<- Texan.
1. you need to keep track of every individual transaction between dollars and silver
2. then figure out your gains or losses investment wise.
1. Oh god, keeping receipts, what a nightmare. And in the age where every company sends you an email, and every phone is a camera. What ever will I do?
2. Only if I sell the silver. If I keep the silver until the sun explodes, I should be fine just putting that I bought it. I am not buying it as an investment, I am buying it for artistic purposes. I'm making my own stuff.
there's a thing called GAAP you must follow if you intend to declare taxes (and I suggest you set up a business, or at least a DBA, as the IRS will teach you how to hold your ankles for dear life if you fail to pay taxes on significant income >$600)
honestly, in today's economy folks are struggling going paycheck to paycheck. most folks aren't even considering long term investments because they have to feed themselves or their children & pay bills. though you could try this out, and i'm not trying to discourage you, just know that demand may not be as strong as you are expecting. in my experiences, being from texas is enough - we don't need mementos to know where we call home
