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Cryptocurrency News Articles
Gold and Silver Seen as Hedge Against Inflation in Growing Sound Money Movement
Sep 30, 2024 at 01:20 am
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.
The sound money movement in the United States is gaining momentum, with legislative wins like the removal of sales taxes on precious metals in 45 states and a growing trend of de-dollarization.
In a recent interview with Kitco News, Jp Cortez, the executive director of the Sound Money Defense League, discussed the movement’s growth and the role of gold and silver as a hedge against inflation.
Cortez highlighted the importance of sound money principles, explaining that precious metals like gold and silver offer a hedge against fiat currencies, which can be devalued by inflation and political decisions.
“Gold and silver are money,” Cortez said, adding that sound money maintains its value over time.
The movement to remove taxes on precious metals has already seen 45 states eliminate sales tax on these assets. According to Cortez, New Jersey recently became the 45th state to eliminate sales taxes on gold and silver purchases.
However, Cortez noted a provision in the New Jersey law that still taxes transactions under $1,000, which he called “regressive” and harmful to smaller investors.
“In 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,” Cortez said.
“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 is part of a broader trend of de-dollarization, 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 said.
He pointed to Utah’s 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.
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