I suspect that whatever country you live in would apply a book value based on the trading price of gold that day for income tax purposes and in Canada for instance it would be applied to you income from investments. That would allow you to apply it to any prev. capital losses which is the only way you can utilize them. So can't see a loophole being allowed since it would be classified as income from investments, but this is new territory is it not? Interesting to see how they handed that out.