Sound Money Defense League Executive Director Jp Cortez joined Charlotte McLeod of the Investing News Network at the 2026 New Orleans Investment Conference to discuss the growing momentum behind the SILVER Act, recent sound money legislative victories, and the global movement toward physical gold ownership.
Cortez, who leads sound money policy initiatives supported by Money Metals, highlighted the company's involvement in advancing precious metals legislation and expanding opportunities for Americans to own and use physical gold and silver.
One of the interview's central topics was the SILVER Act, bipartisan federal legislation aimed at strengthening America's precious metals markets by reducing geographic concentration, encouraging competition, and addressing national security vulnerabilities.
Cortez explained that current exchange-approved depository arrangements concentrate important precious metals market infrastructure in the northeastern United States, despite much of the country's mining, minting, and refining activity taking place elsewhere.
This arrangement creates unnecessary transportation, insurance, and storage costs while limiting opportunities for depositories throughout the country to participate in major financial markets.
The SILVER Act seeks to address these problems by expanding opportunities for qualified depositories outside the New York area, improving market access and making the nation's precious metals infrastructure more geographically resilient.
Money Metals and the Sound Money Defense League have been involved in building support for the legislation, helping bring together a coalition of more than 40 organizations representing over 100 participants across the precious metals supply chain, including miners, refiners, bullion dealers, insurance firms, and sound money policy organizations.
At the time of the interview, the legislation had been introduced in both chambers of Congress, with supporters also pursuing its inclusion in the National Defense Authorization Act.
Gold Repatriation and the Growing Importance of Physical Ownership
The conversation also examined the growing international trend of governments bringing gold reserves closer to home.
Cortez discussed recent decisions by France, the Netherlands, and Germany to reduce their reliance on gold stored abroad, particularly in New York.
These developments reflect growing concerns about geopolitical uncertainty, counterparty risk, and the importance of maintaining direct access to sovereign reserves.
Cortez noted that similar developments are occurring at the state level in the United States, where Money Metals and the Sound Money Defense League have worked to advance legislation establishing physical gold reserves.
Wyoming authorized $10 million in physical gold reserves, Utah holds approximately $180 million in gold, and Tennessee has enacted legislation permitting the state to establish its own reserves.
These efforts reflect growing interest among state governments in diversifying public assets through direct ownership of physical precious metals.
State Sound Money Victories Continue
Cortez also highlighted recent legislative successes by the Sound Money Defense League, working with Money Metals and other allies across the country.
In Maryland, lawmakers restored a longstanding sales tax exemption on precious metals purchases. Alaska and Idaho advanced legislation reaffirming gold and silver as constitutional money, while California reduced burdensome regulations affecting precious metals dealers.
These reforms are part of a broader effort to remove taxes and regulatory barriers that discourage Americans from acquiring, holding, and using gold and silver.
Fort Knox, Gold Revaluation, and the Outlook for 2027
The interview also addressed renewed calls for a comprehensive audit of America's gold reserves, including the need to determine whether any holdings have been leased, swapped, pledged, or otherwise financially encumbered.
Cortez discussed the possibility of revaluing U.S. Treasury gold holdings from their official book value of $42.22 per fine troy ounce to current market prices, cautioning that such an accounting maneuver would do little to address the country's underlying fiscal problems.
Looking ahead to 2027, the Sound Money Defense League will continue supporting sound money reforms, including efforts to repeal Washington state's recently imposed sales tax on precious metals.
Other priorities include advancing the SILVER Act and publishing the next edition of the Sound Money Index, which ranks all 50 states based on their tax and regulatory treatment of gold and silver.
Watch the full interview to hear Cortez discuss the SILVER Act, gold repatriation, and the legislative developments shaping the future of sound money.
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