Bad news. Well, it had to be expected, because this government (and the former one) keeps rising taxes of all sorts; one couldn’t hope for gold to escape them. The amounts involved are extremely small but, as far as the symbol goes, gold could not go through the net’s mesh. Starting January first, the length of holding time necessary for total exoneration from taxes on plus-value has gone from 12 to 22 years. The 10%-a-year allowance after the second year thus becomes a 5%-a-year one. The tax on plus-value remains at 34.5%. The flat tax (for those who own « grandmother’s napoleons », i.e. with no receipt) goes from 8% to 10.5% of the total amount. Now, basically, gold remains a choice investment, of course, and even a cheap one, given its undervalued price. Gold is also an insurance investment not to be shunned (read the article that I’ll publish tommorow on my blog).
It is estimated that the French own approximately 3,000 tonnes of gold in the form of napoleons and ingots (515 million napoleons have been minted between 1802 and 1914. If we multiply each coin by its weight of 5.8 grams of gold, it amounts to 2,990 tonnes. Part of it has been lost, of course, and we have to add the ingots for which there is no estimation available). At a price of 30,000 euros a one-kilogram bar, this amounts to 90 billion euros. A smart government would abrogate all taxes on gold in order to favor its coming back in circulation, albeit partially, which would bring in several billion euros in the economy and, hence, important fiscal revenue, considerably more than with this miserable flat tax of 10.5% or the one on plus-value. Smart government...? Of course, it was a joke, sorry.
Original source: Blogspot
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