GNU Privacy Guard vs VeraCrypt

GPG works on OS X, Linux, and Windows with extensive selection of wrappers.

GPG supports public key cryptography (RSA EIGamal, DSA), symmetrical key algorithms (Blowfish, AES, IDEA, etc), cryptographic hash functions (RIPEMD, SHA), and compression (ZIP, ZLIB, BZIP2).

Open source (the free version of openPgp), other similar products are offered for other platforms (Gpg4win for Windows for example). It is the most secure way to send emails today, close to military encryption. Some negative points: not all mail clients support it and when a key is not only on your hard disk but also on a server (pgp.mit.edu for example), it is complicated to remove it.
Last positive point: it can also be used other than for emails, to encrypt and sign documents. Bitcoin releases are signed with the GPG keys of the developers ;)

Allows for encrypted communication.

With GPG you can encrypt you whole volume or files individually.

GPG keys by default expire after a set amount of time. The amount can be changed and this feature can be turned off.

GPG can be installed as a command line tool, or you can choose between several different GUI frontends available for it.

GPG is the oldest and most reliable encryption software available.

Veracrypt is an on-the-fly encryption tool. Meaning that it decrypts files only when they are needed and that the files are otherwise kept encrypted the rest of the time.

This project is free and users are encouraged to donate something to keep the project going.

Supports AES, TwoFish and Serpent encryption cyphers.

The source code is open to review. It has already had a security audit and it did well, with small problems fixed by authors within days of being reported. Its predecessor source, Truecrypt, had a detailed audit that found its capabilities sound, completed (ironically) shortly before the TC folks decided to call it quits. Anyone skeptical or curious about what it does can see how it works, at the gut level.

Most Intel and AMD (and possibly other) CPUs have AES specific instruction sets, so you needn't task the CPU during the en/de/crypt process when using AES, VC throughput is as if the code were in 'firmware'; you can see the effect if you choose anything but AES as your cipher.

It can create containers (like a encrypted folder) which is very useful.

Veracrypt is in active development with constant and regular updates and several external audits in the planning stages.

Veracrypt is supported on MacOS, Linux and Windows.

It's easy to understand and use.