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Jp Cortez, Executive Director of the Sound Money Defense League, joins the podcast to explore how states are actively working to recognize gold and silver as legal tender. He also discusses global efforts to remonetize gold, and breaks down a new congressional bill to audit Fort Knox—shedding light on how it could influence world trust in the US currency and government.

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Transcript

Monetary Metals:  

Welcome back to the Gold Exchange podcast. My name is Ben Nadelstein and.I’m joined by my good friend, the one and only Jp Cortez. Jp Is the executive director of the Sound Money Defense League. He’s one of our favorite guests to have on when it comes to all things sound money. Jp, welcome back to the show. 

Jp Cortez:   

Hey, Ben. Thank you so much for having me. It’s good to be here 

Monetary Metals:  

Jp, I feel like any time on go, on social media, whether it’s X or Facebook, I see you guys posting wins. So most people in the Sound Money movement, it’s all about, the dollar this, the dollar that. They took away gold, all these different doomer or bad takes and negative vibes coming out of the gold camp. But you were someone who’s always positive, looking at, Hey, here’s some wins that we’ve actually got. Here’s some traction that we’re gaining. Let’s start off for people who don’t know who you are and what you do. Why don’t you give them a brief background on Jp and all things Sound Money. 

Jp Cortez:   

Like you mentioned, Ben, my name is JP. I’m the executive director of an organization called the Sound Money Defense League. This was a group that was started in 2014 by Money Metals Exchange. They’re a national online dealer, and they fund the project. We decided the leadership at Money Metals and I teamed up when I graduated from Auburn, where I spent a lot of time at the Mises Institute learning about sound money in Austrian economics. We realized that legislatively, there were things that states could do to impact people being able to re-adopt their own gold standard. As we know, the monetary dysfunction that all us are forced to live under, primarily stems from the federal level and the Federal Reserve, Congress approving a ton of spending and the Federal Reserve actually spending it and printing it into existence. But we found that that doesn’t mean that states have to stand by and not do anything to mitigate this damage. There are, in fact, things that states can and have been doing. Like I mentioned, since 2014, we started this project. Since then, more than 30 states have enacted precious metals policies, pro gold and silver policies that many times do things like remove taxes, so removing sales tax and capital gains tax. 

In our opinion, the biggest impediment to people using gold and silver as money today is taxation. There’s too much friction involved. Anytime you use it or buy it, you trigger a taxable event, and that makes it unworkable as money. To remove the friction that exists on these rails and to allow them to exist as money is the most impactful thing a state can do, and the federal government would be able to do to promote gold and silver as money. Additionally, there have been legislative projects that have passed in states to reaffirm gold and silver as legal tender, as constitutionally enshrined gold and silver our money, and states have been passing legislation to reaffirm that status. They’ve also done things like empower their state treasurers to invest in physical gold if they want to. Earlier this year, for example, in Wyoming, we worked to pass legislation to establish a $10 million gold reserve for the state of Wyoming, stored within the state and outside of normal dollar-denominated counter party risk-full assets. So these are just some examples of the legislation we’ve been passing on the state level. Additionally, we have federal legislation that I think there’s been some news about lately that we’ll be talking about later in the interview.  

So in 2014, when we started this, there were very few people talking sound money. The connection between monetary printing and things like inflation, people’s necessities going up, was not as clear as it is today. But we’re in a different monetary era than we have been previously, where more people are asking questions about things like, what make good money, or where does money derive its value? Asking those questions, you’re almost led to the inevitable conclusion that fiat is a fraud and that this paper money experience experiment we’ve all been living under is not something any of us consented to, and it’s a tool being used to siphon wealth from all of the currency holders. To restore gold and silver at the state and federal level is not just economically sound. There’s a moral impetus to do so. 

Monetary Metals:  

I want you to talk to me quickly about what it means that the state can do something maybe that the federal government can, because there’s maybe some vice versa there as well. When you say, Oh, a state can help in terms of a legal tender law or or tax implications. What do you mean by that? What’s an example of something, let’s say, the state of Texas, let’s say, to Utah, what’s something that they could do that wouldn’t have to be done on the federal level that could help a gold and silver owner in that state? 

Jp Cortez:   

Well, so for example, as of this recording right now, there are 46 states that have either fully or partially exempted gold and silver purchases from sales tax. What I’m saying is that, albeit fewer and fewer, there are jurisdictions here in the United States where when go into a local coin shop to buy a US minted Silver Eagle or a Silver Round or a Gold bar, whatever the item is, the state will charge you a 6, 7, 8% tax between local sales tax and state sales tax on top of the cost of your purchase. Then many times when you sell that asset, you’ll trigger a taxable event where the federal government will charge you a capital gains tax on any gain that you might have experienced from the selling of that asset. Then the state will charge you another capital gains tax. Precious metals as an asset in some jurisdictions here in the states is subject to triple taxation on the purchase side and then twice when you sell it. Like I said, this just makes it unfeasible as a monetary asset. You look at something like the US dollar, for example, that is treated by the government like money.  

There are no tax implications. The US taxing authorities treat the Federal Reserve Note as a non-entity for taxation purposes. Of course, that means it enjoys a lot of benefits, whereas any other asset in the world cannot function this way. By removing the benefits that the US dollar enjoys and by allowing the gold and silver to compete on an even playing field, we might find that Americans, if given a choice, would prefer a money that doesn’t lose its value, would prefer a money that is politically neutral and inflatable. Of course, you see all around the world, people are coalescing on this. You have Ricks countries talking about moving away from dollar-denominated final settlement as a currency. You’re talking about places like Zimbabwe that are establishing their own gold-backed currency. You’re talking about, most recently, places like Germany who are talking about repatriating their gold out of the United States because they’re not sure that it’s necessarily safe here in our jurisdiction. More than ever, the impetus to act on this issue is higher than it has ever been, at least in my lifetime, over the last several decades. States can remove these taxes, for example. States are reaffirming the constitutional mandate that already exists in the United States Constitution that says in Article 1, Section 10, that no state shall make anything but gold and silver a tender in the payment of debts. 

This is constitutional rule that states and the federal government have moved away from. The legal implications of doing something like this, passing a sound money bill, there are symbolic implications, of course. The state championing sound money and making an affirmative movement towards promoting sound money would be a huge win and should be celebrated. There are also legal implications, contractual implications. For example, Ben, if you and I enter a contract over the course of 30 years, we’ll say, and if you and I enter that contract today, that to be paid in gold. At the end of the term, You pay me in gold, and there’s a dispute over this contract, you and I can go to court. Even If the judge finds in my favor, the judge could very well say, But I’m not going to force you to pay them in gold. I’m not going to force the contract to be fulfilled in gold. The United States dollar, or more commonly or more accurately called the US Federal Reserve Note, is a reasonable substitute that is legal tender, and that’s what we’ll use. But of course, you and I know the dollar and an ounce of gold, these are not reasonable substitutes. 

They’re not facsimiles of one another. To have something contractually, a power there legally to ensure that gold and silver are legally the same as the Federal Reserve Note, is a powerful tool as well that the states can employ. Then lastly, it’s a state’s capacity to even invest in gold and silver. Many states, by law, are not permitted to invest state funds in physical gold and silver. A lot of that has to do with prudent investor rules that state budgetary and state treasury boards are subject to. But because of these rules, many times gold and silver are not included among the list of permissible investments that the state is allowed to make. By empowering a state treasurer, just giving them the option, in some cases, to invest in gold and silver, We’re reincorporating, remonetizing gold and silver as a monetary asset that states that large institutions should be holding. Then in some cases, we’re mandating that they do so. In states that have had that power and have chosen not to act on it, we have worked to pass legislation that forces the state to invest millions of dollars, like I mentioned earlier, in Wyoming being one example of a state that has done this. 

We’re ensuring that the state is bolstering the state reserves, it’s state taxpayer funds with what we know to be the greatest global monetary asset of all time. 

Monetary Metals:  

And JP, give me an example. Let’s say you go to a state legislator or a state treasurer. Usually, they probably look at you like you’re growing another head on your neck when you say, Hey, you guys should be investing in gold, and here’s why. So what have been the most salient reasons you can give these state legislators or give these state treasurers? What’s a reason they can say, Oh, hey, instead of the 50 other bills I might try to pass, this is a bill that’s important to me and my state. 

Jp Cortez:   

Well, it’s important educationally to first show them that gold and silver are insurance, so we can look at it from the insurance side. This is a safety thing. This protects savings. It reduces counter party risk to a balance sheet that I’m certain is rife with dollar-denominated assets. To protect the balance sheet of the states with gold reduces It reduces drawdowns, it reduces volatility. Then more recently, over the last several decades, it’s easy to point to gold as one of the best-performing assets that exists, especially in states that many times you look at some of these balance sheets and you see that they have negative real rates of return. Nominally, they’re gaining 2 or 3%, and maybe that’s enough for a state to say, Hey, look, we’re doing fine. But in real terms, when you adjusted for inflation, we’re seeing that many states are underwater on their investments. Gold and silver, obviously, have not suffered from that. Looking at it as a safety angle, as a protection for the state, a prophylactic against impending economic collapse, is one side. The economic argument, the returns argument, is stronger than it’s ever been. I think more than ever, like I mentioned, globally, people are attuned to the dollar status as a reserve currency, and confidence in that is waning. 

We’re seeing that, like I mentioned, globally, but even internally, states are looking to de-dollarize. More than ever before, you have examples now of states that are charting a course here that are leading the way. Ultimately, we know that history shows that gold and silver, a non-political money, end up being where countries eventually coalesce after economic collapse. You have this dollar that’s been treated like a weapon for decades, used as a cuddle to harm enemies and to help friends, used to sanction enemies all around the world in countries we don’t like. All of a sudden, and frankly, reasonably so, these countries are saying, Wait, the United States has an inordinate amount of power in the global monetary system, and there should be a more honest system of honest weights and measures. That’s why you’re seeing countries all over the world stockpile gold at rates that we have not seen before, at break-neck paces. Everything from allies to adversaries have been realizing, rediscovering the value of having gold on your balance sheet and even having a money based in gold.  

Monetary Metals:  

Jp, I want to ask you now about those central banks adding gold to their reserves. If anyone’s seen any headlines related to gold, usually it’s, Oh, wow, the Central Bank of China has added gold. The Citizens of China are buying gold. Maybe it’s the Russian central banks are owning gold. Maybe it’s Poland or all these other countries, some big, some small, everywhere in between. Adding gold to their reserves. So I want to ask you now, people might not know that America also has gold reserves, potentially more than any other country. So first of all, I want you to touch on that. Do you think America does have more gold reserves than any other country? Do you think there’s a competitor on the way that might be adding more gold to their reserves? And if so, how does that matter in terms of the country’s balance sheet or the country’s debt?  

Jp Cortez:   

I think that on paper, the United States has the largest gold stockpile in the world. At 261 million ounces on paper, America is the gold-richest country that exists. There are questions, of course, as to the validity and status of those gold holdings. There are federal bills that are aiming to validate, to ensure Americans and the global economy that America does, in fact, have the gold holdings that they say they do in the amount that they say they do in the purity levels that they they they do, and outright ownership and not any financial encumbrances placed on that gold. Again, on paper, yes, the United States supposedly has, purportedly has, the largest gold stockpile in the world. That said, like you mentioned, countries big and small have been buying and stockpiling gold in ways that rival any time in history, as far as I can tell. Everything from, like you mentioned, the Czech Republic, Poland, Turkey, Thailand, of course, the Russia, China. On that last one, China. If there is a competitor to America’s gold stockpile as far as size or in ounces, it is certainly China. China, I believe now on paper, has the second largest stockpile of gold, certainly smaller than the United States. 

But the Chinese are participating in non-public buying. They regularly buy tens of thousands of ounces of gold and that aren’t reported in official documents. This is something that’s been shown. Jan Neuwenhaus, who is a gold researcher for money metals, has meticulously tracked this. And he has found that not only countries all over the world, but China themselves are quietly stockpiling gold in ways that are not making it onto official records. So it’s totally possible that their gold reserves already exceed that of the United States, assuming the United States gold reserves are indeed there. 

Monetary Metals:  

So, JP, I do actually want to mention for those listening, it turns out, at least in 2023, China was the largest producer of gold in the world as well, and accounted for around 10 % of total global production. So not only are they buying gold, they’re also the ones producing producing gold. So who knows where that goes on the balance sheet. 

Jp Cortez:   

And it’s so fascinating. Anyone who’s ever spent any time outside of the United States borders, or at least outside of the West, going to spend any time in places like Asia, you’ll see that the United States has largely lost any semblance of what gold is as a revered metal, where culturally and religiously, people like the Chinese in Thailand, in different parts of Asia, in Singapore, you have gold as a religious institution, as a monetary institution, as something esthetic. The understanding of gold in all of its different iterations, economically, as far as jewelry, as far as culturally, as far as all of these things, There is an understanding of that out there that does not exist here in the United States. While the United States was lulled into an era of debt and huge deficits and living on credit, the rest of the the world quietly turned to stockpiling gold. Now we’re where we are, where the United States’ hand has been forced as far as having to validate its own gold holdings. They’ve actively put off any effort to do so. They have declined and refused any effort to do so. But now, because of this monetary era that we’re in, because of this environment where other countries are actively coming for this spot of global reserve currency, where other countries are seeking to dethrone the dollar, there are questions, legitimate questions, that have not been answered for decades regarding the status of America’s gold.  

Frankly, it’s absurd that it would take an act of Congress for America’s gold holdings to be validated and audited. A good steward of money, of America’s money, of taxpayer money, would be happily willing to give this. They would be willing to give disclosures and audits and information and all of the transparency that a good money manager and a good steward of money would provide. But America seems allergic to doing this. They have not shown any willingness to do so, and they have not shown any capacity to do so. Unfortunately, where we’re at now is that it takes an act of Congress. It’s going to take a Congressional act to force the United States government to give us information that Americas deserve on on gold that is theirs, on gold that is taxpayer gold, not that of the United States, but rather of the people of the United States, a completely different institution. And that’s where we’re at, where the global state of play has made it such that whether the United States wants to or not, they are now forced to answer questions about their own gold holdings. 

Monetary Metals:  

Jp, let’s now turn to Thomas Massey’s new gold audit bill. It’s called the Gold Reserve Transparency Act of 2025. So first of all, what do you think this bill is aiming to achieve? How did it come about? And in terms of the American public, what should they be hoping to see at the end if this bill does actually pass? 

Jp Cortez:   

The 2025 Gold Deserve Transparency Act is the newest iteration in a series of this bill being introduced over several congresses. As of 2019 and in 2021, we, the Sound Money Defense League and Money Metals Exchange, worked with congressmen Alex Mooney from West Virginia to introduce versions of this bill. Even that bill was modeled on work that former congressman Ron Paul did in the ’90s. This most recent iteration by Thomas Massey and three other co-sponsors. It aims to give us the most comprehensive look at America’s gold holdings that there has ever been. Certainly, America’s gold hasn’t received an audit, and at least America’s gold hasn’t They’ve received an audit in at least 65 years. And these co-sponsors reflect the growing interest in Congress of transparency. This is the perfect… This bill provides an avenue for both major parties to get behind and to get what they supposedly want. The White House and President Donald Trump has already come out in favor of auditing America’s gold. He has said, We want to find out what’s in there. We want to make sure the gold is in there. So the White House, we know, supports an effort to audit the gold. 

On the left, this is an opportunity for transparency. People on the left are constantly talking about how government institutions should be transparent, and they should work for the people instead of for the elite or for the government. This bill provides, it lays out a comprehensive audit with expert auditors contributing to the language and the process involved in the bill to shore confidence in these gold holdings. The American people, I think, would benefit like crazy from disclosures that have never been done before. We’re talking about going in and making sure that the gold is actually there. So opening the doors, inform in Fort Knox and in other places where America’s gold is purportedly stored, because it’s not just Fort Knox. There’s deep storage vaults, there’s vaults in West Point, Denver, different New York Fed vaults, different places where the gold It could be stored. So we’re looking for a physical inventory. Then, of course, we’re looking for an actual audit and an assay. We need to make sure that the gold is in fact there, that it is as pure as they say it is. Now, the thing about America’s gold holdings is that we know that it is not pure. 

Much of it is in 90% coin bars, bars that were melted down into raw, unpure bars that currently do not meet global market standards that are not currently liquid. So It’s an issue. Once we ascertain whether or not the bars are there, there is going to have to be a refinement process that takes place. Because right now, what good is a global gold reserve that you can’t actually trade and there’s no value in the marketplace? That’s another big part that hopefully any subsequent legislation would address. Of course, the next part would be a part that, frankly, has never been done before. It would call for a full accounting of America’s gold, any transaction that America’s gold would have been involved in. I’m talking about not just the buying and selling of gold, but any financial encumbrances, any leases, any swaps, any derivatives, any encumbrance that’s been placed on the metals. Is it owned outright by the United States? Has it been pledged to the IMF or the Bank of International Settlements? There’s talk about other countries storing their gold in the United States, France, Germany, the Vatican. Conspiracy Conspiracy theories, quote, unquote, abound. But to be sure, the reason these conspiracy theories exist is because any attempt, any real attempt that the US government has made to quell these concerns or to legitimately audit America’s gold, have been totally frivolous. 

You’re talking about walking into approved gold vaults and bringing in Congress people and cameras and showing them pre-approved bars and parading this in front of cameras. What would be a fun field trip where congressmen, political people, get to Fondo gold bars? But that’s not what we’re talking about, and that does not suffice for a comprehensive audit. Elon Musk, who is now persona non grata, at least right now in the Trump administration, talked excitedly about wanting to make sure that there’s a live stream. We should go in there with a camera and make sure that those bars of gold are there. That does not suffice. That does not make a comprehensive audit. We cannot be fooled. We cannot let ourselves be fooled again the way we were in the ’70s, where people, the powers that be, can point to this and say, Look, no, we did audit it. No, that’s not what we’re looking for this time. We will not stand for it, and we know better. Unfortunately, Representative Massey is a good voice on this issue. There’s talk already on the Senate side about potentially introducing the Senate side version of the bill. There are obviously senators that support sound money, support liberty and freedom. 

We’re hopeful that because the environment is different than it has ever been before, certainly in years recently, this bill has a real chance of making a difference and having questions answered that, frankly, Americans deserve answered. 

Monetary Metals:  

Jp, it’s really interesting. I did not even know about the fact of the purity of the gold sitting in these different vaults. And I want you to explain to people. I think people hear gold. It’s at Fort Knox. Yeah, maybe we have it, maybe we don’t. But what are some of those other places and why is the gold at different places? Places. Maybe you can talk about that. And then maybe I’ll tell you, I know at Monetary Metals, obviously, we lease gold, where the title of gold remains with a client, but it may be in a jewelry store or a mint in a refinery, and that it is used to pay people a yield paid back in gold. But what you said is very true. Just by looking at a bar of gold or looking at a piece of jewelry in a store, it’s unclear who owns that piece of jewelry. It might be that the jewelry is owned by a client of monetary metals, but the gold is physically sitting in inventory at a jewelry store. And so if we went in to a place like Fort Knox or audited a gold depository and saw some gold bars, which who knows how pure they are, that doesn’t necessarily show who owns it. 

If they currently are the owner of it, maybe Germany owns it, maybe we own it, maybe someone else owns it, or if it’s used as collateral in some sense that we don’t know about, just seeing a physical picture or a physical video of a gold bar doesn’t really tell you that much. And audits are super boring. They need accountants. And unfortunately, that might not have an aha moment that someone like an Elon Musk or Donald Trump would want in terms of their as seen on TV moment. 

Jp Cortez:   

And not just Donald Trump and Elon Musk, even Secretary Bacent has been misled by the sleight of hand that auditors and accountants are doing. Tell him that the goal has been audited. And so maybe Secretary of Assent knows, maybe he doesn’t. But of course, anyone that has looked into the audits, the audits that have taken place, you’ll find that they’re chalkful of red flags. Again, Jan Neuwenhaus, the researcher for Money Metals, keeps talking about how there are tons of problems with all of these audits that have been done, including losing them, literally lost audits, reports that just cannot be found today. And then, of course, stories and reports of seals being broken, stories and reports of compartments being opened and moved and then not revalidated, not reverified, not re-audited. These questions abound. Frankly, these practices that the United States government has been participating in would never pass muster at a private depository. Frankly, a private depository engaging in these practices would trigger investigations, potentially legal action. For the United States government to be doing this, it is inviting questions and inviting, quote, unquote, conspiracy theorists who are asking not a conspiratorial questions, but rather bona fide, legitimate questions about the status of America’s gold holdings. 

And everywhere, places like Gata, for example, have been talking a long time and been doing work on this issue. Jim Rickards, for a long time, has been talking about gold. Recently, just over the last couple of months, he gave an interview where he said that whether the gold is there is one question, but the question of whether or not the gold is leased or pledged or owned by someone else, to ask that question is to tamper with primal forces, is what he called it. I think in general, he’s right. There might be questions about whether or not the gold is physically there, but to imagine that known liars would lie about the status of America’s gold holdings and use it in a financial arrangement or as some collateral for another agreement or another arrangement, this is not outside the realm of There’s a non-zero chance that that is the case. So more than ever, there’s a lot of talk, especially now about… Bacet has been talking about remonetizing the gold. You have senators, congresspeople that are talking about remonetizing the gold and then using the difference to do things like buy Bitcoin or something crazy like that. 

Wherever you stand on that, what we know is that before any of that can take place, The validity and the veracity of America’s gold holdings first have to be confirmed. That starts with the audit. That starts with House Bill 3795 by Congressman Massie. It starts with honesty. Honesty for the first time in recent memory, like I said, the people who own America’s gold could have been forthright this entire time, and this shouldn’t have been necessary. But it is. We have to force them to do the right thing. Frankly, now that globalize are on this issue as well, the toothpaste is out of the tube. You’re now forced to answer these questions, whether you want to or not. The hope is that with the White House already speaking positively about this, with co-sponsors and a Senate-side bill already in talks, and Ben, I’m sure you’ve seen, second maybe to rallying cries to audit the Federal Reserve. The cacophony behind auditing America’s gold is just behind calls to audit the Fed. This is a grassroots movement that has established and garnered so much fervor nationwide. Frankly, people deserve to know the answers to these questions. Directing this potent stream of grassroots support is going to be so important, and it’s going to make a difference as to whether or not this bill advance.  

But as a question of all things that Congress does, as a question of the things that Congress passes, certainly the things that Congress spends money on, this audit would be minuscule in cost relative to those other expenditures, and it would provide something that is non-monetizable, which is confidence. The reinjection of confidence back into the American dollar as a monetary unit and the confidence of the global economy of America as an honest powerhouse, that would go a long way. And not to mention the confidence of individuals. At a time today where the social and cultural threads are fraying, where we’re seeing an increase in petty crime, we’re seeing an increase in homelessness, we’re seeing people unable to do things like pay rent or afford a home, those things are a reflection of our government and the monetary system with which we live under. This monetary system that we live under today, frankly, is one of deceit and it is one of fraud. That has cultural implications. That is what’s creating these zombie cities across the country. That’s what’s making it hard for people to get by. Because we know of Cantillon effects, this is what exacerbates wealth inequality. 

To reinject confidence is not just globally and economically important. But for the people here in the United States to see their government acting in a way that is forthright and honest is so important today. Frankly, there’s a shortage. There’s been a shortage for a long time of good examples to follow in politics, and this would be a great step in that direction. 

Monetary Metals:  

So what do you think about the fact that America has recently had its debt downgraded? Obviously, some people are saying, It doesn’t matter at all. The US can print their own currency. Why would we ever be worried about defaulting? Where other people might say, Well, listen, the grade of your debt does matter for global institutions like pension funds that can only invest in a certain level of debt. So do you think if we did have the amount of gold that we do say that we have in reserve, or if we didn’t have the gold that we say that we have in reserve, do you think that matters to America in terms of our debt and our obligations, where people trust us and say, Hey, listen, maybe it is just paper, but at the end of the day, they can always sell their gold or try to monetize their gold in some fashion? Or do you think that there is such a detachment between currencies and gold that no matter the results of the audit, it really won’t matter? 

Jp Cortez:   

Well, Ben, as you know, in 1971, America severed the final tie between gold and the Federal Reserve Note, the paper money that exists now today. So while there is not explicitly a gold tie to the money anymore, there still very much exists an implicit tie and a psychological tie so that if those vault doors were to be opened and cobwebs were all that was there. I think that would absolutely have a massive effect on countries and their ability, or rather, their willingness to trade and to borrow or to lend to the United States. It would certainly lose confidence all over in the eyes of the global economy. The gold price itself would probably skyrocket if 261 million Troy ounces that we thought were accounted for are not. Gold shorts would be obliterated. The United States government would lose face domestically and internationally. So yes, I do think that while there isn’t a direct tie to America’s money and gold, it’s still Like I said, the greatest global monetary asset of all time. It is where everyone is heading to right now. It is the selling point where absent communication, countries are looking around at the state of play and saying what money would be best, what asset would be best, and they’re coming to gold. 

Frankly, the global power that America grew into, the greatest monetary unit that the world had ever seen, the United States dollar, when it was actually backed by gold, it didn’t get there with the full faith and credit of the United States. It got there by being a strong, honest, backed by gold, backed by tangible asset currency. That’s how it grew to be what it was, and it would never have grown to be what it became on the global monetary stage if it was rooted in the fraud that it exists in the form in which it exists now. The question as to whether or not the gold matters, I would say it Absolutely matters. And the impetus to find out now is higher than it’s ever been. 

Monetary Metals:  

What do you think about our friend Judy Shelton, getting the nod to be the next Federal Reserve nominee? Do you think that’s likely to happen? Do you think the Trump administration might go with someone else? Where do you see the Federal Reserve story, and how does it play into this whole gold question? 

Jp Cortez:   

I would love to see a Judy Shelton nomination. As you may know, I believe it was back in 2016, where she was last nominated by the Trump administration to the Federal Reserve, where she lost, I believe, If Memories Serves by one vote. I believe that was actually a tale that included a former nominee for President Kamala Harris, who cast the deciding vote If Memories Serves. So Dr. Shelton has been a gold standard advocate for a long time. In 2014, when the Sound Money Defense League started, there were a few people talking about sound money, and she was one of them with the work that she was doing. To include that diversity of Thought would be huge in and of itself. The Federal Reserve employs more PhD economists than any other institution in the world, many of which come from elite universities that have, frankly, one real school of thought. To have someone outside of the elite beltway of colleges, outside of the Ivy League, and to come in with these thoughts that seem completely strange and foreign to today’s central bankers about restraint, about sound money, that would be absolutely fantastic. It would be a welcome addition to the Federal Reserve. 

I think, though, moving away Ideally, moving away from a world where the people on the Federal Reserve Board matter, I think, is where we want to be. To reestablish a market of money, to reestablish a playing field where gold and silver can legitimately compete with the United States Federal Reserve Note and cryptos and anything else that people might use as money. That is the world we’re living in. In a world where monetary assets can compete with one another, I care less who the central banker of the day is because I know that I have a choice in and of myself to adopt a gold standard if I want to. Like I said, I am a huge supporter of Dr. Sheldon. We love her work. The Sound Money Defense League was briefly mentioned in her latest book. She is doing great work. For her to get nominated by President Trump, which I, too, I don’t know if you’ve seen or heard any whispers online, but there have been some coy comments between Dr. Sheldon and President Trump and some comments he’s made. I think President Trump has said that in about a week, we’ll have an answer, maybe less, regarding a nomination to the Federal Reserve. 

It won’t be long until we find out. Certainly, Dr. Sheldon’s nomination would be a welcome departure from what exists today. But ideally, we create a world where central bankers matter less. 

Monetary Metals:  

Jp, next rapid fire question for you. So given, obviously, the political climate, with everything going on, it feels like every week there’s a brand new news story that the sky is falling. What do you think the chances of this bill actually gaining traction and passing in Congress are? Do you think it’s 50/50? Do you think it’s way than that, way higher than that? It feels like every day there’s a new news story. How long do you think people can say, Oh, we really got to get into Fort Knox before some new TikTok trend comes online? 

Jp Cortez:   

Yeah, it’s really interesting. You saw a ton of buzz about this at the beginning of the year when Trump was on Air Force One being asked about it, and Elon Musk was regularly making comments. I will say that the federal level, you will not be surprised to learn that at the federal level, things move slower. It is less efficient. It is oftentimes gridlocked. It is hard, hard to pass federal legislation, which is part of why we focus primarily at the state level. But on this federal level, where we’re at right now, we are better suited, better equipped than we have been at any attempt previously. So starting here with four sponsors on the House Bill. On the Senate side, we hope to have a bill there introduced. There are plenty of potential prospects. You’ve got, for example, Senator Rand Paul, son of Ron Paul, who has obviously has has liberty bona fides, has freedom bona fides. On the West side of the country, you have people like Senator Mike Lee, who has already spoken, who has already made comments about a audit of Fort Knox, who has talked about sound money and liberty and freedom in a favorable way. 

Starting from that point is a great position to be in. Like I mentioned, the grassroots fervor on this issue cannot be contained. If we can find a way to direct this efficiently and accurately and have Congress people hear from Hear from people nationwide from Coast to Coast, that would make a huge difference. Like I mentioned, again, President Trump seems to be in favor of this, right? At least the White House hasn’t come out and made a comment about this particular legislation But he’s already made a bunch of comments that would support this. This, frankly, should be the vehicle that he chooses to support because, like I mentioned, we’re working with auditor experts, we’re working with depository experts who know who know this industry better than virtually anyone else. At a time, like I mentioned, where you have dishonesty, we’ll call it, from accountants, from auditors, from people who have the ear of the Trump administration, this should be the vehicle that Trump chooses to support. Then, of course, it’s a bipartisan bill. Like I said, people clamor for transparency. This is our opportunity to give it to them. This the opportunity that Americans deserve. More than ever, this bill has greater legs than it has before.  

Certainly, it will be a hard bill to pass. There is no doubt about that. I don’t mean to imply that the bill was going to sail through Congress and be signed by President Trump tomorrow. But we are uniquely positioned to advocate for this bill potently in a way that is convincing and compelling in ways that we were not previously. The people who we are trying to convince are more attuned and more open to these monetary problems that we’re facing. So again, it’s hard to put a number on it, but I’m more hopeful than I’ve ever been in other iterations when we have introduced this bill. And Thomas Massey is a great sponsor to carry it. 

Monetary Metals:  

I think my 2025 Gold 3 will be audit of the gold at Fort Knox and the Federal Reserve. We’ll get Judy Shelton on the board of the Fed, and then we’ll have some gold-backed bonds this year. So, JP, as we come towards the end of our interview, I want to ask you, what is happening on the state level? I feel like every day I see another win from you guys. I want to ask you, first of all, tell us some of the big wins that are going on. Also, tell us some of the roadblocks you guys are facing. And then, most importantly, how can our listeners help you guys win in more states? 

Jp Cortez:   

The Sound Money Defense League, like I mentioned earlier, we started in 2014. Since then, more than 30 states have enacted legislation that is pro-gold and silver. This year, unsurprisingly, the Sound Money Movement has reached a critical mass. You have more than 35 states in the United States that have introduced that are actively considering re-implementing, restoring, or remonetizing gold and silver in one way or another. More than nearly a dozen now have enacted these bills into law. Earlier at the beginning of the year, like I mentioned, Wyoming passing a $10 million gold reserve for the state, Idaho passing two pieces of legislation this year, removing capital gains tax on precious metals, on sales of precious metals. That was included in a larger budget cut for the state. I believe it was about $260 million, the largest tax budget cut, the largest tax cut in Idaho history. Included in that was the removal of state capital gains tax on sales of gold and silver. They also went ahead and reaffirmed precious metals as legal tender in the state. Alabama then went ahead just a few weeks later and did the same thing where Governor K. Ivy signed a bill reaffirming gold and silver as constitutional money, as legal tender in the state. 

Kentucky, this year, passing legislation to remove sales tax on precious metals and creating a system that allowed taxpayers to sue the governor, sue Governor Andy Besheer and his departments for wrongful taxation. You might remember, Ben, at the end of last year, there was a whole novella about the constitutional crisis that broke out in Kentucky, where we lawfully passed legislation ending the sales tax in the Bluegrass State on purchases of gold and silver. Then the governor, using line item, veto power, he did not constitutionally have, struck the gold and silver provision from the budget, and he sneered saying that if you can afford to buy gold and silver, then you can afford to pay taxes. Immediately, we went to work with lawmakers in Kentucky passing this legislation or reintroducing legislation to not only backdate the gold, silver sales tax exemption to when we originally passed it, but also enticing taxpayers to sue the governor for damages for his wrongful act of imposing taxes that were dutifully and lawfully removed by the state. Then actually, Ben, I’ll break a little news on your channel. As of earlier, or just a few days ago, in Connecticut, Connecticut. There was in the state budget included a provision to remove precious metals in that state. 

The bill has not been signed yet. It’s currently pending with the governor. But in Connecticut, they have what’s called a threshold. That means that if you buy purchases, if you buy precious metals above a certain amount, they’re tax-free. But if you buy them below that amount, you’re charged a tax. It’s completely regressive. It harms those trying to dollar cost average. It harms harms those going in and buying a few Silver Egals at a time. And in Kentucky’s case, it’s $1,000. If you buy less than $1,000 at a time, the state is going to charge you 6, 7, 8% on top of your purchase. Whereas if you buy more than that, They’ll let you have it tax-free. It’s completely backwards, and it harms those among us that would benefit most from re-adopting their own gold standard. So like I said, the bill hasn’t been signed into law yet, but this upcoming bill, and fingers it will be signed into law, knock on wood, would be almost the dozen, the 12th bill this year to enact some gold and silver legislation in one way or another. More states than ever before have been talking about this. There are more voices than ever before talking about and advocating for sound money legislation and sound money in general. 

It’s a very exciting time to be here. Frankly, I’ve I said it, and I will say it till I’m blue to the face, our greatest tool, the Sound Money Defense League and the dozens of laws that we’ve passed, the greatest tool that we have to pass these is grassroots support from people in the state. It’s not me. It’s not me putting a suit on and arguing or testifying before these legislators. It’s receiving dozens and dozens of phone calls and emails from concerned and affected taxpayers in their state telling them to act to change these policies. To anyone within the sound of my voice, I would first remind you or reaffirm for you the efficacy or the power that you have in state politics. In DC, it’s not quite that certain. You might get an aid. The aid might respond with a form letter. The congressman may or may not get your message. But in state legislatures, in Lincoln, Nebraska, in Atlanta, Georgia, in Nashville, Tennessee, in Salem, Oregon, in these states, you have power. It only takes a handful of phone calls and a handful of emails to these offices to get these legislators, these duly elected legislators, to say, Hey, wait, this is something I need to pay attention to.  

To anyone who wants to participate in these battles, I encourage you to go to our Our site, soundmoneydefense.org. On there, you’ll find a signup sheet. We ask for your email address and your zip code. The reason for that is because we segment all of our emails by your zip code. If you are in Phoenix, Arizona, and there’s a bill being considered in Arizona, you will get an email blast that we’ll send with information about the bill, with contact information, phone numbers, and emails for the key legislators on the committee. Many times we even draft a pre-written message. We make it extremely easy. You click a button, It sends to all the legislators on the committee, and it’s done. It takes you less than two minutes. We make it very easy to participate and to be an active participant, a citizen warrior in this battle for sound money. And that way, if you’re in Arizona, you get those alerts, but you won’t get the alerts for projects happening in Tennessee or in Montana, or North Dakota, for example. I encourage everyone to check us out on there. You can find us on X or on Twitter @soundmoneydef, or mine is @jpcortez. 

And thank you, Ben, for having me on. It’s always a pleasure to talk to you. It’s always nice to catch up. 

Monetary Metals:  

Jp, we are just so impressed with the that you guys do. And in terms of the listeners, I mean, that two minutes might be the best ROI you’ve ever had in your life in terms of gold. Jp, I want to ask you the final question for the show, which is, what’s a question I should be asking all feature guests of the Gold Exchange podcast? 

Jp Cortez:   

What question should you ask? You know what? You should ask whether or not be gold at Fort Knox or America’s gold holdings have been audited before. This is of a litmus test. It’s very interesting to see who supports government audits, who is willing to take the word of government audits, and who is not. There’s a lot of back and forth on this. It’s an interesting question. It’s interesting to see where people fall on this. 

Monetary Metals:  

Jp, a fun one. Hey, for all the people watching, let us know in the comments what you think. Have they audited the gold? Does it really count? Where do you think all that gold is? For those of you who haven’t yet, make sure to like and subscribe and share with a friend. Jp, thank you so much for coming on the show. Sure to have you back. 

Jp Cortez:   

Thanks, Ben. 

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