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depository : 54.31 54.32 Licenses required. Gold imported in gold-bearing ma terials for re-export. 54.33 Gold imported for re-export. 54.34 Licenses for other purposes. SUBPART A---- GENERAL PRO VISIO N S Sec. 54.1 54.2 54.3 54.4 54.5 Authority for regulations. General provisions. Titles and subtitles. Definitions. General provisions affecting applica tions, statements, and reports. 54.6 General provisions affecting licenses and authorizations. 54.7 General provisions affecting export li censes. 54.8 General provisions affecting import licenses. 54.9 Forms available. 54.10 Representations by licensees. 54.11 Civil and criminal penalties. SUBPART F---- PURCHASE OF GOLD BY M IN T S Sec. 54.35 Purchase by mints. 54.36 Gold recovered from natural xieposits in the United States or any place sublect. to the Jurisdiction thereof. 54.37 Gold contained in deposits of silver. 54.38 Scrap gold. 54.39 Gold refined fron> sweeps purchased from a United States mint. 54.40 Imported gold. 54.41 Gold refined from imported goldbearing material. 54.42 Deposits. 54.43 Rejection of gold by mint. 54.44 Purchase price. SUBPART B---- CO N D ITIO N S UNDER W H IC H GOLD M A Y BE ACQUIRED AND HELD, TRANSPORTED, MELTED OR TREATED, IM PO RTED , EXPORTED, OR EARMARKED 54.12 54.13 54.14 54.15 54.16 54.17 54.18 54.19 54.20 Conditions under which gold may be acquired, held, melted, etc. Transportation of gold. Gold situated outside of the United States. Transportation of gold to the Posses sions of the United States. .Fabricated gold. Metals containing gold. Unmelted scrap gold. Gold in its natural state. Rare coin. SUBPART G— SALE OF GOLD BY M IN T S 54.51 Authorization to sell gold. 54.52 Sale price. SUBPART I— GENERAL LICENSE TO HOLD GOLD CERTIFICATES 54.83 General license; gold certificates. A u t h o r i t y : §§54.1 to 54.82 issued under sec. 5(b), 40 Stat. 415, as amended, secs. 3, 8, 9, 11, 48 Stat. 340, 341, 342; 12 U.S.C. 95a, 31 U.S.C. 442, 733, 734, 822b, E.O. 6260, Aug. 28, 1933, as amended by E.O. 10896, Nov. 29, 1960 and E.O. 10905, Jan. 14, 1961, and E.O. 11037, July 20, 1962; E.O. 6359, Oct. 25, 1933; E.O. 9193, as amended, 7 F.R. 5205; 3 CFR 1943 Cum. Supp.; E.O. 10289, 16 F.R. 9499; 3 CFR 1951 Supp. SUBPART C---- GOLD TOR IN D U STRIAL, PROFES SIO N AL , AND ARTISTIC USE 54.21 Fifty ounce exemption for processors. 54.22 Licenses required. 54.23 Issuance of licenses or general author izations. 54.24 Applications. 54.25 Licenses. 54.26 Investigations; records; subpoenas. 54.27 Reports. SUBPART A— GENERAL PROVISIONS § 54.1 Authority for regulations. By virtue of and pursuant to: (a) The authority vested in the Sec retary of the Treasury by the Gold Re serve Act of 1934, approved January 30, 1934 (48 Stat. 337; 31 U.S.C. 440), and the authority with respect to the ap proval of regulations issued thereunder which the President of the United States has delegated to the Secretary of the Treasury in paragraph 2(d) of Execu tive Order No. 10289 of September 17, 1951 (16 F.R. 9501) and (b) The authority which the Presi dent of the United States has delegated SUBPART D---- GOLD FOR T H E PURPOSE OF SETTLIN G IN T E R N A T IO N A L BALANCES, AND FOR OTHER PURPOSES 54.28 Acquisitions by Federal Reserve banks for purposes of settling interna tional balances, etc. 54.29 Dispositions by Federal Reserve banks. 54.30 Provisions limited to Federal Reserve banks. SUBPART E— GOLD FOR OTH ER PURPOSES N O T I N C O N SIST E N T W IT H T H E PURPOSES OF T H E GOLD RESERVE ACT OF 1 9 3 4 AND T H E ACT OF OCTO BER 6 , 1 9 1 7 , AS AM ENDED ( 1) 2 to the Secretary of the Treasury by Ex ecutive Orders Nos. 6260 of August 28, 1933 (31 CFR 1938 ed. Part 50), as amended by E.O. 10896, Nov. 29, 1960 and E.O. 10905, Jan. 14, 1961, and E.O. 11037, July 20, 1962; 6359 of October 25, 1933 and 9193 of July 6, 1942, as amended (7 F.R. 5205, 3 CFR 1943 Cum. Supp.), which delegations were made by the President of the United States by virtue of and pursuant to the authority vested in him by section 5(b) of the act of Octo ber 6, 1917 (40 Stat. 415), as amended by section 2 of the act of March 9, 1933 (48 Stat. 1), and title in, section 301 of the “ First War Powers Act, 1941’' (55 Stat. 839; 12 U.S.C. 95a), and all other authority vested in him, the following regulations, entitled “ Gold Regulations” , deemed in the public interest and neces sary and proper to carry out the purposes of said acts and Executive orders, are issued by the Secretary of the Treasury. § 54.2 General provisions— (a) Scope. Sections 54.12 to 54.34 refer particularly to section 3 of the Gold Reserve Act of 1934, as amended, and to Executive Order No. 6260 of August 28, 1933, sections 4, 5, and 6 of the Executive Order No. 6359 of October 25, 1933, and Executive Order No. 9193 of July 6,1942, as amended; and §§ 54.35 to 54.52 refer particularly to sec tions 8 and 9 of the Gold Reserve Act of 1934, as amended. (b) Delivery requirements of 1933 gold orders. Executive Order 6102 of April 5, 1933, Executive Order 6260 of August 28, 1933 (31 CFR 1938 ed. Part 50), and the order of the Secretary of the Treasury of December 28, 1933, as amended and supplemented, required that, with certain exceptions, all per sons subject to the jurisdiction of the United States deliver to the United States gold coins, gold bullion and gold certifi cates situated in the United States and held or owned by such persons on the dates of such orders. Gold coins having a recognized special value to collectors of rare and unusual coin, including all gold coins made prior to April 5, 1933, and gold certificates of the type issued before January 30, 1934, have been ex empted from such delivery requirement. The regulations in this part do not alter or affect in any way the requirements under said orders to deliver gold bullion, and gold bullion required to be delivered pursuant to such orders is still required to be delivered and may be received in accordance with the Instructions of the Secretary of the Treasury of January 17, 1934 (§ 53.1 of this chapter), subject to the rights reserved in such instructions. (c) Effect of authorizations and li censes. (1) A general authorization contained in, or a license issued pursuant to the regulations in this part, permitting the acquisition, holding, transporting, melting or treating, importing, exporting or earmarking of gold, constitutes within the limits and subject to the terms and conditions thereof a license issued under and pursuant to Executive Order No. 6260 of August 28, 1933, as amended, for such acquisition, holding, transporting, etc. (2) Any authorization in the regula tions in this part, or in any license issued hereunder to acquire, hold, trans port, melt or treat, import or export gold in any form shall not be deemed to au thorize, unless it specifically so provides, the acquisition, holding, transporting, melting or treating, importing, or ex porting of the following: (i) Any gold coin (except rare gold coin as defined in § 54.20) or any gold melted by any person from gold coin subsequent to April 5,1933. (ii) Any gold which has been held at any time in noncompliance with the acts, the orders, or any regulations, rulings, instructions or licenses issued there under, including the regulations in this part, or in noncompliance with section 3 of the act of March 9,1933, or any orders, regulations, rulings, or instructions is sued thereunder. (d) Revocation or modifications. The provisions of this part may be revoked or modified at any time and any license outstanding at the time of such revoca tion or modification shall be modified thereby to the extent provided in such revocation or modification. § 54.3 Titles and subtitles. The titles in this part are inserted for purposes of ready reference and are not to be con strued as constituting a part of the regu lations in this part. § 54.4 Definitions. (A) as used in this part, the terms: (1) “ The acts” means the Gold Re serve Act of 1934, as amended, and, sec tion 5(b) of the act of October 6, 1917, as amended by section 2 of the act of March 9, 1933 and Title III, section 301 of the “ First War Powers Act, 1941” approved December 18,1941. (2) “The orders” means Executive Orders Nos. 6260 of August 28, 1933; 6359 of October 25, 1933; 9193 of July 6, 1942, as amended, 10896 of November 29, 1960, 10905 of January 14, 1961 and E.O. 11037, July 20, 1962. 3 (3) “ United States” means the Gov ernment of the United States or where used to denote a geographical area, means the States of the United States, the District of Columbia, and all other places subject to the jurisdiction of the United States. (4) “ States of the United States” means the States of the United States and the District of Columbia. (5) “Person” means any individual, partnership, association, or corporation, including the Board of Governors of the Federal Reserve System, Federal Re serve banks, and Federal Reserve agents. (6) “ Mint” means a United States mint or assay office, and wherever au thority is conferred upon a “ mint” such authority is conferred upon the person locally in charge of the respective United States mint or assay office acting in ac cordance with the instructions of the Director, Office of Domestic Gold and Silver Operations or the Secretary of the Treasury. (7) “ Gold coin” means any coin con taining gold as a major element, includ ing gold coin of a foreign country. (8) “Gold bullion” means any gold which has been put through a process of smelting or refining, and which is in such state or condition that its value depends primarily upon the gold content and not upon its form; the term “ gold bullion” includes, but not by way of limitation, semi-processed gold and scrap gold, but it does not include fabricated gold as defined in this section, metals containing less than 5 troy ounces of fine gold per short ton, or unmelted gold coin. (9) Fabricated and semi-processed gold: (i) “Fabricated gold” means processed or manufactured gold in any form (other than gold coin or scrap gold) which: (a) Has a gold content the value of which does not exceed 90 percent of the total domestic value of such processed or manufactured gold; and (b) Has, in good faith, and not for the purpose of evading or enabling others to evade the provisions of the acts, the orders, or the regulations in this part, been processed or manufactured for some one or more specific and customary industrial, professional or artistic uses. (ii) “ Semi-processed gold” means processed or manufactured gold in any form (other than gold coin or scrap gold) which : (a) Has a gold content the value of which exceeds 90 percent of the total domestic value of such processed or manufactured gold; and (b) Has, in good faith, and not for the purpose of evading or enabling others to evade the provisions of the acts, the orders, or the regulations in this part, been processed or manufactured for some one or more specific and customary industrial, professional or artistic uses. (iii) The value of the gold content of an article shall be computed for the pur poses of this subparagraph at $35 per troy ounce of fine gold content. (iv) For the purpose of this subpara graph, the total domestic value of proc essed or manufactured gold shall be based on the cost to the owner and not the selling price. The allowable elements of such value are: (a) In the case of a manufacturer or processor, only the cost of material in the article, labor performed on the arti cle, and processing losses and overhead applicable to the manufacture or proc essing of such article; and (b) In the case of a dealer or other person who holds or disposes of gold without further processing, only the net purchase price paid by such person, in cluding transportation costs, if any, in curred in obtaining delivery of such article to his usual place of business. (10) “ Scrap gold” means gold filings, clippings, polishings, sweepings and the like and any other melted or unmelted scrap gold, semiprocessed gold or fabri cated gold, the value of which depends primarily upon its gold content and not upon its form, which is no longer held for the use for which it was processed or manufactured. (11) ‘ ‘Gold in its natural state’ ’ means gold recovered from natural sources which has not been melted, smelted, or refined, or otherwise treated by heating or by a chemical or electrical process. (12) “Hold”, when used with refer ence to gold includes actual or construc tive possession of or the retention of any interest, legal or equitable, in such gold, and includes, but not by way of limita tion, acts of agency with respect thereto although the principal be unknown. (13) “Person subject to the jurisdic tion of the United States” means: (i) Any individual who is a citizen of the United States; (ii) Any individual, wheresoever lo cated, who is a resident of, or domiciled in, the United States; (iii) Any partnership, association, cor poration, or other organization which is organized or doing business under the laws of the United States or of any state or territory thereof or of the District of Columbia; 4 (iv) Any partnership, association, cor poration or other organization, whereso ever organized or doing business, which is controlled, or a substantial part of the stock, shares, bonds, debentures, notes, drafts, or other securities or obligations of which, is owned or controlled, directly or indirectly, by persons specified in (i) , (ii), or (iii). (B) Wherever reference is made in this part to equivalents as between dol lars or currency of the United States and gold, $1 or $1 face amount of any cur rency of the United States equals fifteen and five twenty-firsts (15%i) grains of gold, nine-tenths fine. (C) Wherever reference is made in this part to “sections” , the reference is, unless otherwise indicated, to the desig nated sections of this part. (14) “ Customary industrial, profes sional or artistic use” means the use of gold in industry, profession or art, in a manner, for a purpose, in a form, and in quantities in which gold is customarily used in industry, profession or art. (15) “Possessions of the United States” means Guam, the Virgin Islands, American Samoa, Midway Islands, Wake Island, Johnston Island, and Sand Island, Swan Island and the other Island Possessions of the United States. § 54.5 General provisions affecting applications, statements, and reports. Every application, statement, and report required to be made under this part shall be made upon the appropriate form pre scribed by the Secretary of the Treas ury. Action upon any application or statement may be withheld pending the furnishing of any or all of the informa tion required in such forms or of such additional information as may be deemed necessary by the Secretary of the Treas ury, or the agency authorized or directed to act under this part. There shall be attached to the applications, statements, or reports such instruments as may be required by the terms thereof and such further instruments as may be required by the Secretary of the Treasury, or by such agency. § 54.6 General provisions affecting li censes and authorizations, (a) Licenses issued pursuant to the regulations in this part shall be upon the appropriate form prescribed by the Secretary of the Treasury. Licenses shall be nontransferable and shall entitle the licensee to acquire, hold, transport, melt or treat, import, export, or earmark gold only in such form and to the extent permitted by and subject to the conditions pre scribed in, the regulations in this part and such licenses. (b) Revocation or modification of li censes: 1 Licenses may be modified or revoked at any time in the discretion of the Director, Office of Domestic Gold and Silver Operations. In the event that a license is modified or revoked (other than by a modification or revoca tion of the regulations in this part), the Director, Office of Domestic Gold and Silver Operations shall advise the li censee by letter, mailed to the last ad dress of the licensee on file in the Office of Domestic Gold and Silver Operations. The licensee, upon receipt of such advice, shall forthwith surrender his license as directed. If the license has been modi fied but not revoked, the Director, Office of Domestic Gold and Silver Operations shall thereupon issue or cause to be issued a modified license. (c) Exclusions: The Director, Office of Domestic Gold and Silver Operations may exclude particular persons or classes thereof from the operation of any sec tion of the regulations in this part (ex cept §§ 54.28 to 54.30, inclusive) or li censes issued thereunder or from the privileges therein conferred. Such ac tion shall be binding upon all persons receiving actual notice or constructive notice thereof. Any violation of the pro visions of the regulations in this part or any license issued hereunder, shall con stitute, but not by way of limitation, grounds for such exclusion. (d) Requests for reconsideration: A written request for reconsideration of a denial of an application for a license, of a revocation, suspension, or modification of an existing license, or of an exclusion from the authorizations or privileges conferred in any section of the regula tions in this part setting forth in detail the reasons for such request, may be ad dressed to the Director, Office of Do mestic Gold and Silver Operations, Treasury Department, Washington, D.C., 20220. In addition, upon written request, the Director will schedule a hearing in the matter at which time there may be brought to the attention of the Office of Domestic Gold and Silver Operations any information bearing thereon. (e) No license issued hereunder shall exempt the licensee from the duty of complying with the legal requirements of any State or local authority. 1 Regulations governing procedures for denying an application for a license, for revoking, suspending or modifying a license, and for excluding any person from the privileges conferred in the regulations in this part are set forth in § 92.31 of this chapter. 5 (f) No license shall be issued to any person doing business under a name which in the opinion of the Secretary of the Treasury or the designated agency issuing the license, is designed or is likely to induce the belief that gold is pur chased, treated, or sold on behalf of the United States or for the purpose of carry ing out any policy of the United States. § 54.7 General provisions affecting ex port licenses.2 At the time any license to export gold is issued, the Office of Do mestic Gold and Silver Operations or Federal Reserve bank issuing the same, shall transmit a copy thereof to the col lector of customs at the port of export designated in the license or, if the port of export is not within the customs terri tory of the United States, to the govern ment officer at such port charged with the enforcement of laws relating to the exportation of merchandise from the United States. No collector of customs or other government officer charged with the enforcement of laws relating to the exportation of merchandise from the United States shall permit the export or transportation from the States of the United States to the Possessions of the United States, to Puerto Rico, to the Canal Zone, or to places not subject to the jurisdiction of the United States or the export or transportation from the Possessions of the United States from Puerto Rico or from the Canal Zone to places not subject to the jurisdiction of the United States of gold in any form except upon surrender of a license to ex port, a copy of which has been received by him from the agency issuing the same (except that licenses on Form TGL-15 general) covering multiple shipments during a six-months’ period are retained by the licensees until the expiration of such period when they are returned to the Director, Office of Domestic Gold and Silver Operations: Provided, however, That the export or transportation from the States of the United States, the Pos sessions of the United States, Puerto Rico and the Canal Zone of fabricated gold may be permitted pursuant to § 54.25(b) (2) and the export or trans 2 The regulations in this part shall not be construed as relieving any person from the obligation of compliance with the regula tions of the Bureau of Foreign Commerce (formerly the Office of International Trade), (15 CFR Parts 360 to 399), the Bureau of Customs (19 CFR Ch. I) or other laws or regulations relating to the importation or exportation of merchandise, where applicable to imports or exports of gold, or articles con taining gold. portation from the States of the United States, the Possessions of the United States, Puerto Rico and the Canal Zone of gold imported for reexport may be permitted pursuant to §§ 54.32 and 54.33: And provided further, That gold held by the Federal Reserve banks under §§ 54.28 to 54.30, may be exported or transported for the purposes of such sections without a license. The collector of customs or other government officer to whom a li cense to export is surrendered shall can cel such license and return it to the Director, Office of Domestic Gold and Silver Operations or the Federal Reserve bank which issued the same. In the event that the shipment is to be made by mail, a copy of the export license shall be sent by the agency issuing the same to the postmaster of the post office designated in the application, who will act under the instructions of the Post master General in regard thereto. § 54.8 General provisions affecting import licenses. No gold in any form imported into the United States shall be permitted to enter until the person im porting such gold shall have satisfied the collector of customs at the port of entry that he holds a license authoriz ing him to import such gold or that such gold may be imported without a li cense under the provisions of §§ 54.12 to 54.21, inclusive, or §§ 54.28 to 54.30, inclusive. Postmasters receiving pack ages containing gold will deliver such gold subject to the instructions of the Postmaster General. § 54.9 Forms available. Any form, the use of which is prescribed in this part, may be obtained at, or on written request to, any United States mint or assay office, or the Director, Office of Do mestic Gold and Silver Operations, Treasury Department, Washington, D'c., 20220 . § 54.10 Representations by licensees. Licensees may include in public and pri vate representations or statements the clause “licensed on form TGL___ (here inserting the number of the form of li cense held by the licensee) pursuant to the regulations issued by the Secretary of the Treasury” , but any representation or statement which might induce the be lief that the licensee is acting or is es pecially privileged to act on behalf of or for the United States, or is purchasing, treating, or selling gold for the United States, or in any way dealing in gold for the purpose of carrying out any policy of the United States, shall be a violation of the conditions of the license. 6 (a) Business names and representa tions generally. No person doing busi ness under a name which is designed or is likely to induce the belief that gold is being purchased, treated, or sold on be half of the United States, or any agency thereof, or for the purpose of carrying out any policy of the United States, or making representations or statements which might induce the belief that such person is acting or is especially privileged to act on behalf of or for the United States, or is purchasing, treating, or sell ing gold for the United States, or in any way dealing in gold for the purpose of carrying out any policy of the United States, may acquire, hold, transport, melt, or treat, import, export or earmark any gold under authority of §§ 54.12 to 54.20, inclusive, or §§ 54.21 to 54.27, inclusive. § 54.11 Civil and criminal penalties— (a) Civil penalties. Attention is directed to section 4 of the Gold Reserve Act of 1934, which provides: Any gold withheld, acquired, transported, melted or treated, imported, exported, or ear marked or held in custody, in violation of this Act or of any regulations issued here under, or licenses issued pursuant thereto, shall be forfeited to the United States, and may be seized and condemned by like pro ceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law; and in addition any person failing to comply with the provisions of this Act or of any such regulations or licenses, shall be subject to a penalty equal to twice the value of the gold in respect of which such failure occurred (31 U.S.C. 443). (b) Criminal punishment. Attention is also directed to (1) section 5(b) of the act of October 6,1917, as amended, which provides in part: Whoever wilfully violates any of the pro visions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000 or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both. As used in this subdivision the term “person" means an individual, partnership, association, or corporation (12 U.S.C. 95a(3)). This section of the act of October 6,1917, as amended, is applicable to violations of any provisions of this part and to vio lations of the provisions of any license, ruling, regulation, order, direction, or in structions issued by or pursuant to the direction or authorization of the Secre tary of the Treasury pursuant to the reg ulations in this part or otherwise under section 5(b) of the act of October 6,1917, as amended. (2) Section 1001 of the United States Criminal Code, which provides: Whoever, in any matter within the Juris diction of any department or agency of the United States knowingly and wilfully fal sifies, conceals or covers up by any trick, scheme, or device a material fact, or makes any false, fictitious or fraudulent state ments or representations, or makes or uses any false writing or document knowing the same to contain any false, fictitious or fraudulent statement or entry, shall be fined not more than $10,000 or imprisoned not more than five years, or both (18 U.S.C. 1001). SUBPART B— CONDITIONS UNDER WHICH GOLD MAY BE ACQUIRED AND HELD, TRANS PORTED, MELTED OR TREATED, IMPORTED, EXPORTED OR EARMARKED § 54.12 Conditions under which gold may be acquired, held, melted, etc. Gold in any form may be acquired, held, transported, melted or treated, imported, exported, or earmarked only to the ex tent permitted by and subject to the con ditions prescribed in the regulations in this part or licenses issued thereunder. § 54.13 Transportation of gold. Gold may be transported by carriers for per sons who are licensed to hold and trans port such gold or who are permitted by the regulations in this part to hold and transport gold without a license. § 54.14 Gold situated outside of the United States, (a) Gold in any form situated outside of the United States may be acquired, held, transported, melted or treated, or earmarked by or on behalf of persons subject to the juris diction of the United States only to the extent permitted by licenses relating to the legitimate and customary use of gold in industry, profession or art issued under § 54.25: Provided, however, the provisions of § 54.16, § 54.17, § 54.19, re lating to fabricated gold, metals con taining gold, and gold in its natural state, respectively, shall be applicable to the ac quisition, holding and transportation of gold in such forms outside of the United States by or on behalf of persons subject to the jurisdiction of the United States. (b) The acquisition, holding, transpor tation, importing and exporting, by per sons subject to the jurisdiction of the United States, of securities issued by any person holding, as a substantial part of his assets, gold as a store of value or as, 7 or in lieu of, money and not for a specific and customary industrial, professional or artistic use, is prohibited. § 54.15 Transportation of gold to the Possessions of the United States. Gold may be transported from the States of the United States to the Possessions of the United States, to Puerto Rico and to the Canal Zone only as authorized by §§ 54.25, 54.32, 54.33 or 54.34 or licenses issued pursuant thereto. § 54.16 Fabricated gold. Fabricated gold as defined in § 54.4 may be acquired, held, transported within the United States or imported without the necessity of holding a license therefor. Fabricated gold may be exported only as authorized in § 54.25 or in a license issued pursuant to that section. § 54.17. Metals containing gold. Met als containing not more than 5 troy ounces of fine gold per short ton may be acquired, held, transported within the United States, or imported without the necessity of holding a license therefor. Such metals may be melted or treated, and exported only to the extent per mitted by and subject to the conditions prescribed in or pursuant to §§ 54.21 to 54.27, inclusive. § 54.18 Unmelted scrap gold. Un melted scrap gold may be acquired, held, transported within the United States, or imported, in amounts not ex ceeding at any one time 50 fine troy ounces of gold content without the necessity of holding a license therefor. Persons holding licenses issued pur suant to paragraph (a) of § 54.25, or acquiring, transporting, importing or holding gold pursuant to § 54.21, may not acquire, transport, import or hold any gold under authority of this section. § 54.19 Gold in its natural state, (a) Gold in its natural state, as defined in § 54.4, may be acquired, transported within the United States, imported, or held in custody for domestic account only, without the necessity of holding a license therefor. (b) Gold amalgam which results from the addition of mercury to gold in its natural state, recovered from natural deposits in the United States or a place subject to the jurisdiction thereof, may be heated to a temperature sufficient to separate the mercury from the gold (but not to the melting temperature of gold) without a license by the person who re covered the gold from such deposits, or his duly authorized agent or employee. 769-078 0 - 65 - 2 The retort sponge so resulting-^ay be held and transported by s*ch person without a license: Provided* however, That no such person x^ay hold at any one time an am o^t of such retort sponge which evceeds in fine gold con tent 200 troy ounces. Such retort sponge may be acquired from such persons: a ) By the United States; (2) By persons holding licenses issued pursuant to paragraph (a) of § 54.25; (3) By other persons provided that the aggregate amount of such retort sponge acquired and held by such other persons does not exceed at any one time 200 fine troy ounces of gold content. (c) Persons acquiring retort sponge under paragraph (b) (3) of this section are authorized to dispose of such retort sponge only to the United States and to persons holding licenses issued pursuant to paragragh (a) of § 54.25. (d) Except as provided in §§ 54.12 to 54.20, inclusive, and in §§ 54.32 and 54.33, gold in its natural state may be melted or treated or exported only to the extent permitted by, and subject to the conditions prescribed in, or pursuant to, §§ 54.21 to 54.27, inclusive. § 54.20 Rare coin, (a) Gold coin of recognized special value to collectors of rare and unsual coin may be acquired, held, and transported within the United States without the necessity of holding a license therefor. Such coin may be im ported, however, only as authorized by this Section or Sections 54.28 to 54.30, 54.34, 54.40, or licenses issued thereun der, and exported only in accordance with the provisions of Section 54.25. (b) Gold coin made prior to April 5, 1933, is considered to be of recognized special value to collectors of rare and unusual coin. (c) Gold coin made subsequent to April 5, 1933, is presumed not to be of recognized special value to collectors of rare and unusual coin. (d) The Director, Office of Domestic Gold and Silver Operations, may in ex ceptional cases issue or cause to be is sued licenses or other authorizations permitting the importing of gold coin of recognized special value to collectors of rare and unusual coin. STTBPART C---- GOLD FOR INDUSTRIAL, PROFES SIONAL, AND ARTISTIC USB § 54.21 Fifty ounce exemption for processors, (a) Subject to the condi tions in paragraph (b) of this section, 8 any person regularly engaged in an in dustry, profession, or art, who requires gold for legitiuaate, customary, and or dinary use therein, may, without the necessity of obtaining a Treasury gold license: (1) Import unmelted scrap gold or acquire gold in any form from any per son authorized to hold and dispose of gold in such form and amount under the regulations in this part or a license is sued pursuant hereto; (2) Hold, transport, melt, and treat such gold; (3) Furnish unmelted scrap gold to the United States, to persons operating pursuant to §§ 54.18 or 54.21, or to the holder of a license issued pursuant to paragraph (a) of § 54.25; and (4) Furnish melted scrap gold to the United States or to the holder of a li cense issued pursuant to paragraph (a) of § 54.25 which authorizes the acquisi tion of such melted scrap gold. (b) The privileges of paragraph (a) of this section are granted subject to the following conditions: (1) That the aggregate amount of such gold acquired, held, transported, melted and treated, and imported, does not exceed, at any one time, 50 fine troy ounces of gold content (not including gold which may be acquired, held, etc., without a license under any other sec tion of this part, except § 54.18); (2) That the aggregate amount of such gold acquired, held, transported, melted and treated, and imported, does not exceed, in any calendar, month 350 fine troy ounces of gold content (not including gold which may be acquired, held, etc., without a license under any other section of this part, except § 54.18); (3) That such gold is acquired and held only for processing into fabricated gold; as defined in § 54.4, by such person in the industry, profession, or art in which he is engaged; and (4) That full and exact records are kept and furnished in compliance with § 54.26. (c) Persons acquiring, holding, trans porting, melting and treating, and im porting gold under authority of this section are not authorized: (1) To consign gold bullion, including semi-processed gold, to other persons for processing except that scrap gold may, for processing and return in semi-processed form, be consigned to the holder of a license issued pursuant to para graph (a) of § 54.25, which authorizes the acquisition and melting and treating of such gold; (2) To furnish melted scrap gold to persons operating pursuant to the pro visions of this section or § 54.18; (3) To dispose of gold held under au thority of this section otherwise than in the form of fabricated gold or scrap gold. (d) Persons holding licenses issued pursuant to paragraph (a) of § 54.25 or acquiring, holding, transporting, or im porting, gold pursuant to § 54.18 may not acquire, hold, transport, melt or treat, or import, any gold under author ity of this section. § 54.22 Licenses required. Except as permitted in §§ 54.12 to 54.20, inclusive, and § 54.21, gold may be acquired and held, transported, melted or treated, im ported, exported or earmarked for indus trial, professional or artistic use only to the extent permitted by licenses issued under § 54.25. § 54.23 Issuance of licenses or general authorizations. The Director, Office of Domestic Gold and Silver Operations, may issue or cause to be issued licenses or other authorizations permitting the acquisition and holding, transportation, melting and treating, importing and ex porting of gold which the Director is satisfied is required for legitimate and customary use in industry, profession, or art, by persons regularly engaged in the business of furnishing or processing gold for industry, profession, or art, or for sale to the United States. § 54.24 Applications. Every applica tion for a license under paragraph (a) of § 54.25 shall be made on Form TG-12 (except that applications for export li censes shall be made on Form TG-15) and shall be filed in duplicate with the Director, Office of Domestic Gold and Silver Operations, Treasury Department, Washington, D.C., 20220. Every appli cant for a license under paragraph (a) of § 54.25 shall state in his application whether or not any applications have been filed by or licenses issued to any partnership, association, or corporation in which the applicant has a substantial interest or, if the applicant is a partner ship, association, or corporation, by or to a person having a substantial interest in such partnership, association or cor poration. The Director, Office of Domes tic Gold and Silver Operations shall not issue any license to any person if in the judgment of the Director more than one license for the same purpose will be held for the principal use or benefit of the same persons or interests. Any person li 9 censed under this subpart acquiring a principal interest in any partnership, as sociation, or corporation, holding a license under this subpart for this pur pose shall immediately so inform the Director, Office of Domestic Gold and Silver Operations. § 54.25 Licenses.— (a) Licenses far the acquisition and holding, transportation, melting and treating, importing and dis position of gold. (1) Upon receipt of the application and after obtaining such ad ditional information as may be deemed advisable, the Director, Office of Domes tic Gold and Silver Operations shall, if satisfied that gold is necessary for the legitimate and customary requirements of the applicant’s industry, profession, art, or business, and that the applicant is qualified in all respects to conduct gold operations in full compliance with the provisions of this part and the provisions of a Treasury gold license, issue or cause to be issued to the applicant a Treasury gold license on the approved form for the kind of industry, profession, art, or business, in which the applicant is engaged. (2) Licenses issued under this section may authorize the licensee to acquire and hold not to exceed a maximum amount specified therein; to transport such gold, melt or treat it to the extent necessary to meet the requirements of the industry, profession, art or business for which it was acquired and held or otherwise to carry out the purposes for which it is held under license; and to import gold so long as the aggregate amount of all gold held after such im portation does not exceed the maximum amount authorized by the license to be held. (3) Licenses issued under this para graph do not permit the exportation or transportation of gold in any form from the States of the United States to the Possessions of the United States, to Puerto Rico, to the Canal Zone or to places not subject to the jurisdiction of the United States, or the exportation or transportation from the Possessions of the United States, from Puerto Rico or from the Canal Zone to places not sub ject to the jurisdiction of the United States. Such exportation or transpor tation is permitted only to the extent authorized in paragraph (b) of this sec tion or in a separate license issued pur suant to such paragraph. (b) Licenses and authorizations for the exporting of gold.— (1) Semi-proc essed gold. Semi-processed gold as de fined in § 54.4 may be exported or trans ported from the States of the United States to the Possessions of the United States, to Puerto Rico, to the Canal Zone, or to places not subject to the jurisdic tion of the United States, and from the Possessions of the United States, from Puerto Rico or from the Canal Zone to places not subject to the jurisdiction of the United States, only pursuant to a separate export license. Such licenses shall be issued by the Director, Office of Domestic Gold and Silver Operations upon application made on Form TG-15 establishing to the satisfaction of the Director that the gold to be exported is semi-processed gold and that the export or transport is for a specific and custom ary industrial, professional, or artistic use and not for the purpose of using or holding or disposing of such semi processed gold outside the States of the United States, as or in lieu of money, or for the value of its gold content. (2) Fabricated gold. Fabricated gold as defined in § 54.4 may be exported or transported from the States of the United States, from the Possessions of the United States, from Puerto Rico and from the Canal Zone without the neces sity of obtaining a Treasury gold license: Provided, however, That the Bureau of the Census Schedule B statistical classi fication number of each specific com modity to be exported shall be plainly marked on the outside of the package or container, the shipper's export declara tion shall contain a statement that such gold is fabricated gold as defined in § 54.4 and is being exported pursuant to the authorization contained in this subpara graph, and such additional documenta tion shall be furnished as may be re quired by the Bureau of Customs or any other government agency charged with the enforcement of laws relating to the exportation of merchandise from the United States. (3) Rare coin, (i) Rare gold coin, as defined in § 54.20, made prior to April 5, 1933, may be exported or transported from the States of the United States, from the Possessions of the United States, from Puerto Rico and the Canal Zone without the necessity of obtaining a Treasury gold license: Provided how ever, That the shipper’s export declara tion shall contain a statement that such coin is rare gold coin and is being ex ported pursuant to the authorization contained in this subparagraph and such additional documentation shall be fur nished as may be requested by the Bu reau of Customs or any other govern ment agency charged with the enforce 10 ment of laws relating to the exportation of merchandise from the United States. (ii) Gold coin made subsequent to April 5, 1933, may be exported or trans ported from the States of the United States, from the Possessions of the United States, from Puerto Rico and from the Canal Zone only under license on Form TGL-11 issued by the Director, Office of Domestic Gold and Silver Oper ations. Application for such a license shall be executed on Form TG-11 and filed with the Director, Office of Domes tic Gold and Silver Operations, Treasury Department, Washington, D.C., 20220. (4) Other exports of gold. Export licenses may also be issued upon appli cation made on Form TG-15B in the same manner as prescribed in subpara graph (1) of this paragraph, authorizing the exportation of gold in any form for refining or processing subject to the con dition that the refined or processed gold (or the equivalent in refined or processed gold) be returned to the United States, or subject to such other conditions as the Director may prescribe. § 54.26 Investigations; records; sub poenas. (a) The Director, Office of Domestic Gold and Silver Operations is authorized to make or cause to be made such studies and investigations, to con duct such hearings, and to obtain such information as the Director deems nec essary or proper to assist in the consid eration of any applications for licenses, or in the administration and enforce ment of the acts, the orders, and the regulations in this part. (b) Every person holding a license is sued under paragraph (a) of § 54.25, or acquiring, holding or disposing of gold pursuant to the authorizations in §§ 54.18 and 54.21, shall keep full and accurate records of all his operations and transactions with respect to gold, and such records shall be available for examination by a representative of the Treasury Department until the end of the fifth calendar year (or if such per son’s accounts are kept on a fiscal year basis, until the end of the fifth fiscal year) following such operations or trans actions. The records required to be kept by this section shall include the name, address, and Treasury gold license num ber of each person from whom gold is acquired or to whom gold is delivered, and the amount, date, description and purchase or sales price of each such ac quisition and delivery, and any other records or papers required to be kept by the terms of a Treasury Department gold license. If the person from whom gold is acquired, or to whom gold is de livered, does not have a Treasury gold license such records shall show, in lieu of the license number of such person, the section of the regulations in this part pursuant to which such gold was held or acquired by such person. Such rec ords shall also show all costs and ex penses entering into the computation of the total domestic value of articles of fabricated or semi-processed gold as de fined in § 54.4. (c) The Director, Office of Domestic Gold and Silver Operations (or the offi cers and employees of the Office of Do mestic Gold and Silver Operations specifically designated by the Director) or any department or agency charged with the enforcement of the acts, the orders, or the regulations in this part, may require any person to permit the inspection and copying of records and other documents and the inspection of inventories of gold and to furnish, under oath or affirmation or otherwise, com plete information relative to any trans action referred to in the acts, the orders, or the regulations in this part involving gold or articles manufactured from gold. The records which may be required to be furnished shall include any records re quired to be kept by this section and, to the extent that the production of such information is necessary and appropri ate to the enforcement of the provisions of the acts, the orders, and the regula tions in this part, or licenses issued there under, any other records, documents, reports, books, accounts, invoices, sales lists, sale slips, orders, vouchers, con tracts, receipts, bills of lading, corre spondence, memoranda, papers and drafts, and copies thereof, either before or after the completion of the trans action to which such records refer. (d) The Director, Office of Domestic Gold and Silver Operations may admin ister oaths and affirmations and may, whenever necessary, require any person holding a license under § 54.25 or ac quiring, holding or disposing of gold pur suant to the authorizations of §§ 54.18 or 54.21, or any officer, director, or em ployee of such person, to appear and testify or to appear and produce any of the records specified in paragraph (c) of this section or both, at any designated place. § 54.27 Reports. Every person hold ing a license issued pursuant to para graph (a) of § 54.25 shall make reports on the appropriate report form specified 11 in such license for the six months’ pe riods ending on the last days of June and December, respectively, and shall file such reports with the Director, Office of Domestic Gold and Silver Operations, Treasury Department, Washington, D.C., 20220. Reports shall be filed within twenty-five days after the termination of the period for which such reports are made. SUBPART D---- GOLD FOR THE PURPOSE OF SETTLING INTERNATIONAL BALANCES AND FOR OTHER PURPOSES § 54.28 Acquisitions by Federal Re serve banks for purposes of settling in ternational balances, etc. The Federal Reserve banks may from time to time acquire from the United States by re demption of gold certificates in accord ance with section 6 of the Gold Reserve Act of 1934 such amounts of gold bullion as, in the judgment of the Secretary of the Treasury, are necessary to settle in ternational balances or to maintain the equal purchasing power of every kind of currency of the United States. Such banks may also acquire gold (other than United States gold coin) abroad or from private sources within the United States. § 54.29 Dispositions by Federal Re serve banks. The gold acquired under § 54.28 may be held, transported, im ported, exported, or earmarked for the purposes of settling international bal ances or maintaining the equal purchas ing power of every kind of currency of the United States: Provided, That if the gold is not used for such purposes within 6 months from the date of acquisition, it shall (unless the Secretary of the Treas ury shall have extended the period with in which such gold may be so held) be paid and delivered to the Treasurer of the United States against payment there for by credits in equivalent amounts in dollars in the accounts authorized under the sixteenth paragraph of section 16 of the Federal Reserve Act, as amended (48 Stat. 339; 12 U.S.C. 467). § 54.30 Provisions limited to Federal Reserve banks. The provisions of this subpart shall not be construed to permit any person subject to the jurisdiction of the United States, other than a Federal Reserve bank, to acquire gold for the purposes specified in this subpart or to permit any person to acquire gold from a Federal Reserve bank except to the ex tent that his license issued under this part specifically so provides. SUBPART E— GOLD FOR OTHER PURPOSES NOT INCONSISTENT W ITH THE PURPOSES OF THE GOLD RESERVE ACT OF 1934 AND THE ACT OF OCTOBER 6 , 1 9 1 7 , AS AMENDED § 54.31 Licenses required. Gold may be acquired and held, transported, melted or treated, imported, exported, or ear marked for purposes other than those specified in §§ 54.21 to 54.30, inclusive, not inconsistent with the purposes of the acts only to the extent permitted in §§ 54.12 to 54.20, inclusive, and § 54.32, or under a license issued under §§ 54.33 or 54.34. § 54.32 Gold imported in gold-bearing materials for re-export, (a) Gold refined (or the equivalent to gold re fined) from gold-bearing materials imported into the United States for refining and re-export may be re exported to the foreign exporter or pur suant to his order, without the necessity of obtaining a Treasury gold export license, subject to the following condi tions : (1) The imported gold-bearing mate rial either (i) was imported into the United States from a foreign resident or a foreign organization, or (ii) was mined by a branch or other office of a United States organization and imported into the United States from such branch or office; (2) The importer has no right, title, or interest in the gold refined from the imported gold-bearing material other than through its branch or office which is the foreign exporter as provided in subparagraph (1) (i) and (ii) of this paragraph, and the importer will not participate in the sale of such refined gold or receive any commission in con nection with the sale of such refined gold; (3) The refined gold is to be re-exported to the foreign exporter or, pur suant to his order, to a foreign resident or foreign organization; and (4) Such gold is imported, acquired, and held, transported, melted and treated, as permitted in §§ 54.12 to 54.20, inclusive, or in accordance with a license issued under § 54.25, and in full compliance with the provisions of para graph (b) ,of this section. (b) Procedural requirements. Per sons exporting gold pursuant to para graph (a) of this section shall comply with the following requirements: (1) Notation upon entry. Upon the formal entry into the United States of 12 any gold-bearing materials, the im porter shall declare to the collector of customs at the port where the material is formally entered that the importation is made with the intention of exporting the gold refined therefrom to the foreign exporter, or pursuant to his order. The collector shall make on the entry a nota tion tg this effect and forward a copy of the entry to the United States assay office at New York or to the United States assay office at San Francisco, whichever is designated by the importer. (2) Sampling and assaying. Promptly upon the receipt of each importation of gold-bearing material at the plant where it is first to be treated, it shall be weighed, sampled, and assayed for the gold content. A reserve commercial sample shall be retained by such plant for at least 1 year from the date of im portation, unless the assay is sooner veri fied by the Office of Domestic Gold and Silver Operations. (3) Plant records. The importer shall cause an exact record, covering each importation, to be kept at the plant of first treatment. The records shall show the gross wet weight of the importation, the weight of containers, if any, the net wet weight, the percentage and weight of moisture, the net dry weight, and the gold content shown by the settlement assay. A true copy of such record shall be filed promptly with the assay office in New York or the assay office at San Francisco, whichever has been desig nated to receive a copy of the entry. The plant records herein required to be kept shall be available for examination by a representative of the Treasury De partment for at least 1 year after the date of the disposition of such gold. (4) Limitations on exports. The gold refined (or the equivalent to gold re-^ fined) from imported gold-bearing ma terials shall be exported not later than seven months from the date of entry of such gold-bearing materials and shall not exceed the amount of gold shown on the refiner’s settlement sheet as having been recovered from the imported goldbearing material: Provided, That, such gold may be exported prior to the pro curement of the refiner’s settlement sheet in an amount not in excess of 90 percent of a written estimate of the gold content of the gold-bearing material based upon the actual test assay of such material. (5) Export declaration and certificate. The exporter shall state on his export declaration that the shipment is gold refined (or the equivalent to gold re fined) from imported gold-bearing ma terials which is being exported pursuant to the authorization contained in this section, and shall attach to his export declaration a certificate properly exe cuted in duplicate on Form TG-16 and two true copies of the refiner’s settlement sheet. In the event that exportation is made prior to procurement of the settle ment sheet, duplicate certified copies of the report of the actual test assay of the gold-bearing material, together with a statement showing that an exportation with respect to such material is neces sary prior to the time the settlement sheet can be procured, shall be submit ted by the exporter with his export decla ration and certificate on Form TG-16. The collector of customs shall forward a copy of the certificate on Form TG-16 and a copy of the settlement sheet, or the report of the test assay, to the United States assay office at New York or the United States assay office at San Fran cisco, whichever has been designated to receive a copy of the entry. § 54.33 Gold imported for re-export3— (a) Exportation promptly without li cense. Gold may be imported and transported for prompt export, and ex ported without the necessity of holding a license, provided the gold is, in fact, exported promptly and remains under customs custody throughout the period during which it is within the customs limits of the United States. Upon the arrival in the United States of gold im ported for re-export pursuant to the provisions of this section, the importer shall declare to the collector of customs at the port of entry that it will be re exported promptly. The collector of customs shall make a notation of this declaration upon the entry and forward a copy of the entry to the Director, Office of Domestic Gold and Silver Operations. (b) Exportation pursuant to license. In the event that the export of any gold imported pursuant to this section is de layed due to the unavailability of facili ties for the onward transportation of such gold, the Director, Office of Domestic Gold and Silver Operations, may, sub ject to the following provisions, issue licenses on Form TGL-17 authorizing the importation, holding, transportation, and exportation of gold which the Direc tor is satisfied is, in fact, imported for re-export promptly upon the completion 3 Attention is directed to Order No. 29 of the Foreign-Trade Zones Board (17 F.R. 5316; 15 CFR 400.803) which is applicable to gold. 13 of necessary arrangements for the trans portation of such gold. (1) Every application for a license un der this section shall be made on Form TG-17 and shall be filed with the Di rector, Office of Domestic Gold and Silver Operations. (2) Upon receipt of the application and after making such investigation of the case as may be deemed advisable, the Director, Office of Domestic Gold and Silver Operations, if satisfied that the gold was, in fact, imported for re-export promptly upon the completion of neces sary arrangements for the transporta tion of such gold, shall issue to the applicant a license on Form TGL-17. § 54.34. Licenses for other purposes. The Secretary of the Treasury, with the approval of the President, shall issue licenses authorizing the acquisition, transportation, melting or treating, im porting, exporting, or earmarking of gold, for purposes other than those speci fied in §§ 54.21 to 54.30, inclusive, 54.32 and 54.33, which, in the judgment of the Secretary of the Treasury, are not in consistent with the purposes of the acts, subject to the following provisions: (a) Applications. Every application for a license under this section shall be made on Form TG-18 and shall be filed in duplicate with the Federal Reserve bank for the district in which the appli cant resides or has his principal place of business. Upon receipt of the appli cation and after making such investiga tion of the case as it may deem advisable the Federal Reserve bank shall trans mit to the Secretary of the Treasury the original of the application, together with any supplemental information it may deem appropriate. The Federal Reserve bank shall retain the duplicate of the application for its records. (b) Licenses. If the issuance of a li cense is approved, the Federal Reserve bank which received and transmitted the application will be advised by the Sec retary of the Treasury and directed to issue a license on Form TGLr-18. If a license is denied, the Federal Reserve bank will be so advised and shall imme diately notify the applicant. The deci sion of the Secretary of the Treasury with respect to the granting or denying of a license shall be final. If a license is granted, the Federal Reserve bank shall thereupon note upon the duplicate of the application therefor, the date of ap proval and issuance and the amount of gold specified in such license. (c) Reports. Within 7 business days of the date of disposition of the gold acquired or held under a license issued under this section, or within 7 business days of the date of export, if such expor tation is authorized, the licensee shall file a report in duplicate on Form TGR-18 with the Federal Reserve bank through which the license was issued. Upon re ceipt of such report, the Federal Reserve bank shall transmit the original thereof to the Secretary of the Treasury, and retain the duplicate for its records. SUBPART F— PURCHASE OF GOLD BY MINTS § 54.35 Purchase by mints. The mints, subject to the conditions specified in the regulations in mis part, particu larly § 54.36 to § 54.44, and the general regulations governing the mints, are au thorized to purchase: (a) Gold recovered from natural de posits in the United States or any place subject to the jurisdiction thereof, which shall not have entered into monetary or industrial, professional, or artistic use. (b) Gold contained in deposits of sil ver eligible for deposit at a mint for return in bar form; (c) Scrap gold as defined in § 54.4; (d) Gold refined from sweeps pur chased from a United States mint; (e) Gold (other than United States gold coin) imported into the United States after January 30, 1934; (f) Gold refined (or the equivalent to gold refined) from imported gold-bear ing material; and (g) Such other gold (other than United States gold coin or gold derived therefrom) as may be authorized from time to time by rulings of the Secretary of the Treasury. Provided, however, That no gold shall be purchased by any mint under the pro visions of this subpart which, in the opinion of the mint, has been held at any time in noncompliance with the acts, the orders, or any regulations, rulings, instructions, or licenses issued there under, including the regulations in this part, or in noncompliance with section 3 of the act of March 9,1933, or any orders, regulations, rulings, or instructions is sued thereunder.4 4 Gold which, has been so held in noncom pliance with section 3 of the act of March 9, 1933, or the Order of the Secretary of the Treasury of December 28, 1933, may, however, be purchased in accordance with the Instrutions of the Secretary of the Treasury of January 17, 1934 (§53.1 of this chapter), subject to the rights reserved in such In structions and at the price stated therein. 14 § 54.36 Gold recovered from natural deposits in the United States or any place subject to the jurisdiction thereof, (a) The mints may purchase gold under § 54.35(a) only if the deposit of such gold is accompanied by a properly exe cuted statement as follows: § 54.39 Gold refined from sweeps purchased from a United States mint. Gold refined from sweeps purchased from a United States mint shall be pur chased only if the deposit of such gold is accompanied by a statement executed on Form TG-28. § 54.40 Imported gold. Except for (1) A statement on form TG-19 shall gold which may be purchased in accord be filed with each delivery of gold by ance with the provisions of § 54.41, the persons who have recovered such gold by mints are authorized to purchase only mining or panning in the United States such gold imported into the United States or any place subject to the jurisdiction thereof. as has been in customs custody through out the period in which it shall have (2) A statement on form TG-20 shall been situated within the customs limits be filed with each delivery of gold by of the United States, and then only sub persons who have recovered such gold ject to the following provisions: from gold-bearing materials in the regu (a) Notation upon entry. Upon for lar course of their business of operating mal entry of any gold intended for sale to a custom mill, smelter, or refinery. a mint under this subpart, the importer (3) A statement on form TG-21 to shall declare to the collector of customs gether with a statement giving the names at the port of entry where the gold is of the persons from whom gold was pur formally entered that the gold is entered chased, the amount and description of for such sale. The collector shall make each lot of gold purchased, the location a notation of this declaration upon the of the mine or placer deposit from which entry and forward a copy to the mint each lot was taken, and the period within designated by the importer. which such gold was taken from the (b) Statement by importer. Upon the mine or placer deposit, shall be filed deposit of the gold with the mint desig with each such delivery of gold by per nated by the importer, the importer shall sons who have purchased such gold di file a statement executed in duplicate rectly from the persons who have mined on Form TG-23. or panned such gold. § 54.41 Gold refined from imported (b) In addition, the depositors shall gold-bearing material. The mints are show that the gold was acquired, held, authorized to purchase gold refined (or melted and treated, and transported by the equivalent to gold refined) from them in accordance with a license issued gold-bearing material which has been pursuant to § 54.25 or that such acquisi either imported into the United States tion, holding, melting and treating, and pursuant to a license issued under para transportation is permitted under graph (a) of § 54.25 for sale of the gold §§ 54.12 to 54.20, inclusive, without the derived therefrom to a designated mint, necessity of holding a license. or imported into the United States under § 54.32 (notwithstanding the declaration § 54.37 Gold contained in deposits of made by the importer upon the entry silver. Gold contained in deposits of into the United States of such gold-bearsilver, eligible at a mint for return in bar ing material as required by § 54.32(b)), form, may be purchased by the mints: whether or not such gold or gold-bearing Provided, That the gold was not mixed material has been in customs custody with such silver for the purposes of sell throughout the period it has been in the ing gold to the United States which was customs limits of the United States, sub not eligible for purchase by the United ject to the following provisions: States under paragraphs (a), (c), (d), (a) In the case of gold-bearing ma (e ), or ( f ) of § 54.35. terial imported pursuant to license issued under paragraph (a) of § 54.25, the im § 54.38 Scrap gold. Deposits of scrap porter shall declare to the collector of gold must be accompanied by a state customs at the port of entry that the ment executed on form TG-22. In addi gold-bearing material is being imported tion the depositors of such gold shall for sale of the gold refined therefrom to establish to the satisfaction of the mint a designated mint; the collector shall that the gold was acquired, held, and make on the entry a notation to this ef transported by them in accordance with fect and forward a copy thereof to the the regulations in this part or a license mint designated by the importer. issued pursuant thereto. 15 (b) In the case of gold-bearing ma terial imported under § 54.32, if the gold refined therefrom is offered to a mint other than the assay office at San Fran cisco or the assay office at New York, the importer shall have caused the copy of the entry described in § 54.32(b) to be forwarded to the mint to which he is offering the gold for sale. (c) Before any gold may be purchased under this section, the requirements of § 54.32(b) (2) and (3) must be shown to have been complied with: Provided, however, That any person importing gold-bearing materials for sale of the gold refined therefrom to a mint other than the assay office at San Francisco or the assay office at New York shall have caused the true copy of the record de scribed in § 54.32(b) (3) to be forwarded to the mint to which he is offering the gold for sale. (d) Upon presentation of the gold to a mint or assay office for purchase, the importer shall file a statement executed in duplicate on Form TG-26, together with two true copies of the settlement sheet covering the gold-bearing material imported. (e) No gold shall be accepted for pur chase under authority of this paragraph unless it is delivered to the mint and all of the terms hereof complied with within seven months from the date of the formal entry into the United States of the goldbearing material from which it was extracted. § 54.42 Deposits. Deposits of gold described in § 54.35 and rulings issued thereunder will be received in amounts of not less than 1 troy ounce of fine gold when deposited in the following forms: Nuggets, grains, and dust which are in their native state free from earth and stone, or nearly so, retort sponge, lumps, coins, bars, kings, buttons, and scrap gold as defined in § 54.4. All deposits containing 800 thousandths or more of base metal shall be rejected. In the case of gold forwarded to a mint by mail or express, a letter of transmittal shall be sent with each package. When there is a material discrepancy between the ac tual and invoice weights of a deposit, further action in regard to it will be deferred pending communication with the depositor. § 54.43 Rejection of gold by mint. Deposits of gold which do not conform to the requirements of §§ 54.35 to 54.42, inclusive, or which otherwise are unsuit able for mint treatment shall be rejected and returned to the person delivering the same at his risk and expense. The mints shall not purchase gold under the provi sions of this subpart from any person who has failed to comply with the regu lations in this part or the terms of a Treasury gold license. Any deposit of gold which has been held in noncom pliance with the acts, the orders, or any regulations, rulings, instructions or li censes issued thereunder, including the regulations in this part, or in noncom pliance with section 3 of the act of March 9, 1933, or any orders, regulations, rul ings or instructions issued thereunder, may be held subject to the penalties pro vided in § 54.11 or section 3 of the act of March 9,1933. § 54.44 Purchase price. The mints shall pay for all gold purchased by them in accordance with this subpart $35.00 (less one-fourth of 1 percent) per troy ounce of fine gold, but shall retain from such purchase price an amount equal to all mint charges. This price may be changed by the Secretary of the Treasury without notice other than by notice of such change mailed or telegraphed to the mints. SUBPART G— SALE OF GOLD BY MINTS § 54.51 Authorization to sell gold. Each mint is authorized to sell gold to persons holding licenses issued pursuant to § 54.25, or to persons authorized under § 54.21 to acquire such gold for use in industry, profession, or art: Provided, however, That except in justified cases, no mint may sell gold to any person in an amount which, in the opinion of such mint, exceeds the amount actually re quired by such person for a period of 3 months. Prior to the sale of any gold under this subpart, the mint shall require the purchaser to execute and file in dup licate a statement on Form TG-24, or, if such purchaser is in the business of furnishing gold for use in industries, professions, and arts, on Form TG-25. The mints are authorized to refuse to sell gold in amounts less than 25 ounces, and shall not sell gold under the provisions of this subpart to any person who has failed to comply with the regulations in this part or the terms of his license. § 54.52 Sale price. The mints shall charge for all gold sold under this article $35.00 (plus one-fourth of 1 percent) per troy ounce of fine gold plus the regu lar mint charges. This price may be changed by the Secretary of the Treas ury without notice other than by notice of such change mailed or telegraphed to the mints. 16 Subpart I— General License To Hold Gold Certificates § 54.83— General license; gold certifi cates. A general license is hereby granted li censing all persons subject to the juris diction of the United States, as defined in §54.4(13), to acquire, hold, dispose of, export and import United States gold certificates issued before January 30, 1934. This general license applies to any such gold certificates whether situated inside or outside of the United States. Such certificates shall not be redeem able in gold, but may be exchanged at the dollar face amount thereof in other coins and currencies of the United States which may be lawfully acquired and are legal tender for public and pri vate debts. N o t e : The reporting requirements of these regulations have been approved by the Bureau of the Budget in accordance with the Federal Reports Act of 1942. [F.R. Doc. 54-5329; Filed, July 13, 1954; F.R. Doc. 60-11222; Piled, Dec. 1, 1960; P.R.Doc. 61-430; Filed, January 16, 1961; P.R. Doc. 62-7312; Piled, July 23, 1962; P.R. Doc. 63-1053; Piled, Jan. 30, 1963; P.R. Doc. 63-8648; Filed, Aug. 12, 1963; P.R.Doc. 64-4150; Filed Apr. 24, 1964.] U S. GOVERNMENT PRINTING OFFICE: 1965 0 -7 6 9 -0 7 8 For sale by the Superintendent of Documents, U.S. Government Printing Office Washington, D.C., 20402 - Price 10 cents
@FedFRASER