“The gold might be there—but who owns it? That’s the real question,” asks Jp Cortez of the Sound Money Defense League. In today’s interview with Daniela Cambone, Cortez calls for a comprehensive audit of U.S. gold holdings, highlighting the recent reintroduction of the Gold Reserve Transparency Act of 2025 by Rep. Thomas Massie. “An ounce of gold can change hands a thousand times without moving a single inch,” Cortez explains.

With Florida recently eliminating its sales tax on gold and silver, and more than 40 other U.S. states partially or fully exempting sales tax on these metals, Cortez views this growing trend of tax exemption as a reaffirmation of “the constitutional role of gold and silver as real, tangible money in our modern economy.” Watch the interview to learn more about these recent trends and their impact on gold and silver investing.
What’s Really Behind the Fort Knox Gold Audit Push? JP Cortez Explains the Fight for Sound Money
Featuring JP Cortez on The Daniela Cambone Show – Presented by ITM Trading

For decades, America’s gold reserves have been shrouded in mystery. Now, with rising inflation, public distrust in fiat currency, and calls for financial transparency reaching a fever pitch, a bold new proposal is making waves in Washington—and across the country.

In a timely and eye-opening interview with Daniela Cambone on The Daniela Cambone Show, JP Cortez, policy director for the Sound Money Defense League, breaks down the push for the Gold Reserve Transparency Act of 2025. The goal? A comprehensive audit of the U.S. gold reserves held in Fort Knox and other vaults.

At ITM Trading, we believe in empowering our clients—especially those 50 and older—with real strategies for preserving purchasing power and safeguarding their wealth with gold and silver. The movement described by Cortez reflects everything we stand for: transparency, financial independence, and accountability.

What the Gold Reserve Transparency Act Aims to Do

First introduced years ago by Congressman Alex Mooney and now revived by Rep. Thomas Massie, the Gold Reserve Transparency Act is the first serious effort in decades to:

• Conduct a full inventory and assay of America’s gold

• Verify its location, quality, and ownership

• Determine whether any of it is leased, swapped, or encumbered

“An ounce of gold can change hands a thousand times without moving an inch,” Cortez warned. “This bill seeks to answer the questions that have never been answered.”

In other words, the goal isn’t just to confirm that the gold is physically there—it’s to determine who actually owns it.

Why Now?

The timing of this bill is no coincidence. According to Cortez, we’re living through a profound shift in monetary geopolitics:

• BRICS nations are moving to reduce reliance on the U.S. dollar

• Countries like Germany are repatriating their gold reserves

• Central banks worldwide are buying gold at record levels

• Confidence in U.S. leadership is faltering

Meanwhile, rumors continue to swirl about what lies behind the doors of Fort Knox. And despite vague claims of periodic “audits,” Cortez insists those reviews are inadequate, outdated, and untrustworthy.

“They’re checking the seals on vaults, not the gold inside,” he explained. “An audit of a lock isn’t an audit of what’s behind the door.”

Is the Gold Even Liquid?

Even if the gold is physically present, Cortez raised a troubling issue: much of it may not be globally tradable.

The U.S. holds massive quantities of so-called “coin bars”—90% purity bars melted down from old gold coins. These do not meet modern market standards and are not considered liquid assets in today’s global financial system.

“What good is a gold reserve if it can’t be traded or sold?” Cortez asked. “It would need to be refined, which takes time and money.”

That means America’s supposed monetary backstop may not be usable in a crisis—and that reality could shatter already waning confidence in the dollar.

Florida Takes Bold Action: Legal Tender Gold and Silver

The gold transparency movement isn’t just happening at the federal level.

Cortez also discussed the new law in Florida, signed by Governor Ron DeSantis, that:

• Makes gold and silver legal tender

• Removes all sales taxes on precious metals

• Allows gold and silver to be used to pay state taxes

• Requires coins to be stamped with weight, purity, and mint of origin

“Taxes were the biggest impediment to using gold and silver as money,” Cortez said. “This bill eliminates that friction.”

Florida joins a growing list of states—including Alabama, Utah, and Oklahoma—that are reaffirming gold and silver’s constitutional role as money. According to Cortez, 46 states now fully or partially exempt precious metals from taxation.

Why the Fed Should Be Nervous

With gold and silver prices on the rise and public interest in sound money surging, Cortez believes the Federal Reserve is entering a legitimacy crisis.

“They can’t be happy about this,” he said. “This idea that nations can print their way to prosperity is collapsing.”

That’s why more Americans are turning to physical gold and silver—assets that can’t be created out of thin air, inflated away, or digitally frozen. As David Morgan has long warned, gold is the insurance policy when everything else fails.

The Call to Action: Demand Accountability

If the Gold Reserve Transparency Act passes, it would force open the vault doors—figuratively and literally—and expose any potential mismanagement of the nation’s most important monetary asset.

But Cortez emphasized that grassroots action is critical:

“Congress won’t act unless voters speak up. The public has to demand an audit—and demand sound money.”

At ITM Trading, we agree. That’s why we provide our clients with the tools and education they need to take control of their financial future—starting with physical precious metals.

Final Thoughts and Call to Action

JP Cortez’s message is clear: The time for blind trust is over. Americans deserve to know the truth about their gold. And they deserve the opportunity to opt out of a broken financial system by owning assets that are real, reliable, and rooted in history.

At ITM Trading, we help clients:

• Secure physical gold and silver—not paper promises

• Build inflation-resistant portfolios

• Reclaim financial privacy and control

👉 Visit DanielaCambone.com to download your free gold and silver strategy report today.

Because if the vaults are empty—or worse, encumbered—you’ll be glad you’re holding real gold, not paper trust.

THINKING ABOUT PURCHASING GOLD & SILVER? Get expert guidance from our team of analysts with 28+ years of experience. Schedule a free Q&A 👉 SCHEDULE YOUR CALL HERE or call 866-351-4219.

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