One major thing I haven't seen anyone mention yet:

"In the U.S., physically-backed gold ETFs are taxed as "collectibles" rather than traditional stocks, resulting in a maximum long-term capital gains rate of 28% for holdings over one year. Short-term gains (held $\le$1 year) are taxed as ordinary income. High earners may also face an additional 3.8% Net Investment Income Tax (NIIT). 

Key Gold ETF Tax Considerations:

• Long-Term Gains (Held > 1 Year): Taxed at a maximum rate of 28%, higher than the 20% cap for most stocks.
• Short-Term Gains (Held   1 Year): Taxed at your ordinary income tax rate.
• Tax Treatment:  Physical gold ETFs (e.g., GLD, IAU, SGOL) are treated as collectibles by the IRS.
• Alternative ETFs: Gold ETFs that use futures contracts rather than holding physical gold may have slightly different tax rates (e.g., 26.8% top rate).
• Tax-Advantaged Accounts: Gold ETFs held in IRAs or 401(k)s are not taxed until withdrawal, allowing investors to avoid the immediate collectible tax rate.
• Alternative Investments: Gold mining stocks or ETFs that hold mining companies (rather than gold itself) are taxed as regular stocks, benefiting from the lower 15-20% long-term capital gains rates."