North Dakota Senate kills bill that would invest $40 million in precious metals

North Dakota State Capitol Building

North Dakota’s Senate killed House Bill 1183 on Monday, March 17, rejecting a proposal to invest $40 million (1% of general fund deposits) in gold and silver during the 2027-2029 biennium. The bill, sponsored by Rep. Daniel Johnston from Kathryn, had passed the House 54-35 one month earlier. It would have directed the state treasurer to study investing in precious metals as a hedge against inflation. Sen. Jerry Klein from Fessenden opposed the bill, arguing that gold and silver provide no interest return, Storing nine tons of precious metals would cost millions, The state needs liquid assets available quickly, and The State Investment Board already has authority to invest in precious metals. Supporters like Rep. Jeff Hoverson from Minot had argued that physical gold protects against economic instability. The Senate rejected the bill 34-13.