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F E D E R A L R ES ER V E BANK O F NEW YORK Fiscal Agent of the United States Treasury Amends Gold Regulations Circular No. 6 1 4 2 March 21, 1968 To All Banks and Trust Companies in the Second Federal Reserve District: The following statement was made public March 17 by the Treasury Department: Pursuant to agreements announced by the central banks of Belgium, Germany, Italy, the Netherlands, Switzerland, the United Kingdom, and the United States in Washington on March 17, 1968, the Treasury Department has issued amendments of the Treasury Gold Regulations, effective immediately. The Treasury will no longer purchase gold in the private market nor will it sell gold for industrial, professional or artistic uses. The private holding of gold in the United States or by U. S. citizens and companies abroad continues to be prohibited except pursuant to existing regulations. The Gold Regulations have been amended to permit domestic producers to sell and export freely to foreign buyers as well as to authorized domestic users. Authorized domestic users regularly engaged in an industry, profession or art in which gold is required may continue to import gold or to purchase gold from domestic producers within the limits of their licenses or authorizations in the Gold Regulations. Printed below is an excerpt from the Federal Register of March 19, containing the text of the amendments referred to above. Additional copies of this circular will be furnished upon request. A lfred H ayes , President. Title 31— MONEY AND FINANCE: TREASURY C h a p te r I— M o n e ta ry O ffices, D e p a rt m ent of the T re a su ry PA RT 54— G O L D R E G U L A T IO N S Im port of G o ld b y P erso ns H o ld ing T re a su ry Lice n se s a n d Exp ort of N e w ly M in ed D om estic G o ld industrial, professional, or artistic use may be exported from the United States for disposition to a person not subject * * * * * to the jurisdiction of the United States, (b) This section shall not apply to ex or person subject to the jurisdiction ports of gold authorized under § 54.25(b). of tothea United States who is licensed to § 5 4.19 [A m ended] acquire such gold without the necessity of obtaining a license therefor. With re 2. Section 54.19(b) (1) is deleted. to each such export, such informa 3. Section 54.19(c) is amended by-de spect tion shall be furnished in such form and leting “to the United States and”. at such time as the Director, Office of Domestic Gold and Silver Operations re § 54.21 [A m ended] quires under § 54.26(a). 4. Section 54.21(a)(1) is amended by §§ 5 4 .3 6 —54.52 [R evoked] deleting therefrom the words “unmelted scrap.” 9. Sections 54.36 to 54.52, inclusive 5. Section 54.21(a)(3) is amended by are hereby revoked. deleting therefrom “to the United Parts 92 and 93 shall be deemed to be States,”. modified to the extent necessary to con 6. Section 54.21(a)(4) is amended by form to the amendments to Part 54 made deleting therefrom “to the United States herein. or”. (Sec. 5 ( b ) , 40 Stat. 415, as am ended, secs § 5 4 .7 G eneral provisions affecting ex port licenses. The purposes of the amendments set forth below are to provide that the Mints shall no longer purchase or sell gold, and to provide that newly mined domestic gold may be exported. Persons regularly engaged in an industry, profession, or art, who require gold for legitimate, cus tomary, and ordinary use, or persons holding Treasury gold licenses may con 3, 8, 9, 11 , 48 Stat. 340, 341, 342; 12 U.S.C. tinue to acquire newly mined gold or to § 5 4.23 [A m ended] 31 U.S.C. 442, 733 , 734, 822b, E.O. 6260, import gold into the United States for 7. Section 54.23 is amended by deleting A95a, 1933, as am en d ed b y E.O. 10896,’ authorized uses. Because of the nature of therefrom or for sale to the United 25ug.F.R28,. 12281, E.O. 10905, 26 F.R. 321 E O these amendments, their relationship to States”. 6967: 3 C F R ’ 1959~32 C om p, an d the international monetary system, and 8. Section 54.25(b) is amended by ■ 6359- ° c t . 25, 1933, E.O. 9193, as a m en d the consequent necessity for making adding at the end thereof the following'. 2 F R ' 52®®> ^ CFR, 1943 C um . Supp., E O 10289, 16 F.R. 9499, 3 CFR, 1949-53 C om p., them effective immediately, it is found § 5 4.25 L icenses. except as oth erw ise n o te d ) that notice and public procedure are impracticable, unnecessary, and contrary (b) Licenses and authorizations for This amendment shall become effec tive on filing with the Office of the Fed to the public interest. of gold. * * * eral Register. 1. Section 54.7 is amended by insert the(5)exporting Gold recovered from natural de H e n ry H . F o w le r , ing “(a)” at the beginning thereof, and posits in the United States or any place Secretary of the Treasury. by adding at the end thereof the fol subject to the jurisdiction thereof, which [F .R . D oc. 68-3385; F iled, Mar. 18, 1968; lowing: shall not have entered into monetary or 9:01 a.m .] * * * * *
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