You are required to pay a capital gains tax on the

[cachukis]

profit over your basis. If you paid $1,000.00 for the silver and sold it at $2,000.00 you would be responsible for the tax on $1,000.00. I think capital gains taxes top out near 30%.
Silver is classified as an asset like real estate.
When I had my shop I listed all my sales with basis and sales price.
Most people sell their purchases at yard sales and such at a loss. They are not often classified as assets.
I am not an accountant and would appreciate any correction to my response.