@sbeards
If you haven't already done so, you probably should step over to the Sprott website and look at the prospectus for both of these investments.
https://sprott.com/media/1443/phys-prospectus-en.pdf
https://sprott.com/media/1451/pslv-prospectus-en.pdf
Under the section MATERIAL TAX CONSIDERATIONS they both have similar language within the section titled Taxation of U.S. Holders Making a Timely QEF Election with respect to Sale, Exchange or Other Disposition:
"Long-term capital gains of U.S. Individual Holders currently are taxable at a maximum rate of 20%."
Assuming you've made that election I'd be guided by what the prospectuses have to say.
