The invention is directed to gassing stabilized aqueous coating compositions comprising A) a metallic pigment and at least one reaction product of: (a) 5 to 95 weight percent of a at least one phosphonic acid derivative selected form compound I and II wherein R1 is H or O═P(OH)2; R2 and R3 are independently H, OH or an aliphatic, cycloaliphatic and aromatic substituent having 1 to 25 carbon atoms and optionally up to 10 heteroatoms of at least one of oxygen and phosphorus; and R′ is an aliphatic, cycloaliphatic and aromatic substituent having 1 to 25 carbon atoms and optionally up to 10 heteroatoms of at least one of oxygen and phosphorus; (b) 5 to 95 weight percent of a at least one compound having at least two epoxy groups and a number average molecular weight Mn of 300 to 5000 g/mol; and (c) 0 to 90 weight percent of a compound having one epoxy-functional group, wherein the proportions by weight of components (a), (b) and (c) total 100 weight percent. B) at least one metallic pigment.