In This article I Will explains how to buy gold in Italy and the best steps for tourists and citizens alike. Italy has a range of gold investment options, from gold bullion and coins to gold jewelry.
You will learn about important platforms and their legal implications, as well as how to begin your purchase planning.
Overview Gold
Primarily viewed as a strategic option in tough economic times, inflation, or geopolitical tensions, gold stands out for its capability to withstand uncertainty.
Unlike stocks or fiat money, gold retains inherent value due to its lack of dependence on any single government or financial system.
Investors largely rely on gold as a dependable way to protect their capital during periods of fluctuating interest rates or volatile markets. It’s reliable as a store of value thanks to its universal acceptance and limited availability.
Protactically, gold is an excellent asset for diversification because it often moves contra stock prices, counterbalancing losses from other financial instruments.
In Italy and worldwide, it remains a popular means for capital protection and lowering the risk in an investor’s portfolio during instability or downturns in the market.
How To Buy Gold In Italy
Absolutely! You can navigate how to purchase gold in Italy by using Confinvest as the example platform below.
Browse Confinvest’s Offerings Look at their gold products by visiting the at the website confinvest.it
Create Your Account As an Italian resident, you would first create an account by providing your details and undergoing KYC checks.
Select Your Desired Gold Product You can select from an inventory of gold bars and coins that are available for sale.
Making The Purchase Complete the transaction by making payment via credit card or bank transfer, adding the gold of your choice into the cart beforehand.
Delivery or Storage Options Determine whether you want the gold sent to your location or kept safely in Confinvest insured vaults.
Confirmation of Purchase After the purchase has been made, a receipt of confirmation will be sent to you as well as details of the golds delivery or storage if applicable.
Types of Gold You Can Buy
Gold Bullion
- Description: These are pure gold bars and ingots, usually of 24 karats (i.e., 99.9% pure)
- Purpose: Mainly for investment.
- Sizes: Varying from 1 gram to 1 kilogram or more.
- Pros: Low premiums over spot price and they are easy to store.
Gold Coins
- Description: Coins minted or issued by sovereign states and made wholly or partly of gold. They are usually legal tender.
- Example: Italian Marenghi, South African Krugerrand and Canadian maple leaf Coins.
- Purpose: Investment or collection.
- Pros: Most are liquid and knowable across the globe.
Numismatic (Collectible) Coins
- Description: Famous or historical gold coins that are valued more than their gold content.
- Purpose: Collecting and investment.
- Pros: Potential for profit, rich history and a unique tale behind them.
- Cons: Higher premiums and require specific market expertise.
Gold Jewelry
- Description: Ornamental gold in the form of rings, necklaces and bracelets.
- Karats: 14k, 18k, 22k.
- Pros: Pleasing to the eye and functional
- Cons: Additional craftsmanship costs and less pure than bullion.
Where To Buy Gold in Italy
Banks
- Description: A handful of the larger banks in Italy have gold coins and bars for sale.
- Example: UniCredit, Intesa Sanpaolo.
- Pros: Transactions are secure, trustworthy, and protected.
- Cons: Limited options; more expensive.
Authorized Gold Dealers
- Description: Authorized sellers focusing on gold bars and coins are licensed dealers.
- Example: Confinvest, Banco Metalli Italiano.
- Pros: More choice of gold bullion, particularly those of investments; good advice from dealers.
- Cons: Pricer shops may be lacking, leading to overpaying.
Online Platforms
- Description: Some reputable platforms deal with the purchase and sale of gold online.
- Example: Confinvest.it (Confinvest secure site for bullion and coins).
- Pros: Easy to access; prices are competitive.
- Cons: Need to create an account and confirm detailed personal information.
Jewelry Stores
- Description: Jewelry shops scattered around Italy commonly sell gold jewelry and, on occasions, bullion.
- Pros: Widely Available; ideal for gifts.
- Cons: Higher premiums due to skills of artisans.
Gold Auctions & Market Events
- Description: Collectible and rare gold pieces can be bought at specialized market events or auctions.
- Pros: Exceptional opportunity for find exposed unique collectibles.
- Cons: Needs experience in evaluating gold; risk of bidding wars.
Is it legal for locals and foreigners to buy gold in Italy?
Indeed, both citizens and non-citizens may purchase gold while in Italy. Law No. 7/2000 deregulated the Italian gold market, removing the Italian Exchange Office’s monopoly. Now, it allows residents to freely trade investment gold without VAT, as long as the transactions are meant for shielding assets or investments.
Additionally, foreigners can buy gold while in Italy, and tourists might receive VAT refunds for relevant purchases upon departure from the country.
Conclusion
To summarize, obtaining gold, whether for investment or personal use, is not difficult for both locals and immigrants visiting Italy. This can be achieved through banks, registered dealers, shopping centers, and even online.
It is always advisable to use legitimate sellers and to have a clear understanding of expenses and financial obligations associated with precious metals in Italy. Italy is known for its exquisite jewelry collections, making gold an excellent option for investments because of its guaranteed worth and enduring benefits.
