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Redemption of bearer bonds for Xetra-Gold
The redemption of bearer bonds for Xetra-Gold is not a sale for tax purposes, which means that the increase in the value of the gold price can be collected tax-free upon redemption.
Bearer bonds for Xetra gold are negotiable securities that guarantee the holder a claim to delivery of a certain amount of gold by the bank. Contrary to the tax office, the Federal Fiscal Court does not consider the assertion of this claim to be a private sale transaction. The increase in the value of the gold price between the acquisition of the bearer bond and its redemption is therefore not taxable. Income from capital assets also does not exist when the delivery claim is asserted, because the redemption is not a sale and the holder continues to bear the risk of a falling gold price.