For almost 10 years, and especially in the last 5 years, gold has risen dramatically. In this context, coins and bullion are becoming increasingly popular. Gold is becoming an increasingly popular investment, both for its financial qualities (performance, diversification....) and non-financial (historical value, independence...). But can we really expect significant gains by buying a coin or a gold bar? 

This article explores the evolution of major gold assets over the last 10 years, and the potential dynamics to follow in the coming years.  

SUMMARY OF ARTICLE: 

• 1) The sharp rise in gold prices over the last 10 years
• 2) Comparative performance of 15 best-selling gold products
• 3) The most attractive 10-year investments
• 4) Reasons to invest in 2025? 
• 5) What are the prospects for the next few years?

1) The sharp rise in gold prices over the last 10 years 

The price of gold has increased significantly over the past decade. In 2015, the ounce was traded at around $1,060, compared to more than $3,200 in May 2025, a gain of over 200%, or simply a tripling of its price over a decade.  

This is due to a combination of macroeconomic, geopolitical and structural factors. Starting in 2019, gold entered a more pronounced upswing, fuelled by Sino-US trade tensions, falling real interest rates, and fears of slowing global growth. The COVID-19 pandemic in 2020 acted as a catalyst: faced with widespread uncertainty, ultra-accommodative monetary policies and massive fiscal stimulus plans, gold reached an all-time high of $2,067/oz in August 2020. 

Between 2020 and 2022, despite rising inflation, the gold price stagnated around $1,750–$1,900, penalized by expectations of monetary tightening. It was not until 2023 that a new upswing was seen, triggered by pressures on mining supply as central bank demand reached record levels.  

In 2024, the precious metal exceeded $3,000, driven by strategic institutional purchases, a tense geopolitical environment and strong physical demand. This represents an increase of over 60% from the 2020 peak. According to the World Gold Council, between 2015 and 2024: 

• Central bank demand jumped 88%. 
• Investment demand (ETFs, bullion, coins) rose by +22%. 
• Technology demand fell by -3.5%. 
• Demand for jewellery decreased by -18.83%. 

This market transformation shows a clear shift: gold, historically sought for its artistic uses, is increasingly becoming a strategic asset for central banks (China, India, Russia, Brazil) seeking to diversify their reserves and reduce their dependence on the dollar. At the same time, private investors are strengthening their positions in a context of financial market volatility. The decline in demand for jewellery and technology is offset by the rise in institutional demand, which has strengthened the market base. In addition, the different ways of holding gold (ETF, physical gold) have seen their popularity grow, illustrating the mutation of the yellow metal from an ornamental object to a strategic monetary asset. 

2) Comparative performance of the 15 best-selling gold products 

The analysis of the evolution of prices over the last ten years confirms that the purchase of physical gold, whether it is various coins (type Napoleon, Maple Leaf, Krugerrand) or ingots, constitutes a successful investment. Since 2015, the price of gold has risen from about $1,060 to over $3,200 in May 2025, an increase of almost 200%, well above that of many traditional assets. 

In addition, physical gold has specific advantages: it does not involve counterparty risk, can be held outside the banking system, and offers international liquidity. The table below shows a comparative trend in the price of the main gold investment vehicles between 2015 and 2025.  

3) The most attractive 10-year investments 

The best performances over 10 years are observed on the «classic» coins: the British sovereign, the 20 Swiss francs or the South African Krugerrand but still the 20 Francs Napoleon. In addition, these coins enjoy strong international recognition, reasonable premiums and excellent liquidity. Thus, historical and emblematic pieces are particularly in demand, especially in France. This demonstrates that investors are not only looking for a commodity, but also for an object of trust, bearing history. 

The 10g bullion shows an impressive increase of +375%, well above the coin average. This reflects the growing interest of consumers in small formats, which are more accessible and easy to sell. The 100g, 250g and 1kg bars also show solid gains, suitable for a larger investment.  

4) Reasons to invest in 2025? 

As shown by the performance observed over the last ten years, gold is establishing itself as a true conservator of purchasing power. All the products analysed show a long-term progression above average real inflation, which confirms the role of gold not only as a safe haven but also as a profitable asset in the long run. This outperformance is due to several factors: the progressive scarcity of profitable deposits and rising production costs, as well as a structurally strong demand from both private investors and central banks. 

In addition to its return, gold is also a valuable asset diversification tool. Its historically low correlation with equities and bonds, particularly in times of economic or financial turbulence, makes it a key asset to cushion losses during bear market phases. In times of crisis, gold has often acted as a portfolio stabilizer, providing a safety anchor for asset allocations. 

Contrary to popular belief, physical gold is also a very liquid investment. Investment pieces (type Napoleon, Maple Leaf, Krugerrand) and standard ingots (from 5g to 1kg) can be easily purchased and resold from many intermediaries, online or in-store. The applicable taxation is clear: tax on real capital gains (with a reduction after two years) or flat rate tax of 11% on the amount of the transfer. In contrast, so-called “central bank” ingots (12.5 kg) are reserved for institutions and not very suitable for private individuals because of their cost and size.  

Finally, depending on the profile and objectives of each investor, it is often appropriate to start with a moderate exposure to gold (5% to 15% or more of financial assets), to spread its purchases over time, to diversify formats (coins, lingotins, ETFs) and above all to guarantee secure storage (personal safe, bank, specialized service provider). Gold thus remains a stable and strategic pillar for any long-term portfolio. Wealth management does not fall out of gold!  

5) What are the prospects for the next few years?   

Over the past three years, gold prices have performed remarkably well, peaking in 2025 as a result of several factors: persistent trade tensions, uncertainties on global growth, persistent inflation and continued war in Ukraine. This upward momentum nevertheless raises a legitimate question: can it be sustained in the coming years? 

Recent data from the first quarter of 2025 reinforces this question. Global gold demand grew by 16% year-on-year, with a dramatic 170% increase in investment demand, while mining supply remained largely stable. This imbalance between supply and demand naturally creates upward pressure on prices. As long as this situation persists, that is to say demand exceeds supply, the price of gold has a mechanical tendency to rise. 

Several structural and cyclical factors could continue to fuel this upward momentum: 

- Monetary easing, with lower interest rates in a context of economic slowdown and more moderate inflation, would increase investors' interest in gold.   

- Increased risks of recession or financial turbulence would lead investors to retreat to safe havens like gold, as they did in 2022.  

- Constraints on the supply of gold, whether linked to difficulties in exploitation, the rarefaction of deposits or an inflation of production costs, would curb any significant expansion of production. 

- An unstable geopolitical context, marked by conflicts, trade tensions or sanctions, would strengthen the security appeal of gold. 

Conversely, several developments could slow down the rise in gold prices or even lead to a correction: 

• A relaxation of the geopolitical situation or a global macroeconomic stabilization could reduce the demand for gold investment. 
• An increase in gold production, if new mining projects come into operation or if current production increases, would help to balance the market. 
• Maintaining high interest rates in a more robust economic growth scenario would make gold less attractive to earning assets. 

On a longer time scale, gold prices may show steady growth even in the absence of significant demand. This trend is mainly due to the structural increase in costs and difficulties associated with gold mining. Gold-rich deposits are becoming increasingly rare, and new mining projects often occur in geographically complex, politically unstable or highly regulated areas. Coins and bullion thus offer the advantage of possessing sometimes old gold in a world where the yellow metal becomes rare.

Conclusion 

Price analysis over the last ten years shows that buying physical gold, whether in coins or ingots, is a good investment. The rise in gold prices has accelerated particularly during the last five to six years, supported by increasing political and geopolitical instability (inflation, conflicts, trade tensions, etc.). At the same time, interest in yellow metal remains strong, both from private investors and central banks, while demand for jewellery has contracted slightly. 

There are many forms of investment in gold, but it is the more liquid supports such as emblematic coins (Napoleon, Maple Leaf, Krugerrand) and 10 gram to 1 kilogram ingots that benefit most directly from price increases. This diversity of supports allows investors to meet different objectives: asset diversification, long-term investment, protection against inflation or systemic crises. 

A well-considered investment in gold today can thus offer prospects of solid long-term performance while providing insurance against the erosion of purchasing power. This is certainly confirmed by the first quarter 2025 figures, which show a sharp increase in interest from retail investors. The development of the gold market in the coming years will depend mainly on several key factors: the global economic and geopolitical context, the maintenance of private and institutional demand, as well as the evolution of supply conditions (mining, resale...).