Silver as an investment

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Various examples of American coins used as silver investments, including pre-1964 circulating silver coins and American Silver Eagle bullion coins Various types of American silver coinage, 15 February 2020.jpg
Various examples of American coins used as silver investments, including pre-1964 circulating silver coins and American Silver Eagle bullion coins

Silver may be used as an investment like other precious metals. It has been regarded as a form of money and store of value for more than 4,000 years, although it lost its role as legal tender in developed countries when the use of the silver standard came to an end in 1935. Some countries mint bullion and collector coins, however, such as the American Silver Eagle with nominal face values. [1] In 2009, the main demand for silver was for: industrial applications (40%), jewellery, bullion coins and exchange-traded products. [2] [3] In 2011, the global silver reserves amounted to 530,000 tonnes. [4]

Contents

Millions of Canadian Silver Maple Leaf coins and American Silver Eagle coins are purchased as investments each year. While these bullion coins are legal tender, they are rarely used at shops. [5] However, "junk silver" coins, which were originally minted for circulation, can still be found in circulation, albeit rarely, and are common targets in the practice of coin roll hunting.

Price

The price of silver from 1792 to 2005. The spike in 1980 reflects the events of Silver Thursday. Ag annual average USD price 1792-2005.svg
The price of silver from 1792 to 2005. The spike in 1980 reflects the events of Silver Thursday.
Price of silver 1968-2022 Price of silver.webp
Price of silver 1968-2022

The price of silver is driven by speculation and supply and demand, like most commodities. The price of silver is notoriously volatile compared to that of gold because of the smaller market, lower market liquidity and demand fluctuations between industrial and store of value uses. At times, this can cause wide-ranging valuations in the market, creating volatility. [6]

Silver often tracks the gold price due to store of value demands, although the ratio can vary. The crustal ratio of silver to gold is 17.5:1. [7] The gold/silver price ratio is often analyzed by traders, investors, and buyers. [8]

The gold/silver ratio is the oldest continuously tracked exchange rate in history. [9] In Roman times, the price ratio was set at 12 (or 12.5) to 1. [10] In 1792, the gold/silver price ratio was fixed by law in the United States at 15:1, [11] which meant that one troy ounce of gold was worth 15 troy ounces of silver; a ratio of 15.5:1 was enacted in France in 1803. [12] The average gold/silver price ratio during the 20th century, however, was 47:1. [13]

The price of silver has risen fairly steeply since September 2005, being initially around $7 per troy ounce, but reaching $14 per troy ounce for the first time by late April 2006, and the average price of the month was $12.61 per troy ounce. As of March 2008, it hovered around $20 per troy ounce. [14] However, the price of silver plummeted 58% in October 2008, along with other metals and commodities, due to the effects of the credit crunch. [15] By April 2011, silver had rebounded to reach a 31-year high at $49.21 per ounce on April 29, 2011 due to concerns about monetary inflation and the solvency of governments in the developed world, particularly in the Eurozone. [16]

Influences

The price of silver is influenced by a variety of factors.

History

The highest recorded silver prices were:

19802011
London LBMA (Close)$49.45 (January 18)$48.7 (April 28)
London LBMA (Intraday)$50.5 (January 18)
New York COMEX (Close)$48.7 (January 17)$48.55 (April 29)
New York COMEX (Intraday)$50.36 (January 18)$49.82 (April 25)
Chicago CBOT (Close)
Chicago CBOT (Intraday)$52.8 (January 18)

1979–1980

In part due to the actions of the Hunt brothers (Nelson Bunker Hunt, William Herbert Hunt, and Lamar Hunt), the price for silver Good Delivery bars jumped from about $6 per troy ounce to a record high of $49.45 per troy ounce on January 18, 1980, [21] representing an increase of 724%. The highest price of physical silver is hard to determine, but based on the price of common silver coins, it peaked at about $40/oz. [22]

On January 7, 1980, in response to the Hunts' accumulation, the Commodity Exchange (COMEX) suddenly adopted "Silver Rule 7", placing heavy restrictions on the purchase of the commodity on margin, causing massive liquidations and enormous downward pressure on the price. The Hunt brothers had borrowed heavily to finance their purchases, and as the price began to fall again, dropping over 50% in just four days, due to the sudden forced liquidation of margin positions, they became unable to meet their obligations, causing further panic in the precious metal markets.

The Hunts were never found guilty of any criminal wrongdoing, although they lost a civil suit in connection to the event. The event also cause the Hunts' fortune to dwindle, culminating in them filing for bankruptcy. In 1989, they agreed to a civil settlement with the Commodity Futures Trading Commission, paying out fines, and agreeing to a ban from trading commodities.

2010–2011

There was such immense risk to the world economy that investors drove the prices up by buying defensive commodities (e.g. silver or gold). When the short-term risks were believed to have subsided, many investors reallocated their assets back into yielding (dividend or interest) investments such as stocks or bonds.

The 2011 United States debt ceiling crisis was a major factor in the rise of silver prices. The 2010 U.S. midterm elections highlighted policy differences between President Obama vs. the Tea Party movement. The price of silver concurrently rose from $17 to $30 as the elections approached. In late 2010 and 2011, silver found a "new normal" between $25 and $30.

In 2011, Republicans in Congress demanded deficit reduction be part of legislation raising the nation's debt-ceiling. The resulting contention was resolved on 2 August 2011 by the Budget Control Act of 2011.

During the first few months of 2011, Moody's and S&P both downgraded the outlook on US finances; this was a major shock to the financial world and resulted in silver's climb to $50.

  • On April 18, 2011, U.S.-based rating agency S&P issued a "negative" outlook on the U.S.'s "AAA" (highest quality) sovereign-debt rating for the first time since the rating agency began in 1860, indicating there was a one-in-three chance of an outright reduction in the rating over the next two years.
  • On April 25, 2011, silver traded $49.8 per ounce in the New York spot market.

On August 5, 2011, S&P issued the first ever downgrade in the federal government's credit rating, citing their April warnings, the difficulty of bridging the parties and that the resulting agreement fell well short of the hoped-for comprehensive 'grand bargain'. [23] The credit downgrade and debt ceiling debacle contributed to the Dow Jones Industrial Average falling nearly 2,000 points in late July and August. Following the downgrade itself, the DJIA had one of its worst days in history and fell 635 points, on August 8. [24]

Then, as it became likely that U.S. Secretary of Treasury Timothy Geithner would order the treasury to use extraordinary measures to delay the crisis, silver settled back at $35. As the debacle continued during the summer, silver moved in the range of $33 to $43.

As it became clear that the "financial apocalypse" would be delayed by late summer, many investors dumped silver and commodities and moved back into U.S. equities. The price of silver quickly went back to $30 and declined below 2010 levels in the next few years.

Whether classifying silver's movement as a 'bubble' (seen when comparing silver with gold) has been debatable, with Peter Schiff denying that a bubble ever existed and asserting that the factors that led to the increase in the silver price have not yet been resolved.

Investment vehicles

Bars

1,000 ozt (31.1 kg) silver bar 1000oz.silver.bullion.bar.top.jpg
1,000 ozt (31.1 kg) silver bar

A traditional way of investing in silver is by buying actual bullion bars. In some countries, like Switzerland and Liechtenstein, bullion bars can be bought or sold over the counter at major banks.

The flat, rectangular shape of silver bars makes them ideal for storage in a home safe, a safe deposit box at a bank, or placed in allocated (also known as non-fungible) or unallocated (fungible or pooled) storage with a bank or dealer.

Silver bars can either be cast or poured, or minted; both categories often involve the production of bars with intricate decorative designs that are attractive to collectors, often referred to as "art bars".

Various sizes of silver bars are 1, 10, 100 and 1,000 troy ounces, 100 gram (3.215 troy ounces) and one kilogram (32.15 troy ounces), as well as other sizes.

Coins and rounds

American Silver Eagle bullion proof coin 2006 AESilver Proof Obv.png
American Silver Eagle bullion proof coin

The term "coin" typically refers to a metallic piece minted by a sovereign government and holds the status of legal tender within its country of origin. Coins are distinguished by their official recognition and carry a minimum face value, which represents the denomination assigned to them. [25] This means that they can be used as a medium of exchange for goods and services.

Silver coins may be minted as either fine silver or junk silver. Fine silver coins minted by governments include the one-ounce, 99.99% Canadian Silver Maple Leaf and the 99.93% American Silver Eagle. Government-minted silver coins being legal tender, often enjoy special taxation treatments.

The term junk silver signifies silver coins without a numismatic premium. In the United States, this is taken to mean pre-1964 90% silver dimes, quarters and half-dollars; $1 face value of those circulated coins contains 0.715 troy ounce (22.2 grams) of fine silver. [26] All 1965-1970 and some 1976 Kennedy half dollars are minted with a 40% silver composition. "War nickel" is the name given to certain 1942-1945 nickels minted with a 35% silver composition.

Other countries, such as Australia, Canada, Mexico, Switzerland and the United Kingdom also minted junk silver coins in the past. All these countries (except Mexico and Switzerland) initially minted sterling silver coins for circulation, before the coins' silver content was reduced: Australia to 50% in 1946, Canada to 80% in 1920 and the United Kingdom to 50% near 1920. Mexico's case was rather unique, in that while 1 peso coins had its silver content reduced to 50% in 1947, those with higher denominations (e.g. 5 pesos, 10 pesos) continued to be minted with 72-90% silver composition until the last silver coins were minted in 1979.

Unlike coins, rounds are privately minted bullion that look similar to coins, but do not have a face value and are not legal tender.

Exchange-traded products

Silver exchange-traded products represent a quick and easy way for an investor to gain exposure to the silver price, without the inconvenience of storing physical bars. Silver ETPs include:

Accounts

Most Swiss banks offer silver accounts where silver can be instantly bought or sold just like any foreign currency.[ citation needed ] Unlike holding physical silver, the customer has a claim against the bank for a certain quantity of metal. Digital gold currency providers and internet bullion exchanges, such as OneGold, BullionVault or GoldMoney, offer silver as an alternative to gold. Some of these companies allow investors to redeem their investment through the delivery of physical silver. [29]

Derivatives, CFDs and spread betting

In the U.S., silver futures are primarily traded on COMEX (Commodity Exchange), which is a subsidiary of the New York Mercantile Exchange. In November 2006, the National Commodity and Derivatives Exchange (NCDEX) in India introduced 5 kg silver futures.

Mining companies

These do not represent silver at all, but rather are shares in silver mining companies. Companies rarely mine silver alone, as normally silver is found within, or alongside, ore containing other metals, such as tin, lead, zinc or copper. Therefore, shares are also a base metal investment, rather than solely a silver investment. As with all mining shares, there are many other factors to take into account when evaluating the share price, other than simply the commodity price. Instead of personally selecting individual companies, some investors prefer spreading their risk by investing in precious metal mining mutual funds.

Taxation

In many tax regimes, silver does not hold the special position that is often afforded to gold. For example, in the European Union the trading of recognized gold coins and bullion products is VAT exempt, but no such allowance is given to silver. This makes investment in silver coins or bullion less attractive for the private investor, due to the extra premium on purchases represented by the irrecoverable VAT (charged at 20% in the United Kingdom and 19% for bars and 7% for bullion products with face value, e.g. The US Silver Eagle and the Canadian Maple Leaf, in Germany). Norwegian companies can legally deliver free of VAT to the rest of Europe within certain annual limits or can arrange for local pickup.[ citation needed ]

Other taxes such as capital gains tax may apply for individuals depending on country of residence (tax status) and whether the asset is sold at increased nominal value. For example, in the United States, silver is taxed only when sold for a profit, at a special collectibles capital gain tax rate (the normal income tax rate, subject to a maximum of 28% for silver held over 1 year [30] ).[ clarification needed ] In 2011, the Utah Legal Tender Act recognized U.S.-minted silver and gold coins as legal tender within Utah, so that they may be used to pay any debt in Utah without being subject to Utah's capital gains tax (although such a tax would still apply for federal tax purposes, as such a state law cannot override federal law). [31]

See also

Related Research Articles

<span class="mw-page-title-main">Krugerrand</span> South African gold coin

The Krugerrand is a South African coin, first minted on 3 July 1967 to help market South African gold and produced by Rand Refinery and the South African Mint. The name is a compound of Paul Kruger, the former President of the South African Republic, and rand, the South African unit of currency. On the reverse side of the Krugerrand is a pronking springbok, South Africa's national animal.

<span class="mw-page-title-main">Commodity market</span> Physical or virtual transactions of buying and selling involving raw or primary commodities

A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Futures contracts are the oldest way of investing in commodities. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodities market for centuries for price risk management.

<span class="mw-page-title-main">Precious metal</span> Rare, naturally occurring metallic chemical element of high economic and cultural value

Precious metals are rare, naturally occurring metallic chemical elements of high economic value. Precious metals, particularly the noble metals, are more corrosion resistant and less chemically reactive than most elements. They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial raw materials. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.

<span class="mw-page-title-main">Bullion</span> Gold, silver, or other precious metals in the form of bars or ingots

Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from the Anglo-Norman term for a melting-house where metal was refined, and earlier from French bouillon, "boiling". Although precious metal bullion is no longer used to make coins for general circulation, it continues to be held as an investment with a reputation for stability in periods of economic uncertainty. To assess the purity of gold bullion, the centuries-old technique of fire assay is still employed, together with modern spectroscopic instrumentation, to accurately determine its quality.

An exchange-traded fund (ETF) is a type of investment fund that is also an exchange-traded product, i.e., it is traded on stock exchanges. ETFs own financial assets such as stocks, bonds, currencies, debts, futures contracts, and/or commodities such as gold bars. Many ETFs provide some level of diversification compared to owning an individual stock.

<span class="mw-page-title-main">American Gold Eagle</span> Gold bullion coin of the United States

The American Gold Eagle is an official gold bullion coin of the United States. Authorized under the Gold Bullion Coin Act of 1985, it was first released by the United States Mint in 1986. Because the term "eagle" also is the official United States designation for the pre-1933 ten dollar gold coin, the weight of the bullion coin is typically used when describing American Gold Eagles to avoid confusion with the pre-1933 coins. This is particularly true with the 1/4-oz American Gold Eagle, which has a marked face value of ten dollars, the same as that of its predecessor.

A bullion coin is a coin struck from highly refined precious metal (bullion) and kept as a store of value or an investment rather than used in day-to-day commerce. A bullion coin is distinguished by its weight and fineness on the coin. Unlike rounds, bullion coins are minted by government mints and have a legal tender face value. Bullion coins can have fineness ranging from 91.9% to 99.99% purity.

<span class="mw-page-title-main">Perth Mint</span> Australias official bullion mint, situated in Perth, Western Australia

The Perth Mint is Australia's official bullion mint and wholly owned by the Government of Western Australia. Established on 20 June 1899, two years before Australia's Federation in 1901, the Perth Mint was the last of three Australian colonial branches of the United Kingdom's Royal Mint intended to refine gold from the gold rushes and to mint gold sovereigns and half-sovereigns for the British Empire. Along with the Royal Australian Mint, which produces coins of the Australian dollar for circulation, the Perth Mint is the older of Australia's two mints issuing coins that are legal tender.

<span class="mw-page-title-main">Gold as an investment</span>

Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts and derivatives. The gold market is subject to speculation and volatility as are other markets. Compared to other precious metals used for investment, gold has been the most effective safe haven across a number of countries.

<span class="mw-page-title-main">Gold bar</span> Quantity of refined metallic gold

A gold bar, also known as gold bullion or a gold ingot, refers to a quantity of refined metallic gold that can be shaped in various forms, produced under standardized conditions of manufacture, labeling, and record-keeping. Larger varieties of gold bars, produced by casting molten metal into molds, are called ingots. Smaller bars are often created through minting or stamping from rolled gold sheets. Central banks typically hold the standard 400-troy-ounce Good Delivery gold bar in their gold reserves and it is widely traded among bullion dealers. Additionally, the kilobar, weighing 1,000 grams, and the 100-troy-ounce gold bar are popular for trading and investment due to their more manageable size and weight. These bars carry a minimal premium over the spot price of gold, facilitating small transfers between banks and traders. While most kilobars have a flat appearance, a preference for brick-shaped bars exists among some investors, particularly in Europe.

The Canadian Silver Maple Leaf is a silver bullion coin that is issued annually by the Government of Canada since 1988. It is produced by the Royal Canadian Mint.

Gold exchange-traded products are exchange-traded funds (ETFs), closed-end funds (CEFs) and exchange-traded notes (ETNs) that are used to own gold as an investment. Gold exchange-traded products are traded on the major stock exchanges including the SIX Swiss Exchange, the Bombay Stock Exchange, the London Stock Exchange, the Paris Bourse, and the New York Stock Exchange. Each gold ETF, ETN, and CEF has a different structure outlined in its prospectus. Some such instruments do not necessarily hold physical gold. For example, gold ETNs generally track the price of gold using derivatives.

The Canadian Platinum Maple Leaf is the official bullion platinum coin of Canada. First issued by the Royal Canadian Mint in 1988, it was available until 2002 in five different denominations, all of which are marked as containing .9995 pure platinum. The bullion coin was partly reintroduced in 2009 in the form of the 1 troy ounce denomination in .9999 purity, featuring a new portrait of Queen Elizabeth II on the obverse. The coins have legal tender status in Canada, but as is often the case with bullion coins, the face values of these coins is lower than the market price of the material they are made from.

<span class="mw-page-title-main">Platinum as an investment</span>

Investment in platinum is often compared in financial history to gold and silver, which were both known to be used as money in ancient civilizations. Experts posit that platinum is about 15–20 times scarcer than gold and approximately 60–100 times scarcer than silver, on the basis of annual mine production. Since 2014, platinum prices have fallen lower than gold. Approximately 75% of global platinum is mined in South Africa.

Silver exchange-traded products are exchange-traded funds (ETFs), exchange-traded notes (ETNs) and closed-end funds (CEFs) that aim to track the price of silver. Silver exchange-traded products are traded on the major stock exchanges including the London and New York Stock Exchanges. The U.S Geological Survey cites the emergence of silver ETFs as a significant factor in the 2007-2011 price rise of silver. As of September 2011, the largest of these funds holds the equivalent of over one third of the world's total annual silver production.

<span class="mw-page-title-main">SPDR Gold Shares</span> Exchange-traded fund

SPDR Gold Shares is part of the SPDR family of exchange-traded funds (ETFs) managed and marketed by State Street Global Advisors. For a few years, the fund was the second-largest exchange-traded fund in the world, and it was briefly the largest. As of the close of 2014, it dropped out of the top ten.

The London bullion market is a wholesale over-the-counter market for the trading of gold, silver, platinum and palladium. Trading is conducted amongst members of the London Bullion Market Association (LBMA), tightly overseen by the Bank of England. Most of the members are major international banks or bullion dealers and refiners.

A gold IRA or precious metals IRA is an Individual Retirement Account in which physical gold or other approved precious metals are held in custody for the benefit of the IRA account owner. It functions the same as a regular IRA, only instead of holding paper assets, it holds physical bullion coins or bars. Precious metals IRAs are usually self-directed IRAs, a type of IRA where the custodian allows more diverse investments to be held in the account.

<span class="mw-page-title-main">Vienna Philharmonic (coin)</span>

The Vienna Philharmonic, often shortened to Philharmonic, is a bullion coin of gold, silver, or platinum produced by the Austrian Mint. The coin is named for the Vienna Philharmonic orchestra, which inspired the design of both sides. It was introduced in 1989, as a one-troy ounce (ozt) gold coin with a face value of 2,000 Austrian schillings. It is one of the world's best selling bullion coins. In 2002, with the adoption of the euro currency, the nominal value of the one-ounce coin was changed to 100 euros. In 2008, the Mint introduced a one-ounce silver version of the coin with a nominal value of 1.5 euros. The silver coin is also one of the top selling bullion coins, ranked third in 2013. In 2016, the mint introduced a one ounce platinum coin with a face value of 100 euros.

PAMP SA is an independent precious metals refining and fabricating company, and a member of the MKS Group. Established in 1977 in Ticino, Switzerland, the company originally started as a minting facility for bars weighing less than 100 grams and as an alloy specialist for the jewelry and luxury watch-making industries. It has since expanded to provide a full range of services, from collecting doré from mines to assaying, hedging, and delivering its bars and other products. PAMP produces bullion bars ranging from 1 gram to 12.5 kilograms.

References

  1. ↑ "American Silver Eagle". The United States Mint. Archived from the original on 2 December 2013. Retrieved 24 November 2013.
  2. ↑ "Supply & Demand". The Silver Institute. Archived from the original on 4 December 2011. Retrieved 29 September 2010.
  3. ↑ "2000pres". The Silver Institute. Archived from the original on 29 November 2011. Retrieved 29 September 2010.
  4. ↑ Silberreserven und Preise Retrieved 28. December 2012. Archived December 2, 2013, at the Wayback Machine
  5. ↑ "Legal Tender Guidelines | The Royal Mint". www.royalmint.com. Retrieved 16 February 2020.
  6. ↑ "The Case for Silver | Gold News". Goldnews.bullionvault.com. 25 March 2010. Archived from the original on 12 May 2013. Retrieved 29 September 2010.
  7. ↑ Stanley W. Ivosevic (1984). Gold and Silver Handbook on Geology, Exploration, Development, Economics of Large Tonnage, Low Grade Deposits. University of California. p. 160. ISBN   0961135239.
  8. ↑ "Is Silver Nailed to Gold? | Gold News". Goldnews.bullionvault.com. 20 September 2010. Archived from the original on 2 December 2013. Retrieved 29 September 2010.
  9. ↑ "A Historical Guide to the Gold-Silver Ratio". Investopedia. Retrieved 24 March 2023.
  10. ↑ Morteani, Giulio; Jeremy Peter Northover (1994). Prehistoric Gold in Europe: Mines, Metallurgy and Manufacture. New York: Springer-Verlag. p. 37. ISBN   978-0-7923-3255-8.
  11. ↑ "The Coinage Act of April 2, 1792". www.constitution.org. Archived from the original on 29 October 2013. Retrieved 26 June 2023.
  12. ↑ "The ratio gold and silver from 1800 1900". Dani2989.com. Archived from the original on 6 September 2013. Retrieved 29 September 2010.
  13. ↑ "Study of the report enters the ratio production and price since 1900 of the gold and the silver". Dani2989.com. Archived from the original on 6 September 2013. Retrieved 29 September 2010.
  14. ↑ "24-hour Spot Chart - Silver". Kitco.com. Archived from the original on 17 November 2006. Retrieved 29 September 2010.
  15. ↑ "Mineweb.com - The world's premier mining and mining investment website Where are the silver bulls? - SILVER NEWS". Mineweb. Archived from the original on 23 April 2014. Retrieved 29 September 2010.
  16. ↑ "Wall Street Journal - PRECIOUS METALS: Economic, Political Worry Fuel Gold, Silver Rally". Wall Street Journal. 8 April 2011. Archived from the original on 21 June 2011. Retrieved 10 April 2011.
  17. ↑ BullionVault.com The Case for Silver - 25th March 2010 Archived May 12, 2013, at the Wayback Machine
  18. ↑ "Alchemist Issue 57" (PDF).
  19. ↑ Silver Essentials | The Silver Institute Archived April 3, 2014, at the Wayback Machine
  20. ↑ "History of Silver as an Investment". Cornerstone Asset Metals. Archived from the original on 16 March 2014. Retrieved 7 October 2011.
  21. ↑ "About the Record High in Silver".
  22. ↑ "U.S. Silver Coins: When They Ended and What They're Worth". 26 November 2013.
  23. ↑ "United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative".
  24. ↑ Sweet & 8 August 2011.
  25. ↑ "What Are the Differences Between Coins and Rounds? | Silver Bullion". www.silverbullion.com.sg. 13 February 2019. Retrieved 18 May 2023.
  26. ↑ "1964 D Washington Quarter".
  27. ↑ "iShares Silver Trust". Archived from the original on 9 February 2014.
  28. ↑ "Sprott Completes Initial Public Offering of Sprott Physical Silver Trust". Archived from the original on 15 March 2012.
  29. ↑ Silver, Buy or Sell? Archived April 23, 2014, at the Wayback Machine
  30. ↑ "Information on 28% Capital Gains Tax Rate for Silver and Gold". Archived from the original on 22 May 2016. Retrieved 9 May 2016.
  31. ↑ Utah Law Makes Coins Worth Their Weight in Gold (or Silver) Archived 2012-04-26 at the Wayback Machine , The New York Times , May 29, 2011.


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