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B-183192 1 (1975-07-17)

handle is hein.gao/gaobadclq0001 and id is 1 raw text is: THE COMPTROLLER GENERAL DECISION OF THE UNITED STATES A /WASHINGTON, D.C. 20548 FILE: B-183192 DATE: July 17, 1975 MATTER OF: Charles D. Crandall DIGEST: 1. Section 9 of Gold Reserve Act of 19342 31 U.S.C. 9733 (1970), authorized sale of gold at rates set by Secre- tary of Treasury and imposes no obligation on Government to honor bids submitted at price established by Pub. L. No. 93-110 for issuance of gold certificates. 2. Where solicitation for sale of gold, mas is, stipulates gold of 999 or better fineness bid fwr one thousand fine- ness properly was regarded as non-reqponsive despite bid- ders'subsequent waiver. of price adjustment for impure gold. Mr. Charles D. Crandall protests the action of the General Services Administration (GSA) in refusing to accept his bid for 4,800 ounces of gold at the unit price aT $42.22 per one thousand fine troy ounce under invitation for bids (IFB) No. MET-219. In its letter of April 10, 1975, GSA indicated that the reasons for rejecting the protester's bid were twofti. Firstly, the bid of $42.22 was too low for award, as the cutrf' price was $153 per fine troy ounce. And secondly, the prot1ter's bid for gold one thousand fine was considered a qualifiel offer as the IFB offered gold of 999 or better fineness. For the reasons that follow, the protest is denied. The sale of 2,000,000 fine troy ouness of gold was authorized and directed by the Secretary of the Treury pursuant to author- ity granted him by Section 9 of the Gold Reserve Act of 1934 (31 U.S.C.8733 (1970)), and Reorganization Ihan No. 26 of 1950. See Treasury Department Order No. 234, Deceider 18, 1974. The sale was made on January 6, 1975, by GSA to Vim that function had been transferred pursuant to 31 U.S.C. § 686 (1970). The protester alleges that the cited authority provides no basis for a refusal to accept bids at the price establisheddy the Act of September 21, 1973, Pub. L. No. 93-110, 87 Stat. 352, amending the Par Value Modification Act, Pub. L. No. 92-268, 86 Stat. 216, so long as part of the total offering of 2,000,000fine troy ounces remained outstanding. - 1 -

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