In some cases, taxpayers find themselves dealing with commodity futures that involve jewelry or other items crafted from precious metals. 

A commodity future is a contract for the sale or purchase of a commodity at a future date for a fixed price. Commodity futures contracts are classified as capital assets, resulting in capital gain or loss. However, when used as part of a hedging transaction, they result in an ordinary gain or loss.

Holding Period – The long-term holding period for a commodity future that is subject to the rules of a board of trade or commodity exchange is 6 months and a day.