The World Federation One Stop Fiqh
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Ruling 1919

If during the period of eleven months a person exchanges the gold or silver that he owns with something else, or he melts them, then zakat is not obligatory on him. However, if in order to escape paying zakat he exchanges them for gold and silver – meaning that he exchanges gold for gold or for silver, or he exchanges silver for silver or for gold – then the obligatory precaution is that he must pay zakat on them.