Bill to mandate state investment in gold, silver fails in North Dakota Senate
The Senate voted down a bill that would have required the state treasurer to invest 1% of the state treasury in gold and silver bullion.
House Bill 1183, sponsored by Rep. Daniel Johnston, R-Kathryn, failed on a 34-13 vote Monday.
Sen. Jerry Klein, R-Fessenden, said while the bill had good intentions, the state treasurer is 'just handling the checkbook.'
He said the state's general fund, and other funds controlled by the state treasurer, are the wrong funds to be used for investing.
'If you buy gold and silver, you buy it as an investment that you will hold in hopes of increasing in value,' Klein said. 'You don't convert that monthly so you can make your house payment, or your car payment, or everyday expenses. You need some liquidity.'
Senate committee hears bill mandating gold, silver investments by North Dakota treasurer
Klein added the State Investment Board and Department of Trust Lands can already make investments into precious metals, if they choose.
The Bank of North Dakota would also need about $2 million to renovate its vault to accommodate the metals which could weigh in the tons, Klein said. He added the housing of precious metals would create new ongoing costs for managing the state's supply.
Sen. Dale Patten, R-Watford City, said the gold and silver investments are not part of the state's comprehensive investment plan and voted against the measure.
During the public hearing for the bill, Johnston told lawmakers that other nations are moving away from the U.S. dollar as a foundational currency and wanted the state to control something that would be independent of inflationary pressures.
Johnston also pointed out that the U.S. dollar loses 2% to 3% of its value every year while gold has appreciated greatly in recent decades.
SUPPORT: YOU MAKE OUR WORK POSSIBLE
SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Hill
34 minutes ago
- The Hill
Benson raises over $3.5M in Michigan governor's bid
Michigan Secretary of State Jocelyn Benson's (D) gubernatorial campaign said it has raised over $3.5 million since its launch in January, according to figures first shared with The Hill on Thursday. Benson's campaign reported receiving over 27,000 individual contributions from the state's 83 counties during the period, with over 95 percent of them under $100. According to her campaign, Benson has over $2.4 million cash-on-hand. The fundraising haul is more than double the $1.5 million Gov. Gretchen Whitmer (D), raised at this point in 2017 after announcing her first gubernatorial bid in January of that year. The haul also puts Benson ahead of her opponents in the state's Democratic gubernatorial primary. Lt. Gov. Garlin Gilchrist's (D) campaign said he raised over $750,000, while former Genesee County, Mich. Sheriff Chris Swanson (D) said his campaign has raised over $1 million. Gilchrist jumped into the primary in March, while Swanson announced his bid in February. 'The numbers make it clear: Jocelyn Benson is the best person to take on any candidate, Republican or Independent, in November 2026,' Benson's campaign manager Nikki Goldschein said in a statement. 'This record-breaking haul not only showcases the strength of this campaign, it tells the story of the movement we are building.' A poll commissioned by the Detroit Regional Chamber and released in May showed Benson leading the Democratic primary field with 59.3 percent support from registered Democratic voters. Gilchrist and Swanson trailed at 6.9 percent and 8.1 percent respective. Nearly 26 percent of registered Democrats said they were undecided. 2024 Election Coverage Republicans are also facing a crowded gubernatorial primary in the state. Rep. John James (R-Mich.), state Senate Minority Leader Aric Nesbitt (R ), former state House Speaker Tom Leonard (R ), and former state Attorney General Mike Cox (R ) are vying for the party's nomination. Cox, who jumped into the race in April, said his campaign has raised $2.4 million and has $1.9 million in the bank. Detroit Mayor Mike Duggan announced earlier this year that he is running for governor as an Independent. Michigan's governor's race is slated to be one of the most competitive races in 2026. The nonpartisan Cook Political Report rates the race as a 'toss-up.'


Axios
34 minutes ago
- Axios
Lara Trump won't run for North Carolina senate seat
Lara Trump, the president's daughter-in-law and former co-chair of the Republican National Committee, will not be pursuing a run for retiring North Carolina Sen. Thom Tillis' seat. Why it matters: The announcement from President Trump's daughter-in-law comes after multiple outlets reported RNC chair Michael Whatley will join the race. Lara Trump's connection to the president would have made her a highly competitive candidate in a swing state like North Carolina, giving Republicans a boost in a race that could be a potential pickup opportunity for Democrats in 2026. What they're saying: " After much consideration and heartfelt discussions with my family, friends, and supporters, I have decided not to pursue the United States Senate seat in North Carolina at this time," Lara wrote in a post on X. "While I am not running in this election, my passion for Making America Great Again burns brightly, and I look forward to the future, wherever that leads."


Axios
an hour ago
- Axios
1 big thing: PBS North Carolina grapples with budget cuts
Zachery Eanes, Lucille Sherman Hello Thursday! 🌤️ Weather: Mostly sunny with a high in the low 90s and a chance for thunderstorms. 🎂 Happy birthday to our Axios Raleigh members Rick Powell and Donna Crocetti! PBS North Carolina, which reaches 14 million people in North Carolina and surrounding states, is set to lose around 15% of its funding over the next two years due to federal cuts to the Corporation for Public Broadcasting. Why it matters: The funding reduction is equal to around $9 million over two years, PBS North Carolina's CEO David Crabtree tells Axios, and it will likely force the 70-year-old organization to make some tough budget decisions. Already, it's made two separate cuts to non-personnel expenditures this year, including pausing some local production projects. Driving the news: The downsizing made earlier this month to the Corporation of Public Broadcasting is expected to have significant ramifications on local NPR and PBS stations nationwide. What they're saying: "Bottom line is, we have to play the hand we're dealt," Crabtree said. "Our budget is finite. It could go up a little again with donations coming in, but right now, we are looking at a substantial shortfall. Zoom in: In addition to showing content produced by PBS, PBS North Carolina produces a host of its own shows and documentaries, operates four channels and creates educational resources for children in the state. Its network of broadcast towers across the state also provides broadcasts for the state's Emergency Operations Center and is used by first responders for emergency communications. Threat level: Crabtree said no cuts are off the table right now, but the goal is to find a way to not cut production or staff. PBS North Carolina employs around 140 people in the state and has its headquarters in Research Triangle Park. The organization is looking at new ways to keep the same level of local content, Crabtree said. One move might be to scale back its own productions and instead purchase projects about North Carolina from other producers, a move that would lessen its editorial control. The bottom line:"We will have to be more creative with what we have, without having content and quality suffer in any way. That is my commitment," Crabtree said. "How we're going to get there, I'm not sure, but we are working on it at least 18 hours a day right now." 2. Cooper Senate announcement nears Stephen Neukam Former North Carolina Gov. Roy Cooper is preparing to launch his Senate campaign next week, multiple sources told Axios. Why it matters: Cooper is the Democratic Party's top recruit in 2026, bolstering their chances of flipping a critical seat from Republicans. Cooper, a popular former governor, will instantly become the Democratic favorite to challenge the GOP for the open Senate seat next year. The party's leadership, including Democratic Senatorial Campaign Committee Chair Kirsten Gillibrand (D-N.Y.), has lobbied Cooper for months to run. The big picture: Cooper and Democrats will now await a decision from Lara Trump, President Trump's daughter-in-law, who essentially has the right of first refusal on the GOP side. Democrats see their path as widening in the North Carolina Senate race after Sen. Thom Tillis' retirement announcement last month. Cooper was floated as a possible vice presidential candidate in 2024, but opted instead for a stint at Harvard at the beginning of this year. Former Rep. Wiley Nickel, a Democrat who served for one term before Republicans redrew his seat before the 2024 election, announced a Senate bid in April. 3. The Tea: Meredith's cuts 🎓 Meredith College, the Raleigh-based women's liberal arts school, is cutting 6% of its workforce as part of a restructuring of its budget. (Triangle Business Journal 🔒) ⛽️ Wawa, the popular Pennsylvania gas station and hoagie maker, will open its first location in Garner today. (WRAL) 🌲 Restoring North Carolina's peat bogs could help both store planet-warming carbon and soak up flood waters. (New York Times) ✈️ JetBlue will add a new direct flight between RDU and Fort Lauderdale, Fla., starting Oct. 26. (News & Observer 🔒) 4. Nash Street tower downsizes plans The developer behind a planned condo tower on Nash Square are downsizing its plans for the tower from 36 stories to 20 stories. Why it matters: The original plans from New York-based Alchemy Properties, which would be built on the former site of Berkeley Cafe at 217 W. Martin St., would have made it the tallest building in downtown Raleigh. Zoom in: The new plans call for 82 condo units, starting at $795,000, according to a spokesperson for the company. The building would also include: a pool deck, spa, fitness center and ground-floor retail space. Alchemy plans to resubmit its adjusted plans to the city by the end of the year, with a goal of completing the tower in two and a half years. 5. Stat du jour: 🏈 The Belichick effect UNC said Wednesday that all single-game and season tickets for games at Kenan Stadium have been sold out, the earliest in the calendar the school has ever been able to do that. Why it matters: The sellouts provide evidence that the school's bet on hiring legendary NFL coach Bill Belichick is coming with some financial successes, at least in the short run. Between the lines: UNC is funneling huge financial resources into its football program, and that investment is pushing the university to find new forms of revenue to keep up with college athletics' changing financial realities.