.
What you really paid and what you really receive
Your starting point is the invoice total, not the market price on the day you bought. Spanish income tax law (IRPF) takes the same view: the acquisition value is the actual amount paid plus the costs and taxes inherent to the purchase, excluding interest (article 35.1 of Law 35/2006). If you bought silver, the 21% VAT is part of that cost. Investment gold carries no VAT (see VAT-exempt investment gold).
What you receive is the price offered minus the selling fee, any buyback discount and logistics. For tax purposes, the transfer value is the actual sale amount minus the costs and taxes of the sale that you pay yourself (article 35.2). So those fees also reduce the gain you declare.
With SilverGold (we are their official consultants in Valencia) the usual buyback is at the previous day's US closing price less 0.5%, logistics appear in the written offer and payment arrives within 7 days at most. Ask any buyer for the same (more in selling gold in Valencia at a fair price).
If you pay storage on a separate yearly bill, take it off in your personal sums, but do not assume the tax office accepts it as a cost. Ask before you file.
The formula and an example with round numbers
- Gross capital gain = the price offered minus the total you paid.
- Net capital gain = what you receive after fees and logistics minus the total you paid. This is what you declare.
- Percentage on the money put in = net capital gain divided by the total paid, times one hundred.
The figures below are made up to show the method, not real prices. Say you bought a bar whose metal was worth €9,500 at the market price that day, and your invoice, all in, came to €10,000. Today that metal is worth €13,300.
- The quick sum: from 9,500 to 13,300, a 40% rise. That is how much gold has risen, not how much you have gained.
- Gross capital gain: 13,300 minus 10,000, so €3,300.
- Net sale: the 0.5% fee is €66.50. Say another €33.50 in logistics. You receive €13,200.
- Net capital gain: €3,200, or 32% on the money put in.
- After tax: if this is your only savings income for the year, it is taxed at 19%: €608. You keep €2,592, or 25.9%.
- After inflation: say the INE calculator tells you your €10,000 back then equals €11,000 today. Your gain in purchasing power is 13,200 minus 608 minus 11,000: €1,592.
From 40% in the headline to €1,592 of purchasing power. Still a gain, but a different conversation.
If you bought in several goes
Each purchase has its own date, price and invoice. The total put in is everything you paid, costs included. The average price is that total divided by the grams of fine gold you hold; compare it with the net price per gram you could sell at today.
If you sell everything, the gain is the net sale minus the total put in. If you sell part, the tax calculation uses the cost of the specific pieces you sell. Spanish tax law says that with identical securities, such as shares or fund units, the ones bought first are treated as sold first (article 37.2), but it does not say so expressly for physical metal. That is why each piece should be traceable to its purchase. In SilverGold's contracts, for instance, every piece is listed with a photo in an annex, and a yearly statement is sent for your tax filing.
Careful: the euro from month one has been in for years and last month's for weeks, so the percentage on a monthly plan cannot be compared at a glance with a single purchase. We look at it in buying gold every month, and on real cases we show the method first and the historical capital gain last, which is no guarantee of future results.
What the tax office takes
The difference between the transfer value and the acquisition value is a capital gain (articles 33 and 34 of Law 35/2006) and goes into the savings tax base (article 46). It is taxed at the combined state scale (article 66) and regional scale (article 76), with these bands since 1 January 2025:
| Savings tax base | Rate |
|---|---|
| Up to €6,000 | 19% |
| €6,000 to €50,000 | 21% |
| €50,000 to €200,000 | 23% |
| €200,000 to €300,000 | 27% |
| Over €300,000 | 30% |
Each rate applies only to the slice within its band, and the savings base includes the year's interest, dividends and other sales. A loss is offset against other gains in the same year; any remainder against up to 25% of your interest and dividends, and the rest over the next four years (article 49). The tax office works in nominal euros: article 35 makes no inflation adjustment to what you paid. More in selling gold and Spanish income tax. If the gold was inherited, your starting value is the one used for inheritance tax (article 36); see inheriting physical gold.
Inflation: nominal versus real capital gain
The real gain strips out how much prices rose while you held the gold. You can work it out free with «El IPC en un clic», the calculator from Spain's National Statistics Institute (INE) for updating amounts with the general consumer price index:
- Choose the month, the year you bought and the end year. It works in whole years, from one month to the same month.
- Enter what you paid. It gives you the equivalent in today's euros.
- Subtract that figure from your net sale, or from what is left after tax. That is your gain in purchasing power.
Common mistakes
- Comparing with the market price on the day you bought instead of your invoice.
- Forgetting the costs of selling: fee, buyback discount, shipping, testing.
- Losing the invoice. It is your proof to the tax office of what you paid.
- Looking at the percentage and ignoring the time. 30% over two years and over ten tell different stories.
When to get help
It is worth it if you have years of purchases never put in order, inherited gold, a large sale or doubts about which pieces to sell. We go through your invoices and the offer with you, and our legal team looks at the tax side. You can book your free first consultation.
Frequently asked questions
Is the capital gain on my gold the same as the rise in the price?
No. It is what you actually receive when you sell, after fees and logistics, minus what you actually paid, premium and costs included.
Which costs count for the gain under Spanish income tax?
Purchase costs and taxes, such as VAT on silver, are added to your cost. Sale costs you pay yourself, such as the selling fee, are taken off (article 35 of Law 35/2006).
How much tax do I pay on a gain from selling gold in Spain?
It goes into the savings base, in bands: 19% up to €6,000, 21% up to €50,000, 23% up to €200,000, 27% up to €300,000 and 30% above that.
How do I work out the gain if I bought gold every month?
Add up everything you put in, costs included, and compare it with what you would receive net. If you sell part, use the cost of the pieces you sell.
Does the tax office take inflation into account?
No. The gain is worked out in nominal euros. To see your gain in purchasing power, use the INE consumer price calculator.