We Need Credible Audits of U.S. Gold Reserves (Uncut) 02-25-2025

“We Need Legitimate, Comprehensive and Credible Audits of U.S. Gold Reserves.” Says Jp Cortez.

Legal tender is kind of an esoteric, sneaky concept in that it’s what you would do when you seek to imbue something that does not have monetary properties with monetary properties. You would never need a legal tender law if you were transacting in gold and silver, because people know gold and silver are money. Exactly right.

It’s only when you start introducing fraud and counterfeit to the system that you have to create a legal function that forces people to accept and transact in that, in which they otherwise would not. Tuesday, February 25th, 2025, Monecco 64, home of alternative economics and contrarian views. Today, I have the pleasure of speaking with the executive director of the Sound Money Defense League.

We spoke with J.P. Cortez in October, and a lot has happened since then in terms of gold, money, and everything else. So welcome back, J.P. How are you? I’m doing great, Mario. Thank you for having me back on.

It’s great to be here with you. You’re welcome. First of all, could you give the viewers a quick introduction about you and the organization that you represent? Absolutely.

So like you mentioned, my name is J.P. Cortez, and I’m the executive director of the Sound Money Defense League. We’re a project primarily funded by Money Metals Exchange, an online bullion dealer, and we are the nation’s leading public advocacy group for legislation pertaining to gold and silver. We aim to remonetize gold and silver at the state and federal level.

One of the ways that we have found that is most effective to remonetize the precious metals would be to remove the taxes on them. Currently, on the state level and on the federal level, taxing agencies will tell you that if you buy, use, or sell gold and silver, that you’ve triggered a taxable event, and they will demand their taxes for that event. And so we go state to state and to Washington, D.C., advocating for legislation that removes taxes on the metals, that allows the friction to be removed so that gold and silver could once again be used as money.

Recently, we’ve also been specializing in legislation that reaffirms gold and silver as a legal tender, so their status as constitutional money. And then more recently, we’ve been working on legislation with states to establish gold stockpiles, physical gold held for the state. And that has already passed and has already happened.

Multiple states now have purchased multimillion-dollar stockpiles of physical gold for their states. So this is year 11 of the Sound Money Defense League. We’ve been doing this for a long time.

We’ve had a lot of incredible success, especially here recently. It’s a very exciting time to be in gold and silver. I agree 100 percent.

And you spoke about stockpiling gold, state stockpiling gold reserves. And that kind of coincides with all the talk now that the U.S. Treasury or the U.S. government will conduct an audit of the gold that it holds at Fort Knox and other depositories. Could you chime in on that? Because I see that you recently as well, JP, wrote a great article, and I’m going to bring it up here, on the New York Sun newspaper online.

Will Elon Musk join the campaign by Sound Money advocates for an audit of America’s gold reserves? Could you elaborate on why you think it’s so important that they do this? Absolutely. So this issue has been an issue that the Sound Money Defense League has been working on since our inception. There have been a lot of excellent, legitimate questions surrounding the status of America’s gold holdings.

So what started as an innocuous interaction on Twitter or X, where Zero Hedge, the news aggregator, tweeted at Elon Musk, asking him to make sure, if he wants to pop his head in and make sure that the gold that is purportedly in Fort Knox is actually there. And that started a chain of events that has led us to where we are now, where Elon Musk is tweeting about it, Senator Rand Paul, Senator Mike Lee, and then ultimately, even President Donald Trump on Air Force One being asked about auditing America’s gold and saying affirmatively, yes, we’re going in there. We’re going to open those vault doors and make sure that that gold is actually there.

So this is incredibly exciting. To this end, we’ve been working on federal legislation, again, for more than a decade now, that we call the Gold Reserve Transparency Act. This was most recently introduced by Congressman Alex Mooney in 2021, and this created a great template for what an audit would look like.

Mario, I’m sure you’ve seen and heard multiple people now talking about either politicians, for example, Chuck Grassley saying, I was a freshman congressman in 1974 when they last opened the vault doors at Fort Knox to the public. I’ve been there. I can assure you it’s there.

Or even Elon Musk himself saying things like, we should livestream. You should go in there with cameras and livestream and audit or livestream the gold holdings. And both of these suffer from the same fatal flaw, which is we don’t need more theatrics.

We don’t need more show and tell. That’s what happened in the 1970s when cameras were brought in and a made-for-TV movie was shot where some bars of gold were shown, some cameras were pointed, preselected containers were opened. And in spite of this made-for-Hollywood showing, there was not a single assay done.

There was no inspection, no weighing of the bars, no serial identification. So these audits, quote-unquote, that have taken place to this point have not been legitimate, comprehensive, or even credible audits. Going back to the 1970s, there are so many questions regarding even the seals.

As you may have seen, and this is Jan Neuenheis, who is a gold researcher for MoneyMetals, who has spent years on this issue talking about how the seal, there’s a lot of legitimate questions surrounding seals being broken, seals being tampered with. And of course, as we know, auditing a seal is not the same as auditing the asset that’s in the box. So if there are questions surrounding the seals and whether the box has been moved, we’re not asking for another check of the seals.

We want the box opened, the bars taken out, and every single one of these bars checked. Of course, physically inventory checked for their weight and purity, but we want more than that as well. We want a transaction report.

We want a full accounting of any encumbrances that might be on the bars. So the questions then are, one, is the gold there? When they open the doors at Fort Knox, will the gold be there? Personally, I think the answer is yes, the gold will be there. But more interesting a question than that is who owns the gold? If it’s there, if it’s in the United States and the United States owns it, has it been pledged? Has it been leased? Has it been swapped? Does the Bank of International Settlements own it? The World Bank? The IMF? Special drawing rights? There are so many questions around this gold that may have been used or encumbered or otherwise financially entangled in global transactions that are reported to have taken place over the last decades through repatriation of gold, gold moving in and out of the country’s borders.

There are a lot of great questions. And now we’re here. We’re closer than we’ve ever been to a legitimate and comprehensive audit.

So it is so important that we not take our eye off the ball and settle for a world where Donald Trump himself is going and saying, no, I went to Fort Knox, I saw the gold on the shelf, I can confirm and I can guarantee that it’s there. Because that, even President Donald Trump, even his word is not sufficient. We need a full audit and no amount of, hey, it’s there, I saw it myself, I assure you it’s there, will suffice.

We need the audit. Yeah, and I think it should be an independent audit. It can’t be a government institution.

It needs to be a private company not related to the government. But one thing that I would say, sorry, yeah. No, no, I was going to just to make that same point, I completely agree.

And you’re 100% right. And I think too, in this audit, a lot of these questions will be answered. But one of the questions too, that is worth considering is any bill, federal legislation moving forward at this point that’s reintroduced, can use the template that we worked with Congressman Mooney on, the Gold Reserve Transparency Act.

But any future iteration of this bill should include, it should go even further to include the refining of the gold that does supposedly exist in Fort Knox. A lot of the gold that is stored in America’s holdings, be it in Fort Knox or in deep storage all around the country, are what are called coin bars. This is gold that was seized, that was melted down, impurities and all.

You’re talking about 90 to 92% purity of gold. This does not meet the global standard for tradable gold. This is useless in a gold market.

It’s untradable and it’s not liquid. So a purity requirement, an upgrade over the next five or over the next several years is an important part to include in any upcoming iterations of this Gold Reserve Transparency Act legislation. Yeah.

And the other thing I would say is that it’s already really positive that the public consciousness is waking up to how important gold is. Because I think the reason, for example, first, the statutory price has been left at $42.22. And second, the reason why they haven’t bothered to do a proper independent audit is that they want to keep gold down and out of the headlines to make sure that the paper dollar is still top dog. So I think the fact that even President Trump is speaking about this is really positive.

But like you said, we have to stay vigilant as ever. The other thing I wanted to ask you is about revaluation. How do you see that? And do you think that might be related to Judy Shelton and her idea of a treasury trust bond, which would be gold back? And what’s your opinion on that? Do you think that’s a step like a step in the right direction towards going back to gold and silver money? I do think that that’s a step in the right direction.

I think generally, Judy has been one of few voices within the government. Dr. Shelton’s background is really interesting in that the Federal Reserve today, the Federal Board and the thousands of PhDs that the Federal Reserve employs, these are people that come from a very unique elite fabric. These are people that got their PhDs at the top institutions.

These are people that are entrenched in the elite mindset, the Keynesian mindset understanding of what modern economics is. It comes from the same school of thought, every single one of them. It’s a factory line, a pipeline between elite education program, elite economic programs that all are either doing MMT light or are doing modern Keynesian economics, deficit spending.

All of those people are what currently employed at the Federal Reserve. In introduction of someone like Dr. Judy Shelton, someone who got her PhD at the University of Utah, a great economics program, but decidedly outside of the beltway and outside of what elite institutions typically teach, that sort of diversity of thought, even introducing that into a Federal Reserve system or a position where this person has say, is a massive sea change to what we’ve seen in the last several decades of what monetary policy should be. It’s all been the same, cut from the same cloth, the same ideas over and over, just taking them further.

Quantitative easing is just regular Keynesian economics turned up to volume 11. A diversity of thought and an introduction in something like gold-backed treasury bonds, this speaks to how this administration is considering things that they haven’t in the past. That’s just one example, even the idea of replacing the income tax with tariffs.

We can argue about whether or not the math works, and personally, I don’t think it does, but we’re talking about an administration that’s looking at things and looking at things that have been on the battlefield at the forefront for a long time, and no one has ever taken the time to look at or consider. I will tell you, I was not a huge proponent of DOGE at the beginning, as far as I thought this was a government institution creating yet another government institution to examine government institutions. I have been pleasantly surprised at how, one, willing they are to cut, and two, just generally how willing they are to reconsider these things that haven’t been considered in a really long time.

Importantly, I think that dovetails at the same time as you have a sitting congresswoman talking about selling America’s gold reserves to buy Bitcoin. You’re talking about people, these are ideas like minting trillion dollar platinum coins. All of these kind of harebrained ideas, they all first require an audit.

Before we can revalue the gold from $42 to $4,000 so that the United States can pay down its deficit, before Senator Loomis can sell all of the nation’s gold reserves to buy Bitcoin with it, before any of that can happen, a comprehensive audit has to take place. That has to be step one. We have to begin there.

Yeah, I agree 100%. Just a comment here, because I’m in the UK and a lot of the viewers must be asking, why do you care so much about what’s happening in the U.S.? Well, because the U.S. is still the biggest economic power. The dollar is still the major reserve currency.

Whatever happens in the U.S. in terms of sound money, I think will force the rest of the world to follow suit. That’s the reason I’m so interested in the topic. I think it touches everything, Mario.

Someone can look at the United States as an economy and then the global economy. If you wanted to do level one analysis and say, gold doesn’t back the dollar anymore, it doesn’t mean anything, you could, and you could stop there. But if you wanted to think more deeply about it, you’ll find that while gold does not back the dollar explicitly anymore, implicitly gold still carries a tremendous amount of weight and a tremendous amount of value.

The reason the United States has the global reserve currency is not because of the traits that the dollar has today, but because until 1971, it grew. It grew into the biggest, best monetary unit the world had ever seen, backed by gold, trusted, lacking counterparty risk, not dependent on whims of politicians, but rather the value of gold that we know held value for thousands of years. So while this is playing out in American battlefields, in American financial offices, and state legislatures, this is a global issue because ultimately all of this flows downstream and this system of credit and debt that America has built, if that is to unwind, if we are to go back into a gold system, that has implications for the entire world.

JP, one topic I wanted to cover is because a lot of people sometimes ask the difference between what the states can do and what the constitution allows the federal government to do in terms of gold, silver, and money. Absolutely. So the two main articles in the United States constitution that deal with this issue are article one, section eight, which pertains to what Congress can do.

And specifically, it speaks to regulating money, the value, the weight of money. In article one, section 10, which speaks to what the states can do, article one, section 10 says that no state shall make anything but gold and silver a tender in the payment of debt. So what this tells us functionally is that states cannot produce money.

A state cannot create its own federal reserve and print its own Georgia dollar or New York dollar. That would be unconstitutional. That said, if a state were to transact in money of gold, money backed by gold, that be that private or governmentally printed, that would be legal.

So largely what the states can do, the issue is that we know that this system of monetary dysfunction stems from the federal level. It’s the federal government, it’s Congress spending, and it’s the federal reserve. That said, there are a lot of things that the state can still do to mitigate some of this damage.

And largely, unsurprisingly, the answer is mostly for the state and the feds to get out of the way. Creating a gold standard is like a lofty idea that we talk about often, but I’ve come to realize, I think, or come to believe that more important than a gold standard where a government imposes a system and it pegs numbers and it creates a structure is for the government to get out of the way because gold is money. We don’t need a standard that the government imposes to use gold and silver as money.

For thousands of years, gold has been transactional money. So the state can remove the taxes on precious metals, remove the disincentives, remove the taxing requirements, remove all of the harassing laws that they impose currently on precious metals dealers. Here in the United States, Mario, I have to tell you, it is egregious in some states where if you go into buy precious metals at your local dealer, in some states you can’t use cash.

It has to be an electronic payment. If you go in and sell a silver eagle, if you go into your dealer and try to sell a silver eagle, they will take it from you. They will take your name, your phone number, your address, your height, your weight, your skin color, your hair color, any discernible features, any tattoos, piercings, they take all this information and then every day are legally required to upload all of this information into a police database.

And who knows what the police database is using this for? And the issue on that front is money, gold and silver are largely fungible. One silver eagle looks like another silver eagle. That is a benefit of gold and silver.

So it’s not like you’re trying to sell your grandma’s brooch or like a piece of jewelry that’s really unique. These are just laws that harass precious metals dealers that state to state are imposed. So this is another, yet another thing that states can do.

On the federal level, we’re seeing it. The Gold Reserve Transparency Act, the federal legislation to audit America’s gold, a question that has been shrouded in mystery for decades. Additionally, a federal income tax.

Right now, when you buy a precious metal or excuse me, when you sell your precious metals, you will have to pay, if you enjoy the gain, you have to pay a tax to the federal government. And then you have to pay a tax again to your state government. So what I’m saying is that in some instances, in cases where there’s a sales tax on the metal and then a capital gains tax by the feds and a capital gains tax by the state, there’s triple taxation in some jurisdictions here in the United States on this asset.

It makes it unworkable as money. So the federal bill would eliminate the capital gains tax on the federal level, just on precious metals. So you remove the ability to deduct any losses that you may have enjoyed, but also gains will not be taxed.

And then there’s another bill, another one by Congressman Mooney that would reestablish a gold standard. And that one’s a bit more lofty, but we have found that the issue that it’s a good messaging bill, but practically the biggest thing that states and governments can do is simply to remove all of the thistle and briar that stands in the way of people getting to actually use gold and silver as money. You spoke about the gold standard and how that’s a lofty goal, but to me, it seems like the legal tender laws, and I think it was first passed in 1862 during the Civil War, always in times of emergency, for example, under the Constitution.

I think the legal tender laws and the Federal Reserve Act are the biggest obstacles to that. So don’t you think that abolishing legal tender laws and abolishing the Federal Reserve Act would in itself provide an environment for sound money to flourish? Because everything is in the Constitution, it defines what money is. I think I’ve read, JP, that prior to the Civil War, Americans were still using the old Spanish silver dollars for money, or they were using- Pieces of eight.

Yeah, or they were using even foreign gold coins because it was money and it was fine, they just had to convert the rates or the prices or the weights to the American standards. So yeah, how realistic do you think that is? Because there’s also talk now about auditing the Federal Reserve. Mario, you’re hitting something on the head that is a little inside baseball, it’s a little more nuanced, but I think is incredibly important.

What you just said there about legal tender, you are 100% right. So we have been working on, and bills have been passed for decades now, or at least for the last decade, declaring states that’ll pass bills, for example, most recently Louisiana this past year, passed legislation saying gold and silver are legal tender. We knew that already.

The United States Constitution already says that. And more importantly, gold and silver are money, that we use them to transact if not for all of the disincentives to doing that. So legal tender is kind of an esoteric sneaky concept in that it’s what you would do when you seek to imbue something that does not have monetary properties with monetary properties.

You would never need a legal tender law if you were transacting in gold and silver, because people know gold and silver are money. Exactly right. It’s only when you start introducing fraud and counterfeit to the system that you have to create a legal function that forces people to accept and transact in that, in which they otherwise would not.

So you’re completely right, Mario. If we were to completely abolish all legal tender laws, I think long-term that would be the best way to do it, because ultimately what we want is money to compete. And we, people who believe in sound money, believe that gold and silver, if tested by the market the way they have been, on equal footing as Federal Reserve notes and other government printed money, we believe that gold and silver will win out.

So we invite the competition. Printers of money, governments, people who fund their lifestyle and their entire way of being through debt do not want that competition, because if people had to choose, they wouldn’t choose the dollar. The thing is, Mario, no one woke up today in the United States, no one woke up and said, I want to choose the U.S. dollar.

The way, you know, when you woke up, you chose the pair of shoes you wanted to wear, you chose the breakfast you wanted to eat, you chose even the light bulbs that go in your light fixtures. But with the dollar, you had no choice. It was foisted upon you.

And you have no real other exit because everything else is saddled with taxes and a bunch of other regulations. So no one chose this system. No one chose the system of inflation and theft and counterfeit.

We were pushed into this system. So creating alternative systems by either reaffirming gold and silver as legal tender, or honestly, Mario, you hit it on the head, to completely do away with the system of legal tender entirely and just let a market for money function would be wholesale, a sea change in the way we approach money and see money today. It’s incredible because today most Americans and most people around the world probably, one, can’t get past the psychology of paper money, you know, the thing that you carry in your wallet, that being the mental picture that most people have of money.

And they have no concept of what money actually does. So they have no concept of how it can be improved. Money is a good like any other good to the extent that it can be done really well, and it can be done really poorly.

You can use all sorts of things as shoelaces. But we have found that, you know, the yarn or the fabric that we use for shoelaces is the best item to use for shoelaces. Money is the same way.

But we aren’t able to do those tests. We’re not able to use spaghetti noodles as shoes. We’re not able to use that.

We’re not able to do that with money. We’re not able to try other things. So we don’t know what the best is.

But what we do know is that this system of a money whose value is devalued regularly as a part of their mission statement, they’re actively telling you that their goal is to devalue the money by 2% a year. And at the same time, they’re telling you that the money is stable. Mario, if I told you, I shrink, my height is stable, I get shorter by two inches a year, you would say, JP, you don’t know what that word means.

That’s absurd. You’re not using that correctly. You don’t understand.

Or you’re being intentional about your Orwellian use of language, and you’re intentionally trying to obfuscate, which is what the government is doing when they say that they are trying to pursue stable money and actively devalue it at the same time. So I say all this to say that the system that exists, the bureaucracy and the framework around legal tender that exists here in the United States, and has existed since the days of Marco Polo, which I believe is the first instance of shown legal tender, which is a paper note that a government imposes on its people. Without that system, in a system where precious metals and digital asset-backed currencies and physical metals and even government script can compete against each other, that is the ideal system for money.

And that’s ultimately how we find what the best money is. So before we conclude, could you quickly go over some of the progress that is being made through the state level or the grassroots level concerning sound money? Mario, this is where the progress is. There’s been a lot of talk lately about auditing the gold and auditing the Fed.

And these are great projects, and we pursue them and we hope they pass. But the real action happens at the state level. The truth is, Washington, DC has very little effect over the people in Nebraska or Oklahoma or Oregon or Texas.

That is mostly governed by state governments, state legislatures. And that is where the action is happening on the sound money level. Just earlier this year, the exemption that we passed in New Jersey on purchases of precious metals went into effect in January of this year.

That is telling because New Jersey is not exactly known for being a low tax state. This is one of the highest tax states, highest rates of tax incidents in the country. And even they realize, wait, we shouldn’t be taxing money.

When people go into a gas station and they exchange $1 bill for four quarters, they’re not expecting that transaction to be taxed because this is just one exchange of money for another form of money. But in the case of several, a couple of jurisdictions still here in the United States, they will charge you for making that transaction, that exchange of one money from one form of money to another. So happily, we’re making a lot of great progress on that front.

Like we mentioned earlier, states are doing the legal tender thing, reaffirming its status as money, which is great, but mostly symbolic. The real fun has started with states establishing strategic gold stockpiles. Tennessee has done this.

Utah has passed legislation doing this. Wyoming, just a few days ago, we worked to pass legislation out of the Wyoming legislature. So it passed out of the House of Representatives and the state Senate and is now on the governor’s desk awaiting his signature to establish a $10 million physical gold reserve stored within the for the state of Wyoming.

This is a state that has more than billions of dollars on its balance sheet, almost all of which is invested exclusively in dollar-denominated debt, CDs, mutual funds, many of which have a negative real rate of return because of inflation. One of the things about having done this for so long is that even in 2017, when we were begging people to pass this kind of legislation, begging people, hey, your state doesn’t own a single ounce of gold, you should really consider doing this, gold was $1,200 an ounce at the time. Today, gold is approaching $3,000.

And these financiers, the state treasurers, the board of investors, even the state legislators, who laughed in many cases, laughed us out of the room, said, no, why would we do this? This is ridiculous. This is silly. These people were derelict in their fiduciary duty to the state.

And now they’re seeing, oh, we messed up. We need to buy gold and silver because counterparty risk more than ever is becoming understood. The harms of inflation are becoming understood.

So like I mentioned in Wyoming, there’s a bill that passed out of the state legislature is now pending with the governor. The state of Utah, I believe as of last week, last I heard, has purchased just under $50 million of physical gold stored in Utah. Tennessee has passed legislation empowering their state treasurer to invest state funds in physical gold.

And of course, historically, the reason the Texas Bullion Depository, of great fame, the Texas Bullion Depository was even built was because Texas originally owned a billion dollars of physical gold in its teacher pension fund. So Texas, and they have since actually sold that position. They no longer own any more physical gold, but they have the right, their treasurer has the power to do it.

Ohio currently owns about a billion dollars of paper gold, golden ETFs, about a billion dollars in their police and fire pension funds. So gold itself is becoming more integrated into state financial systems at the same time that states themselves are buying gold, individuals are buying gold. The United States is reaffirming that its gold stockpile is there.

And countries all over the world, allies and adversaries to the United States are actively increasing their gold stockpile. So gold itself is having a monetary revolution. Gold and silver, the constitutional medals, there’s a renaissance.

People are turning away from a system of decades of debt and fraud and counterfeit to coming back to honest money, money that’s resistant to inflation, money that has no counterparty risk, money that’s not dependent on the whims of politicians to determine its value. Wow, that’s great, JP. Could you let the viewers know where they can find you and also if there’s any way to help the Sound Money Defense League? Absolutely.

Thank you so much for asking, Mario. And you have this pulled up right here. This page is exactly where you can find it.

You can find the website at soundmoneydefense.org. On this page, you’ll obviously see updates of all of state progress that happens throughout the legislative seasons throughout the years. Also, but right on the screen here is a little blue box where we ask you to enter your email and your zip code. The reason for that is because we structure our email list by zip code so that when there is active legislation happening in your state, I can send off action alerts to just the people that would be harmed or affected by this legislation.

For example, just this morning, the state of Washington announced that they’re holding a hearing tomorrow morning to impose a sales tax on purchases of precious metals. So what I do, in addition to contacting the legislators myself and providing expert testimony, what I do is I take every single email that has a Washington zip code attached to it and I send out an email to them letting them know what the situation is, who the key members are, contact information, phone numbers, and emails, and even in many cases, a pre-written message that you just have to click. Click here to email all the legislators.

You click the button. You send the message to all of the members of the committee, the key deciders of that vote, and that’s how you can participate. One of the things about, like I mentioned earlier, you don’t have a lot of power in Washington, D.C., but you do in your state capital, and even 10, 20 people reaching out on any single issue is enough for legislators to take notice.

So I encourage everyone to be an active participant in their legislature. Please help us be a soldier for sound money by signing up for these alerts. And you can find us on Twitter as well.

My Twitter is jpcortez27. The Sound Money Defense League is soundmoneydeath, at soundmoneydeath. And my email, my phone number is on the website.

If you live in one of these states where you know the policies are not great and you would like to explore changing some of these policies, please reach out. I’m happy to work with anyone in the state to get this legislation off the ground and ultimately onto the governor’s desk where it receives a signature and is signed into law. What’s your dog’s name on the profile there on Twitter? Thank you so much for asking.

His name is Jackson. He turned 12 just a few months ago. He’s the best dog there’s ever been.

Yeah, Rudy, look at him. Is that in honor of Andrew Jackson? It isn’t. No, it’s not.

He slayed the banks, didn’t he? He did, yeah. And of course, my dog Jackson is a huge proponent of sound money. He believes, obviously, he is against counterfeiting, against fiat money.

He is a true sound money advocate for our times. I’m sure Rudy as well. Oh yeah, he’s the Silver Ranger.

JP, we’ll keep in touch and we’ll follow what’s going on and maybe talk again in the next few months or even before if things really change. And I’d like to thank you for your time and wish you all the best. You’ve got a great channel, Mario.

Thank you for your work. Keep it up, and I hope to chat again soon. Thank you.

Take care.