How are gains on physical metal calculated?
Gain equals sale price minus cost basis, and basis includes everything you paid: the metal, the premium, shipping, and insurance. High-premium products need a larger price move just to break even after tax, which is one more reason premiums matter.
Dealers are not required to track your basis. Keep your invoices; without them, reconstructing basis years later is painful.
When do short- and long-term rates apply?
Sell within a year of purchase and the gain is ordinary income, taxed at your marginal rate. Hold longer than a year and the collectibles long-term rate applies, your ordinary rate up to a 28% ceiling.
Inside an IRA none of this applies year to year: traditional IRA distributions are taxed as ordinary income at withdrawal, and qualified Roth distributions are tax-free.
How do capital gains show up in practice?
Before selling, know two numbers: your basis and your holding period. Together they determine the tax, and on a large position the difference between eleven months and thirteen months of ownership can be meaningful. Confirm the details with a tax professional.