Those are traded on the open market with no federal reporting

Since you’re trading dollars for gold or silver, it’s not counted as income per se. And since you don’t store it in the bank, it’s not counted (or taxed) as deposits. It increases in value every year, but that increase in value isn’t reported and isn’t taxed. It is a durable asset that is reportable to no one. If you buy through a gold dealer, they may have reporting requirements as part of their business, and I don’t know if they report names/addresses. But transactions between collectors are handled as any other private transaction of an antique or collectible item – you bought a goody and that’s that. You can stack them up in a corner all day long and no one will ever be the wiser. Not even the post office knows how much gold/silver is changing hands and being shipped on a day to day basis. That’s part of the appeal of gold/silver for folks who greatly resent federal intrusion into how much wealth they have.