Buying and Selling
Gold SECTION 5116
(a) (1) With the approval of the President,
the Secretary of the Treasury may—
(A) buy and sell gold in
the way, in amounts, at rates, and on conditions the Secretary considers
most advantageous to the public interest; and
(B) buy the gold with any direct obligations
of the United States Government or United States coins and currency
authorized by law, or with amounts in the Treasury not otherwise appropriated.
(2) Amounts
received from the purchase of gold are an asset of the general fund
of the Treasury. Amounts received from the sale of gold shall be deposited
in the general fund of the Treasury.
(3) The Secretary shall acquire gold for
the coins issued under section 5112(i) of this title by purchase of
gold mined from natural deposits in the United States, or in a territory
or possession of the United States, within one year after the month
in which the ore from which it is derived was mined. The Secretary
shall pay not more than the average world price for the gold. In the
absence of available supplies of such gold at the average world price,
the Secretary may use gold from reserves held by the United States
to mint the coins issued under section 5112(i) of this title. The
Secretary shall
issue such regulations as may be necessary to carry out this paragraph.
* * *
[31 USC 5116(a). Previously 31 USC 733 (RS 3699) and 734 (Gold Reserve
Act of 1934 § 8). Restated and recodified by act of Sept. 13, 1982
(96 Stat. 984). As amended by act of Dec. 17, 1985 (99 Stat. 1178).]
