A bill to preserve and stabilize the domestic gold mining industry on public, Indian, and other lands within the United States and to increase the domestic production of gold to meet the needs of industry and national defense.

Summary

Permits any owner or operator of a domestic gold mine, or a gold ore reserve to apply to the Secretary of the Interior for a certificate or elgibility to negotiate and contract with the Administrator of General Services for the sale of gold. Sets forth the criteria which must be met to obtain such a certificate of eligibility. Authorizes the Administrator to enter into contracts to purchase newly mined gold produced in the United States from any domestic producer who has received a certificate of elgibility. Directs the Administrator to purchase a sufficient quantity of gold for the establishment of a strategic stockpile which in the aggregate is deemed adequate by the Administrator for industrial, space, and defense requirements and other essential national security needs. Stipulates that the price paid for such gold shall not be less than $45, nor more than $75 per ounce. Includes in each contract the specification that the principal production from any mineral property used by the contractor for gold production shall be gold. Limits contract terms to 1 year, except in certain circumstances. Permits termination of the contracts whenever the official price of gold used in the settlement of inter-national balances exceeds $35 per ounce. Authorizes necessary appropriations to carry out this Act.

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1 official file

• Introduced in House

  summary · EN · 15 January 1973

  Open at official source

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