While the world seem to be mad for gold Silver has been steadily growing in value .
Although Silver is still growing in value it will probably never reach the dizzy heights of gold.
One investor tried to corner the market in silver but was eventually foiled .

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Question by Joyce: If I buy gold coins at today's prices and later sell at a higher price do I have to pay taxes on the gains?
If I buy online, I would have to pay a premium to the spot price plus shipping and possibly insurance. When I sell some day at a higher price, it wouldn't be because I am really profiting. Gold rises when there is inflation and the dollar loses value. So I would basically be buying gold to try to preserve some of my money. If the appreciation in gold price is taxed, how would it be tracked? I do have one gold coin that I've had for years, but since it was given to me, I'm clueless to what the buyer paid for it.

Best answer:

Answer by the tax lady
Of course you do. It's considered a collectible and taxed at your ordinary tax rate, capped at 28%.

If you don't know the basis, it's zero.
As far as "forgetting" you had the coins when you file your taxes, gee, wouldn't it be lovely to have an audit and suddenly try to explain those deposits....

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