31 U.S.C. § 5116 : US Code - Section 5116: Buying and selling gold and silver

Search 31 U.S.C. § 5116 : US Code - Section 5116: Buying and selling gold and silver

(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 by the Secretary in the general fund of the
Treasury and shall be used for the sole purpose of reducing the
national debt.
(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.
(b)(1) The Secretary may buy silver mined from natural deposits
in the United States, or in a territory or possession of the United
States, that is brought to a United States mint or assay office
within one year after the month in which the ore from which it is
derived was mined. The Secretary may use the coinage metal fund
under section 5111(b) of this title to buy silver under this
subsection.
(2) The Secretary may sell or use Government silver to mint
coins, except silver transferred to stockpiles established under
the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98
et seq.). The Secretary shall obtain the silver for the coins
authorized under section 5112(e) of this title by purchase from
stockpiles established under the Strategic and Critical Materials
Stock Piling Act (50 U.S.C. 98 et seq.). At such time as the silver
stockpile is depleted, the Secretary shall obtain silver as
described in paragraph (1) to mint coins authorized under section
5112(e). If it is not economically feasible to obtain such silver,
the Secretary may obtain silver for coins authorized under section
5112(e) from other available sources. The Secretary shall not pay
more than the average world price for silver under any
circumstances. As used in this paragraph, the term "average world
price" means the price determined by a widely recognized commodity
exchange at the time the silver is obtained by the Secretary. The
Secretary shall sell silver under conditions the Secretary
considers appropriate for at least $1.292929292 a fine troy ounce.