Silver Plunges Amid Geopolitics and Tax Traps | Business and Finance News

Silver futures nosedived to their lowest in eight months, down over 20% from last month, as U.S.-Iran tensions escalate and oil prices surge—fueling inflation fears and pushing the Fed toward rate hikes. While silver’s short-term plunge is steep, its year-over-year gain remains strong at 47.5%, a sharp reversal from its 173% surge in May. Investors should also brace for a tax twist: silver, classified as a collectible by the IRS, can trigger ordinary income tax rates up to 37% on short-term gains, even if you’re in a low bracket. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/c2d44f60a5481f0a