Protest Against Sale of Gold

An individual requested reconsideration of the rejection of his bids to purchase gold, challenging the agency's authority to sell gold at a price higher than that established by the Par Value Modification Act, as amended. Legislative history supports the power of the Secretary of the Treasury to sell gold for reasons other than to anticipate payment of interest on the public debt. The Secretary acted within his authority in rejecting the individual's bid in favor of bids placed at prices higher than par value.