[Myrddin]

That would be a great bill if it passes. Metals like stocks carry a basis price. You're on the hook for taxation on the gain over the basis price. Oddly, you don't get a break if the price drops below the acquisition price. Not really equitable treatment. Not having to track the basis price would be a nice change.

The really annoying detail is that a "capital gain" on a precious metal is really a currency debasement. You're being taxed on the devaluation of your currency against the stable value of the precious metal. The government screws you twice.

[TexasGator]

“Oddly, you don’t get a break if the price drops below the acquisition price. “

You can take the loss on your tax return.