In a powerful and timely interview, Francis Hunt of The Market Sniper sat down with JP Cortez, Executive Director of the Sound Money Defense League, to discuss the accelerating legislative efforts to restore gold and silver as constitutional money across the United States.
Founded in 2014 as a project of Money Metals Exchange, the Sound Money Defense League is a nonpartisan policy organization that works state-by-state to remove legal and tax barriers preventing Americans from using gold and silver as money.
Cortez emphasized that the current monetary system—reliant on fiat currency, debt, and endless money printing—has led to financial instability, inflation, and a massive loss of purchasing power for ordinary citizens.
Legislative Momentum: A Banner Year for Sound Money
2024 marked the most successful year in the League’s history. Over 60 pro-sound money bills were introduced across 27 states—meaning more than half the nation actively considered legislation to reduce or eliminate sales taxes, capital gains taxes, and other regulatory burdens on precious metals.
As Cortez noted:
“The largest reason gold and silver can’t be used as money today is not because they’re not good money—but because the government has saddled all the good alternatives with taxes and regulations.”
He cited sales taxes on gold and silver as a major disincentive still present in a few jurisdictions. In contrast, 45 out of 50 U.S. states have now removed these sales taxes—a significant milestone in the restoration of sound money.
State-Level Success Stories
States like Wyoming, South Dakota, and Alaska top the 2025 Sound Money Index, published by the League. Wyoming recently established a $10 million gold reserve, while Utah set up a $180 million physical gold fund.
Other leading states include:
- Texas – home to a state government-run bullion depository and vocal supporter of sound money principles.
- Idaho – passed several pro-sound money laws and remains tax-friendly toward metals.
Meanwhile, states like California, Maine, and Vermont rank among the worst for their punitive tax and regulatory approaches.
California’s "threshold tax," for instance, only exempts large bullion purchases above $2,100 from sales tax, penalizing small investors. The state also imposes both state and federal capital gains taxes, creating a triple-taxation scenario for precious metals holders.
Grassroots Power and Citizen Engagement
One of the League’s most effective strategies is activating grassroots supporters—particularly customers of Money Metals Exchange. JP explained that state legislators, unlike their federal counterparts, are highly responsive to just 15–20 phone calls or emails.
Through SoundMoneyDefense.org, users can sign up with their ZIP code to receive targeted action alerts and pre-written messages to send their legislators.
“You have an unbelievable amount of power at the state level,” Cortez stressed. “Use it.”
Combating Regulatory Overreach
Cortez described burdensome laws in some states that require precious metals dealers to report every physical feature—tattoos, scars, eye color—of sellers, uploading the data into police databases. Not only is this invasive, but it discourages participation in a transparent, free-market metals economy.
“If you walk into a gas station and exchange a dollar bill for four quarters, and they charge you tax, you’d say they’re crazy. That’s exactly what’s happening in some places when people buy or sell gold and silver.”
Fort Knox and the Call for an Audit
Cortez also advocated for transparency at the federal level. Working with Congressman Alex Mooney, the League helped introduce the Gold Reserve Transparency Act, which calls for a full audit of U.S. gold holdings—including those at Fort Knox, Denver, and New York. The legislation also seeks to verify the gold’s authenticity and investigate if it’s been leased, hypothecated, or otherwise encumbered.
“It’s not just about opening the vault,” Cortez said. “We need serial numbers, assays, and a full transaction history. Who owns it? Who pledged it?”
This builds on earlier, unsuccessful efforts by former Congressman Ron Paul, whom Cortez calls “The Best President We Never Had” and a personal inspiration for his work.
Global De-Dollarization and the Rise of Gold
The conversation also touched on the global monetary shift. Nations like China, Russia, and Turkey are increasing their gold reserves while shedding U.S. Treasuries. Even U.S. allies are exploring alternatives to the dollar.
Cortez warned that the dollar's reserve status is being eroded by the very abuse of its power—through sanctions, debt proliferation, and inflationary monetary policy.
“The government has normalized theft and fraud through inflation. Sound money is the antidote.”
Innovation in Money: Goldbacks and Barter Systems
Hunt and Cortez celebrated innovations like Goldbacks—tangible bills embedded with small amounts of gold. These are not only inflation-resistant but also psychologically shift people’s understanding of what real money looks and feels like.
Hunt personally revealed that his own Goldbacks have appreciated in value by over 50% since purchase, outperforming most fiat currencies. He called on small businesses and service providers to start accepting physical bullion or Goldbacks for goods and services.
“If you’re a baker or a carpenter, start telling customers you’ll accept silver and gold. Show them it’s real money.”
Tennessee is currently debating legislation to give consumers a discount for paying with gold and silver—another step toward restoring transactional utility to sound money.
While Money Metals does sell Goldbacks, Money Metals also offers comparable options for lower-premium gold investments of similar weight in gold. If you are looking to invest in gold at various weights with low premiums, visit Money Metals online.
Final Message: Decentralize and Reclaim the Future
As Jp Cortez passionately concluded:
“The gold standard didn’t fail. It was killed—by dishonest politicians. What we’re doing is about decentralizing power and returning monetary choice to the people.”
Through legislative action, public education, and community involvement, the Sound Money Defense League is building a bottom-up revolution to challenge fiat dominance and restore financial freedom.
Support the Cause: Visit SoundMoneyDefense.org to join the movement, sign up for alerts, or support legislative initiatives in your state.
Buy from the Right Dealer: Support Money Metals Exchange—the only major dealer actively funding the sound money movement. Learn more at MoneyMetals.com.
