Shrnutí: You can invest in gold and silver by purchasing physical bullion and coins or through exchange-traded products. Beginners should first and foremost vet the seller, compare the buy and sell prices, determine the storage method, and understand the tax rules for physical metals and securities. Investment gold is exempt from VAT provided that legal requirements are met, while physical silver is generally sold subject to VAT.
Before making a major purchase, be sure to have the following checked in particular: the terms and conditions of the contract, the seller’s liability, the method of storage, and the buyback terms.
Are youplanning to invest a larger amount? Before signing, have the purchase agreement, storage terms, or the seller’s buyback commitment reviewed. We’ll help you identify provisions that could complicate a later refund or sale of the metal.
Why invest in gold and silver? Precious metals are a historical store of value. Unlike fiat currencies, they cannot be “printed” in large quantities, so they better withstand inflation. Furthermore, both gold and silver have a low correlation with stocks and bonds, thereby reducing overall portfolio risk. It is traditionally recommended to allocate 5–15 % of your savings to them.
In practice, gold is sought after especially during times of uncertainty (recessions, high inflation, military conflicts), while silver also responds to industrial demand (solar power, batteries). Gold enjoys a special privilege in the EU—investment gold (provided legal conditions are met) is sold VAT-free. Compared to silver, this means you start with lower costs, making the investment more advantageous right from the start.
Gold or silver—which is better? There is no one-size-fits-all answer. More conservative investors tend to favor gold, while silver offers the potential for higher returns, albeit at the cost of greater price volatility.
Wondering how to buy investment gold? The most common options are bullion (1 g – 1 kg) and refinery bars (12.5 kg). Choose products with international certification (e.g., LBMA standards from reputable refineries) and clear labeling of the manufacturer/refinery, purity, and weight—ideally also including a serial number and certificate. Buy from banks or from verified and established dealers/refineries with transparent terms and conditions and a buyback option.
Among the main advantages of physical investment gold is that you hold a real asset that is not tied to any counterparty—unlike stocks or bonds, gold cannot “go bankrupt in your hands.”
On the other hand, you need to factor in practical drawbacks, such as the need for secure storage and a relatively high spread—that is, the difference between the buy and sell prices, which typically ranges from 3 to 8%.
If you don’t want to store gold bars at home or deal with safes, you can easily invest in gold through exchange-traded funds(ETFs). These work similarly to regular stocks— you buy a share in a fund that holds actual gold safely stored in vaults (e.g., funds labeled GLD or IAU). This means you never physically hold the gold, but the value of your investment tracks the market price of gold.
The initial investment amounts aren’t exorbitant; you just need to buy one “share” of the fund, which can cost roughly $40 to $180 (or approximately 1,000 to 4,000 CZK). Annual fund management fees are low, typically around 0.15 to 0.40% of the investment value. It’s a convenient and affordable way to participate in the price movement of gold without the hassle of physically holding it.
Another option is to invest in stocks of companies such as Newmont Corporation or Barrick Gold. These stocks tend to have a higher beta relative to the price of gold, meaning they generate excess returns during uptrends but fall more rapidly during downtrends. Funds such as the VanEck Gold Miners ETF (GDX) spread the risk across dozens of mining companies.
Our legal experts will advise you on how to properly buy, store, and sell precious metals without complications and in compliance with tax obligations. Gain peace of mind and security when investing.
Just like with gold, you can buy silver bars (999/1000 purity) or American Silver Eagle coins. Where can you buy silver at the spot price? For larger quantities, order from foundries or specialized dealers who offer a lower markup. The downside is the 21% VAT you must pay when purchasing within the EU.
Want to invest in silver but don’t want to store bars at home? Then you might be interested in exchange-traded products, such as ETFs or ETCs—funds that track the price of silver. For example, the SLV fund or PowerShares Physical Silver track the current market price of silver, so you can see how your investment is performing without having to worry about physical storage. Annual management fees are typically quite low, usually ranging from 0.20 to 0.50% of the investment’s value. Be careful, however, with so-called leveraged products (e.g., ETNs with “accelerated” gains or losses)—these are intended more for experienced investors and can be very risky for beginners.
You can also always consult an experienced financial advisor who is well-versed in investing in gold and other commodities and can advise you on how to best grow your wealth.
If you want to buy gold or silver, be careful who you buy from. Reliable sellers include major banks such as ČSOB or Komerční banka, well-known refineries (e.g., Argor Heraeus), or verified dealers such as Aurum or Zlaté Rezervy. You can also order silver online —reputable e-shops often allow for in-person pickup at a vault, so you can be sure it’s safe.
Before you pay, check three basic things: whether the company has a valid business ID number and verifiable contact information, what other customers say about it, and whether it has a clear price list that clearly states the difference between the buy and sell prices (the so-called spread and margin); when investing in ETFs through a broker, verify that the broker is a regulated investment services provider. This is the only way to avoid unpleasant surprises.
From legal practice: Problemsoften don’t stem from the authenticity of the metal itself, but from the terms of the contract. For example, buyers may only discover after payment that the declared “buyback” is not the seller’s obligation, or that the buyback price is determined unilaterally by the seller after deducting additional fees. Therefore, before purchasing, check not only the product and the seller but also the exact terms of a future sale.
Do you have doubts about a seller or an investment offer? We’ll review the contract documents and advise you on how to proceed if the seller fails to deliver the promised metal, refuses to repurchase it, or demands additional unexpected payments from you.
When you buy gold or silver, you want to be sure it’s genuine. The Hallmarking Act regulates the hallmarking of precious metal products (typically jewelry); for investment bars and many investment coins, authenticity is verified in practice primarily based on the manufacturer, certificate, and other security features, not necessarily based on the official Czech hallmark. This hallmark protects the average buyer from counterfeits.
What should you look out for when buying? Hallmarks vary depending on the type of metal and fineness (there is no single universal “swan” or “rabbit” mark); for investment bars, you’ll also commonly find the refinery’s mark, fineness, weight, and serial number. Request a certificate of authenticity and the ingot’s serial number —this is like your gold’s birth certificate. For larger ingots (over 500 grams), a certificate of hallmark testing is also common, even though the law does not explicitly require it for such quantities.
The difference between the buy and sell prices (the spread) is the main cost associated with physical gold. For ingots weighing up to 10 g, it can range from 8–12%, while for 1-kilogram bars, it drops to 3%. With ETFs, you pay an annual fee (Total Expense Ratio). You should also factor in bank transfer fees and, if applicable, a storage fee (0.1–0.3% per year for vault storage).
Example: A buyer purchased a precious metal as a supposedly highly liquid investment. However, the contract did not guarantee any buyback price or buyback period. When the buyer needed his money back, the seller offered to buy it back at a significant discount. The dispute therefore did not concern the authenticity of the ingot, but rather what the seller actually promised in the contract versus what was merely stated in the sales presentation.
Investment gold has one major tax advantage— when you buy it, you pay no VAT. For an ordinary individual (non-business owner), income from the sale of physical investment gold (bullion or coins) is generally exempt as the sale of tangible personal property, so the three-year time test does not apply. You would typically only have to deal with income tax in atypical situations (e.g., if it involved systematic “resale” with characteristics of a business, or if the gold were included in business assets); For ETFs and other securities, the standard rules for securities apply, including the three-year holding period.
With silver, the situation is different—you pay 21% VAT at the time of purchase. For ordinary individuals (non-business owners), income from the sale of physical silver (ingots or coins) is generally exempt as the sale of tangible personal property, so the three-year time test does not apply; The main difference from gold is that VAT is usually applied when purchasing silver.
If an exchange-traded product takes the legal form of a security, income from its sale may be exempt if the three-year holding period requirement is met. The exemption may also apply if the total income—not profits—from the sale of securities during a calendar year does not exceed 100,000 CZK. As of January 1, 2026, the previous exemption limit of 40 million CZK no longer applies if the time test is met. If the conditions for the exemption are not met, the taxable income must be reported on the tax return.
And one more note for business owners: if you purchase gold or silver as a company or a self-employed individual, slightly different rules apply to you—the metal is recorded as inventory, and you handle taxes in accordance with the Income Tax Act.
If you already own investment gold or silver, it’s time to figure out where to keep it, because hiding bullion under your mattress really isn’t an ideal solution. Here are three main options:
1. Home safe: If you want to keep your precious metals at home, get a high-quality safe. It should have at least EN 1143-1 Class III certification and be securely anchored to the floor. Expect to invest around 10,000 CZK. The advantage? You have it on hand at all times. The disadvantage? The responsibility is entirely yours, so be sure to also take out insurance against theft or fire.
2. Bank safe deposit box: This is a safer option where you store your gold in a bank vault. A small safe deposit box will cost you between 1,500 and 5,000 CZK per year. The advantage is that it’s usually insured for up to 500,000 CZK. It’s an ideal solution for smaller quantities of gold.
3. Specialized storage facilities abroad: If you’re planning a larger investment, you can use professional storage services in places like Malta or Switzerland. The annual fee is around 0.15% of the value of the stored metal. The advantage is that if you decide to sell the metal, you often just need to place an order and don’t have to physically transport it anywhere.
What about ETF funds? In that case, the fund’s custodian (e.g., HSBC or JPMorgan) handles security, and insurance is included in the fee. This means you don’t have to worry about storage at all.
You can invest in gold and silver by purchasing physical bullion and coins or through exchange-traded products. With physical metal, it’s important to verify the seller, authenticity, the difference between the buy and sell prices, the terms of the buyback agreement, and secure storage. Investment gold is exempt from VAT provided that legal requirements are met, while VAT generally applies to physical silver. When selling, it is necessary to distinguish between physical metal, securities, and other investment products, as their tax treatment differs. No form of investment guarantees a return or protection against loss.
This article is for informational purposes only and does not constitute investment advice.
You generally do not need to report the purchase or holding of investment gold. Income from the sale of physical gold from private assets is usually exempt as income from the sale of personal property. A different situation may arise, for example, in the case of systematic trading, the sale of metal from business assets, or exempt income exceeding 5 million CZK, which may be subject to a reporting requirement.
Standard dealers pay out funds within 24–48 hours of receiving the bullion. With banks, settlement may take 2–3 business days. ETFs and other exchange-traded instruments are sold immediately during the exchange’s trading hours.
Smaller quantities (1–20 g) command a higher premium but can be sold off gradually. Larger bars (100 g, 1 kg) have the lowest spread but offer less flexibility when selling in partial amounts. Combine both options based on your planned amount and liquidity needs.
Yes, if you believe in long-term price growth and have a time horizon of 5+ years. Silver’s higher volatility can “outperform” VAT, especially when purchasing larger volumes at a lower premium.
It depends on the legal structure of the product. In the case of a fund, the assets may be segregated from those of the manager, whereas with some ETCs or certificates, the investor may also bear the issuer’s credit risk. Therefore, before purchasing, verify whether the product is a fund, a debt instrument, or another type of product, and how the documentation addresses the insolvency of the manager or issuer.
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Ondřej is the attorney who came up with the idea of providing legal services online. He's been earning his living through legal services for more than 15 years. He especially likes to help clients who may have given up hope in solving their legal issues at work, for example with real estate transfers or copyright licenses.
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