What is the capital gains tax rate for selling physical gold, silver, or platinum in 2025?

1. The headline: physical precious metals are taxed as collectibles

The consistent rule across IRS guidance and mainstream reporting is that physical precious metals—bullion bars, bullion coins and many numismatic coins—are treated as collectibles for tax purposes; gains on collectibles held more than one year face a long‑term capital‑gains ceiling of 28% ^{[2] [1] [3]}.

2. How that 28% cap fits into the broader capital‑gains framework

For most capital assets the long‑term rates are 0%, 15% or 20% depending on income; the collectibles category is an exception with a higher maximum (28%) for long‑term gains. Short‑term gains (assets held one year or less) are taxed as ordinary income, which can exceed 28% for high earners ^{[1] [2]}.

3. Which forms of gold/silver/platinum this applies to — and exceptions

Reporting repeatedly flags that physical bullion, coins and bars fall into the collectible class, and the same tax treatment usually applies to platinum and palladium ^{[2] [3]}. Reporting and fund guides note limited exceptions and structural workarounds exist — for example, some ETF structures or timely elections may change tax outcomes — but those are product‑specific and require reading fund prospectuses or election rules ^{[4] [6]}. Available sources do not mention a comprehensive list of every coin or product that is exempt.

4. ETFs, funds and “wrappers”: not always the ordinary 0/15/20 treatment

Several sources warn that funds that actually hold physical metal—or ETFs treated as holding physical metal—can inherit collectible tax treatment, meaning holders may face the 28% long‑term maximum even though the asset is held inside a security ^{[5] [7] [4]}. Other ETF types (those using futures or different tax structures) can produce different rates; specifics depend on the fund’s tax status and investor elections ^{[4] [5]}.

5. Practical tax consequences and what investors report

Journalists and tax guides point out that in a year of big precious‑metals gains this rule raises tax bills materially: long‑term gains that would otherwise be at 15% or 20% can be taxed up to 28%, and short‑term sales can be taxed at the investor’s ordinary marginal rate ^{[5] [2]}. Advisors quoted in outlets advise considering holding period, structure (physical vs. futures vs. mining stocks), and potential state taxes or the 3.8% NIIT where applicable ^{[8] [7]}. Available sources do not provide a single worked example with every tax layer for 2025 taxpayers.

6. Conflicting framings and where to watch for nuance

Coverage is uniform that collectibles get a special 28% ceiling; where sources differ is emphasis on exceptions and product details. Some outlets stress that non‑collectible forms (certain ETFs, mining stocks) follow ordinary capital‑gains brackets (0/15/20) ^{[8] [9]}, while others emphasize that many popular “physical‑backed” ETFs will still be treated as collectibles for tax purposes ^{[5] [4]}. That difference reflects real, product‑level variation—read fund prospectuses and IRS guidance for the security you hold ^{[4] [6]}.

7. What you should do next (reporting‑style guidance)

Confirm whether your holding is classified by the issuer or IRS guidance as a collectible (physical bullion/coins generally are) and whether any fund you own is treated as owning physical metal (which can change your capital‑gains bracket) ^{[4] [5]}. Consult a tax professional about timing sales, entity ownership, possible elections mentioned in fund documents, and state tax implications. Available sources do not substitute for personalized tax advice and do not list every product’s tax treatment.

Sources: IRS Topic No. 409 (capital gains) and reporting/guides from Kiplinger, NerdWallet, Sprott, CNBC, CBS and others as cited above ^{[1] [2] [3] [4] [5] [8]}.