![]() ![]() ![]() Bid forms will be mailed to firms or persons on GSA’s precious metal mailing lists. Bids by or on behalf of foreign governments or central banks will not knowingly be accepted.įormal invitations to bid in the auction will be issued by the GSA within ten days. The Treasury reserves the right to reject any or all bids. Sales will be by competitive bids with all successful bidders paying the price bid for each ounce of gold. The gold will be made available in bars each containing approximately 400 ounces. A bid deposit of $10 an ounce will be required. At the May 23 auction, the minimum bid accepted will be for 400 ounces. Any change in these arrangements will be announced prior to future auctions.Īuctions will be conducted at 11:00 AM on Tuesday, May 23, 1978, and the third Tuesday of each month thereafter in the GSA Office at 7th and “D” Streets, S.W., Washington, D.C. Assay Office in New York or at other U.S. dollars and provide for delivery at the U. Invitations to bid at the initial auction will specify payment in U.S. This makes the coin officially 22 karats, or what according to standards is referred to as crown gold. ![]() These coins are also made from 5.33 copper and 3 silver to add durability to the coin. This means it is composed of 91.67 gold that comes from the United States. The Treasury plans to study the technical aspects of selling gold against payment in West German deutschemarks with a view to determining whether sales of gold also provide a technically feasible and advisable means of acquiring deutschemarks for use in countering disorderly conditions in foreign exchange markets. By law, the fineness of the American Gold Eagle is. desire to continue progress toward the elimination of the international monetary role of gold. trade deficit, either by increasing exports of gold or by reducing the imports of this commodity. These sales of gold will have the effect of reducing the U.S. The Treasury expects to review the experience at these auctions to determine whether the amounts to be offered at succeeding auctions should be altered. Approximately 300,000 ounces of gold will be sold at each of the first six auctions. The Department of the Treasury announced that it is requesting the General Services Administration to initiate a series of monthly public auctions of gold beginning on May 23, 1978. ![]()
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