Since the AKC has yet to "officially recognize" silver as a legitimate color of Labradors, for now Silver Labradors are registered with the AKC  as "chocolate" colored Labradors.  This is the direction from the AKC as these dogs have a rare diluted gene from the chocolate breed that creates the beautiful silver color. This gene type only affects the color of the animal and nothing else. You still get the temperment, stamina and obedience that Labradors are loved for, but in a rare color.

 

The AKC Stand on Registration of Silver Labradors

Response of Jack Norton of the AKC on 1/24/00 giving AKC official position on the issue of Silver Labs:

The registry of the American Kennel Club is based on parentage and not the coat color of a member of any breed.

In 1987 the AKC, in corporation with the Labrador Retriever Club of America, conducted an inquiry into the breeding of litters that contained members that were registered as silver. An AKC representative was sent to observe these dogs. AKC staff and representatives of the Labrador Retriever Club of America reviewed the report and color photographs of these dogs. Both Parties were satisfied that there was no reason to doubt that the dogs were purebred Labrador Retrievers, however they felt that the dogs were incorrectly registered as silver. Since the breed standard at the time described chocolate as ranging in shade form sedge to chocolate, it was felt that the dogs could more accurately be described as chocolate rather than silver. This remains the current policy of the American Kennel Club.

-Jack Norton
Special Services Dept