Sound Money Defense League Executive: Gold Protects Against Inflation, Fiat Risks
In a recent interview with Kitco News, Jp Cortez, the executive director of the Sound Money Defense League, discussed the growing sound money movement across the United States. Cortez emphasized the significance of legislative wins, such as the removal of sales taxes on precious metals in 45 states, and highlighted the increasing trend of de-dollarization.
Gold and Silver Seen as Hedge Against Inflation in Growing Sound Money Movement
During his interview with Jeremy Szafron, Anchor at Kitco News, Cortez outlined the importance of sound money principles, focusing on the role of gold and silver as a hedge against fiat currencies. He explained that precious metals offer protection against inflation, which has become a central issue as more states recognize the value of sound money.
âGold and silver are money,â Cortez asserted, stating that sound money holds its value over time, unlike fiat currencies, which can be devalued by inflation and political decisions. The movement to remove taxes on precious metals has already led to 45 states eliminating sales tax on these assets.
At press time, an ounce of .999 fine gold is trading for $2,658 per unit and just recently on Sept. 27, 2024, gold reached a peak of $2,674. Year-to-date alone gold has spiked 28.87% higher against the U.S. dollar. Meanwhile, Cortez explained that New Jersey became the 45th state to eliminate sales taxes on gold and silver purchases.
Although Cortez expressed concern over a provision in the New Jersey law that still taxes transactions under $1,000, calling it âregressiveâ and harmful to smaller investors. âIn many cases, these are people who are dollar cost averaging who are going to their local precious metals dealer and buying a couple of Eagles or a couple of silver rounds every paycheck,â Cortez said.
The Sound Money Defense League executive director added:
This tax harms them ⊠it actively picks them out and says that no you cannot buy precious metals without being subject to penalty by the state.
The growing sound money movement reflects a broader de-dollarization trend, according to Cortez. With global economic instability and rising national debt, more states are beginning to recognize the need to safeguard their financial systems by investing in gold and silver. Cortez pointed to Utahâs decision to hold physical gold in state coffers as a major step forward in this effort. As more states move towards sound money policies, Cortez believes this trend will continue to reshape the U.S. financial landscape.
What do you think about Cortezâs opinions about the sound money movement and the rising gold prices? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn
