Protest Regarding Sale of Gold

The protester objected to the rejection of his bid for the purchase of gold, challenging the authority of the General Services Administration to sell gold at a higher price than that established by the Par Value Modification Act, as amended. 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 the price established by the Par Value Modification Act for the issuance of gold certificates.