An X exchange over the weekend is bringing new light to an issue long shrouded in mystery—the status of America’s purported stockpile of 8,133 tons of gold stored in Fort Knox and other government vaults across the country.News aggregator ZeroHedge tweeted at President Trump’s head of government efficiency, Elon Musk, “It would be great if @elonmusk could take a look inside Fort Knox just to make sure the 4,580 tons of US gold is there. Last time anyone looked was 50 years ago in 1974.”Mr. Musk responded, “Surely it’s reviewed at least every year?”Senator Paul of Kentucky then jumped in, tweeting, “Nope. Let’s do it.”A national leader on this front, American bullion dealer Money Metals jumped into the viral fray on X, urging passage of legislation sponsored by the former congressman, Alex

The newly-released 2025 Sound Money Index has identified Wyoming, South Dakota, and Alaska as the states with the most favorable policies toward constitutional sound money, while Vermont, Maine, and California take the most hostile stances.Released annually by the Sound Money Defense League and Money Metals Exchange, the Sound Money Index is a comprehensive scorecard evaluating how each US state promotes or impedes sound money policies.

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

This year is shaping up to be one of the most legislatively successful in US sound money history. Money Metals Exchange was instrumental in achieving six new sound money victories, as well as one key defensive win. The upshot is that sound money legislation, carefully crafted and propelled by grassroots enthusiasm, is proving to be both practical and achievable.The seven legislative successes, coming on the heels of five in 2023, range from new sales tax and income tax exemptions to policies that undermine the Federal Reserve’s problematic monopoly on money. Here’s the rundown:Sales Taxes on Gold & Silver Nearing ExtinctionTwo states in 2024 decisively moved to eliminate sales taxes on gold and silver purchases, removing the primary friction that keeps people from exchanging fiat for

Sound money advocates are today (September 12, 2024) hailing their hard-fought victory today as New Jersey’s Senate Bill 721 was signed into law—thereby removing sales taxes on purchases of gold, silver, and other precious metals above $1,000 effective January 1, 2025.The long-anticipated bill signing by Gov. Phil Murphy positions New Jersey, alongside 44 other states, that recognize the importance of exempting constitutional sound money from burdensome taxation. Supported by the Sound Money Defense League, Money Metals Exchange, and in-state activists, Senate Bill 721 enjoyed unanimous support from both sides of the political aisle, including 13 Democrat and Republican formal sponsors. “In 2024, New Jersey was one of seven states to have passed legislation that removes taxes on precious

Alabama Governor Kay Ivey signed a bill on May 17 that removes all income taxes on capital gains from the sale of gold and silver, enabling the state to take an important step forward in reinforcing sound money principles.With this move, Alabama joins a growing number of states prioritizing the protection of citizens against the deleterious effects of inflation, currency debasement, and mounting federal debt.Enactment of Senate Bill 297 makes Alabama the 13th state in the nation that does not impose capital gains taxes on sales of gold and silver.Under the new law’s provisions, any profits or losses arising from the sale of precious metals, as reported on federal tax returns, will be excluded from the calculation of an Alabama taxpayer’s adjusted gross income (AGI). This measure

U.S. Representative Alex Mooney (R-WV) has re-introduced sound money legislation to remove all federal income taxation from gold and silver coins and bullion.The Monetary Metals Tax Neutrality Act (H.R. 8279) backed by the Sound Money Defense League, Money Metals Exchange, and free-market activists – would clarify that the sale or exchange of precious metals bullion and coins are not to be included in capital gains, losses, or any other type of federal income calculation. Gold and silver would be treated as a non-entity for tax purposes, putting it on par with the U.S. dollar.Reps. Scott Perry (R-PA) and Randy Weber (R-TX) joined as original cosponsors.“My view, which is backed up by language in the U.S. Constitution, is that gold and silver coins are money and are legal tender,” Rep.

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

With Gov. Jim Pillen’s recent signature, Nebraska has become the 12th state to end capital gains taxes on sales of gold and silver.LB 1317 is the fourth major sound money bill to become law this year, as state lawmakers across the nation scramble to protect the public from the ravages of inflation and runaway federal debt.Under the new Nebraska law, any “gains” or “losses” on precious metal sales reported on federal income tax returns are backed out, thereby removing them from the calculation of a Nebraska taxpayer’s adjusted gross income (AGI).Supported by the Sound Money Defense League, Money Metals Exchange, and in-state advocates, Nebraska’s sound money measure passed out of the unicameral legislature’s Revenue committee unanimously before being amended into a larger bill.Sponsor Sen.

(Frankfort, Kentucky) — In a high-stakes showdown with Gov. Andy Beshear over a gold and silver sales tax exemption, the Kentucky legislature has deemed his attempted line-item veto as an illegal act — and directed the Secretary of State to enroll the exemption into law.

Today, states across the country are beginning to actively embrace prosound money legislation, inviting a critical examination of how America abandoned the gold standard of money and racked up $34.5 trillion in debt. To understand how we got here, it’s important to understand the policy that initiated our monetary decline.More than ninety years ago today, April 5, 1933, President Franklin D. Roosevelt issued Executive Order 6102, forever reshaping America’s monetary system. This controversial order marked a pivotal moment in the nation’s financial history. Executive Order 6102 banned private ownership of gold coins, bullion, and gold certificates with the penalty for noncompliance being up to ten years in prison, a fine of $10,000, or both. This draconian edict also signaled the effective

Responding to an overwhelming groundswell of grassroots pressure, Gov. Tony Evers today signed a bill into law that secures Wisconsin’s place as the 44th state in America to end sales taxes on the purchase of precious metals.Assembly Bill 29 and Senate Bill 33, carried by Rep. Sortwell and Sen. Stroebel, respectively, enjoyed strong bipartisan support in both chambers of the Wisconsin legislature before it landed on Gov. Evers’ desk.Backed by the Sound Money Defense League, Money Metals Exchange, and in-state Wisconsin dealers and investors, the legislative effort built upon last year’s educational campaign.In 2023, similar bills had been introduced in Madison but failed to receive a hearing.The new statewide sales tax exemption on bullion coins, bars, or rounds (minted of gold or silver,

Utah Governor Spencer Cox has signed legislation explicitly empowering the state treasurer to protect state funds with an allocation to physical gold and silver.Sponsored by Rep. Ken Ivory, House Bill 348 permits – but does not require – the Treasurer to hold up to 10 percent of certain state reserve accounts in physical gold and silver to help secure state assets against the risks of inflation and financial turmoil and/or to achieve capital gains as measured in Federal Reserve Notes.The Treasurer has limited options for holding, managing, and investing Utah’s state monies, making this legislation necessary in order for gold and silver to be included.Utah’s reserves are invested almost exclusively in corporate bonds and banking agencies. These debt instruments appear to have low

Against the backdrop of high inflation rates and geopolitical uncertainty, states are increasingly enacting measures that encourage saving in precious metals and even using gold and silver as money.
With five bills signed into law in 2023, sound money reforms are gaining momentum across the United States.
Money Metals Exchange’s Sound Money Defense League project has emerged as an influential force, actively engaging in legislative battles by prompting intense grassroots support, drafting legislation, recruiting bill sponsors, and providing expert testimony directly to lawmakers.
Twenty-five states considered fifty pieces of legislation this year aimed at ending taxes on monetary metals, strengthening state finances by investing reserve funds in physical gold, establishing in-state

(Montpelier, Vermont) – On the heels of overwhelming votes to remove all taxes from purchases of precious metals in Mississippi, legislators in Vermont have introduced a measure to curtail the controversial tax in their own state.
Introduced yesterday by Rep.

Cheyenne, Wyoming, USA (February 2nd, 2023) – The Wyoming State Senate today voted 16-15, on a bipartisan basis, to pass a bill prompting the Wyoming state treasurer to hold gold and silver “specie” to protect the state – as well as establish a process to receive certain tax payments in specie.

(Jefferson City, Missouri, USA — December 14, 2022) – A state senator from St. Charles County has introduced a bill in Missouri to eliminate income taxes on sales of gold and silver, invest state funds in gold and silver, and establish the Missouri Bullion Depository.

Money is one of the most misunderstood topics of our time, and we’re seeing the implications of this play out every day. To understand money, one first must first understand that human beings have always been incentivized to participate in exchange. If humans could not, or did not, trade, most people would die young from starvation, disease, or exposure to the elements.

(Oklahoma City, Oklahoma — January 20, 2022) – An Oklahoma state representative introduced legislation today that would enable the State Treasurer to protect Sooner State funds from inflation and financial risk by holding physical gold and silver.

(Oklahoma City, Oklahoma, USA – January 20, 2022) – Oklahoma ended sales taxes on purchases of precious metals long ago, but now a representative from Broken Arrow wants to eliminate yet another tax on on gold and silver transactions.
Introduced by Sen. Nathan Dahm, Senate Bill 1480 would end capital gain transactions on the exchange of gold and silver.

Last year was a good year for state-level sound money legislation across the United States. 2022 could be even better. Building on the success enjoyed by sound money advocates in Arkansas and Ohio last year, more than a half dozen states are now considering legislation that rolls back discriminatory taxes and regulations on the sale, use, and purchase of gold and silver.

(Birmingham, AL, USA – January 10, 2022) – Alabama currently exempts precious metals from state sales tax, however this exemption is set to expire in 2022. A senator in the Yellowhammer State hopes to extend this popular exemption.

The Ohio House of Representatives just approved a bill which helps Buckeye State citizens protect themselves from the loss of monetary purchasing power caused by federal money printing. Introduced by Representative Oeslager, House Bill 110 includes a provision to eliminate the sales and use tax on purchases of gold, silver, platinum, and palladium coins and bullion in Ohio. 

Representative Sorrell has introduced House Bill 122, a tax-neutral measure to exclude from gross income any net capital gain and any net capital loss derived from the exchange of precious metals bullion. Policies that penalize savers in precious metals reduce the likelihood that Alabama citizens will take prudent steps to insulate themselves from the inflation and financial turmoil caused by the Federal Reserve.

Introduced by Representative Okimoto (R-36), House Bill 1830 removes sales and use tax against gold and silver bullion and currency in Hawaii. Under current law, Hawaii citizens are discouraged from insuring their savings against the devaluation of the dollar because they are penalized with taxation for doing so. Passage of this measure would remove disincentives to holding gold and silver for this purpose.

Eagle, ID (November 6, 2019) – Seven outstanding students beat out over 100 of their high-school and college peers in making the best case for sound money through an international, gold-backed scholarship competition……and the winners walked away with almost $10,000 in scholarship awards for their exceptional, thought-provoking essays.

Policies relating to sound money have been the subject of substantial debate at the state level this year, with bills, hearings, and/or votes taking place in nearly a dozen legislatures. As most state legislatures have now wrapped up their work for the year, let’s review the victories (both offensive and defensive)—and lone defeat—for sound money during the 2019 session.

Well, here’s some encouraging news… Efforts in Washington State to impose sales taxes on gold and silver were SHUT DOWN today thanks to intense efforts by the Sound Money Defense League, a group of in-state coin dealers led by Dan Duncan, the Association of Washington Businesses, and a large number of vocal grassroots supporters.

Before the ink could even dry on West Virginia Governor Jim Justice’s signature on a repeal of sales taxation on gold, silver, platinum, and palladium bullion and coins, legislators in Wisconsin and Maine introduced similar measures in their own states.

The battle to end taxation of constitutional money has reached the federal level as U.S. Representative Alex Mooney (R-WV) today re-introduced sound money legislation to remove all federal income taxation from gold and silver coins and bullion. The Monetary Metals Tax Neutrality Act (H.R. 1089) backed by the Sound Money Defense League and free-market activists – would clarify that the sale or exchange of precious metals bullion and coins are not to be included in capital gains, losses, or any other type of federal income calculation.

Washington, DC (February 5, 2018) – A member of the U.S. House Financial Services Committee today pressed the Commodities Futures Trading Commission (CFTC) on its conspicuous failure to uncover the very silver market manipulation now being prosecuted by the U.S. Department of Justice.

Several bills introduced in the Tennessee legislature would eliminate sales and use tax against  gold, silver, platinum, and palladium. Introduced by Representative Ron Gant (R-Rossville), House Bill 212 removes sales and use tax against platinum, gold and silver bullion, some numismatic coins, and numismatic coins sold at trade show.

Boise, Idaho (February 12, 2018) – The Idaho State House today overwhelmingly approved a bill which helps restore constitutional, sound money in the Gem State. State representatives voted 60-9 to pass House Bill 449 sending the measure introduced by House Majority Leader Mike Moyle and Senate Assistant Majority Leader Steve Vick to the Senate for a hearing in the Local Government and Taxation Committee.

December 13, 2017 (Eagle, Idaho) — A national precious metals dealer has selected four outstanding students to receive tuition assistance from America’s first gold-backed scholarship fund. Beginning last year, Money Metals Exchange, a national precious metals dealer recently ranked “Best in the USA,” teamed up with the Sound Money Defense League and well known members of academia and freedom-minded non-profits to offer the first gold-backed scholarship of the modern era.

In a newsletter published in 1970, economist Murray Rothbard wrote, “It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”

Financially prudent individuals set aside surplus funds to protect against unforeseen expenditures. This way, when faced with loss of income, house repairs, car trouble, or anything else, they will have a buffer against unanticipated downturns. In the same vein, almost every state in the United States has established a “savings account” for government operations.

In 1850, French economist Frédéric Bastiat published an essay that is misunderstood, or more often, unread, titled, “That Which is Seen, and That Which is Not Seen.” Bastiat brilliantly introduced the idea of opportunity cost and, through the parable of the broken window, illustrated the destructive effects of unintended consequences.

Imagine if you asked a grocery clerk to break a $20 bill, and he charged you $1.40 in tax. Silly, right? After all, you were only exchanging one form of money for another. But try walking to a local precious metals dealer in more than 25 states and exchanging a $20 bill for an ounce of silver.

Tens of millions of Americans and their employers pour money into pension plans each month, counting on those funds to grow and to be there when needed at retirement. But a time bomb awaits. The bulk of U.S. pension funds are dangerously underfunded, and the assets are often invested in securities that have bleak prospects for providing income that keeps up with a general decline in purchasing power.

I grew up a block away from the 7-train, where I’d take a short ride from the 90th Street station to the Willets Point–Shea Stadium station to watch my favorite team, the New York Mets. Sitting in the stands as a young child, I learned quickly that there were a number of ways to obtain and interpret information. I could watch the umpire and immediately have known whether Al Leiter threw a strike or a ball. Another option was to watch the scoreboard and, with some delay, have known whether Derek Bell safely stole second base.

Control the money, and you control the people. Over the last hundred years, the federal government and the Federal Reserve, a privately owned bank cartel conceived of in secret, have waged a war on sound money in America. They’ve ended the free circulation of gold (and, for a time, criminalized its ownership), while imposing taxes on those who trade with it.