Xetra Gold

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Xetra-Gold logo
The Xetra-Gold logo.

Xetra-Gold is an exchange-traded commodity (ETC) ( ISIN DE000A0S9GB0) that was launched on the market by Deutsche Börse Commodities GmbH at the end of December 2007. The security is traded in euros on the stock exchange, mainly on the Xetra trading venue . The value of the ETC refers to one gram of fine gold.

Deutsche Börse Commodities GmbH is a joint venture between Deutsche Börse AG and its banking partners Commerzbank , Deutsche Bank , DZ Bank , Bankhaus Metzler and the Swiss Vontobel Bank . Furthermore, is Umicore AG & Co. KG involved that allows the delivery of gold.

Functionality and coverage

Each security represents the delivery of gold and the buyer of the ETC can have the equivalent in gold delivered. The gold is kept in the central safe for German securities in Frankfurt, a safe of Clearstream International SA (subsidiary of Deutsche Börse AG ). By November 2019, gold had been delivered on demand 1053 times. A total of 5.1 tons of physical gold went to investors.

The Xetra-Gold bearer bonds , in addition vaulted gold partially covered with delivery claims to gold, so-called book gold. As of June 30, 2018, there were securities with a nominal value of around 181.335  tons of gold in circulation, of which around 178.447 tons were covered by gold bars stored in the vault and around 2.888 tons by delivery claims against Umicore AG. The physical coverage was 98.4 percent.

As of June 30, 2019, 194.3 tons of gold with a value of 7.7 billion euros were stored in the vault. On November 25, 2019, more than 200 tons of gold were stored in the vault for the first time. The equivalent rose to 8.5 billion euros. At the end of 2019, 203.2 tons were stored in the vault.

taxation

After several years of contradicting court rulings, the Federal Fiscal Court decided in October 2015 (Ref .: VIII R 4/15 and VIII R 35/14) that Xetra gold bonds are a commodity traded on the stock exchange. For tax purposes, they are classified in the same way as coins and bars made of physical gold. This means that capital gains are not subject to capital gains tax. Exchange rate gains that are realized within the twelve-month speculation period are subject to the personal tax rate, provided that the exemption limit of € 600 for all private sales gains in the current calendar year is exceeded ( § 23 EStG ).

Web links

See also

Individual evidence

  1. ↑ a b Deutsche Börse Group - Sustained high demand for gold: Xetra-Gold exceeds the 200-tonne mark for gold holdings for the first time. In: deutsche-boerse.com. November 25, 2019, accessed November 25, 2019 .
  2. ↑ Deutsche Börse Commodities GmbH: Half-yearly financial report as of June 30, 2018. Accessed January 8, 2019 .
  3. ↑ n-tv news: Investors are chasing gold investments at a record high. Retrieved July 2, 2019 .
  4. ↑ Kerstin Papon: More than 200 tons: Deutsche Börse stores more gold than ever in the safe . ISSN  0174-4909 ( faz.net [accessed January 2, 2020]).
  5. ↑ Michael Schreiber: Flat rate withholding tax: Attach and save taxes. Retrieved January 19, 2019 .
  6. ↑ Federal Fiscal Court decides for investors. n-tv news, accessed January 19, 2019 .