Rejection of Bid on Gold Sale

The protester objected to the rejection of his bid to purchase gold on the basis that the bid was too low for award and that the bid was nonresponsive. The Gold Reserve Act of 1934 authorized the sale of gold at rates set by the Secretary of the Treasury and imposed no obligation on the government to honor bids submitted at prices established by law for the issuance of gold certificates. Since the solicitation stipulated gold of 999 or better fineness, the bid for 1000 fineness was properly rejected as nonresponsive despite the bidders' subsequent waiver of a price adjustment for impure gold.