He highlighted that seven states in the country passed various types of sound money legislation. Some removed taxes on precious metals, while others reaffirmed gold and silver as legal tender.
Utah went further, allowing for a US$180 million investment in gold to be stored on the state’s balance sheet.
‘We talk a lot about BRICS right now and de-dollarization, and there’s so much talk about countries with an adversarial relationship to the US who are looking for alternatives,’ said Cortez.
‘But if we look more closely, we’ll see it’s more than that. States themselves are also looking to de-dollarize — they’re looking for an alternative to dollar-denominated investments. We’re seeing that of course individuals, but (also) states, countries and international coalitions, seem to be coalescing around gold.’
He also outlined areas of focus for 2025, saying he hopes to see more progress on ending sales taxes on precious metals.
Overall, Cortez is positive on advocacy efforts for sound money, as well as on gold and silver prices.
‘I think we’re seeing that sound money — gold and silver — is having a renaissance right now,’ he said.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.