QUESTION 28:

ANSWER:

How much gold is currently in the United States
Gold Reserve?

As of July 31, 1989, Treasury had the following gold balances:

ANSWER:

QUESTION 28b:

ANSWER:

Total

262.1

Please indicate the fineness of the inventory.

Fine gold in good delivery form and other fine
gold have a fineness of .995 and above. Coin
gold bars have a gold content of approximately
.900 fine. Unparted Bullion is unrefined gold
containing base metals and could contain
silver.

Gold coins and blanks have a fineness

of approximately .900.

See attached Gold Holdings Report

How much gold has been used for coinage
programs?

As of July 31, 1989, the Mint has used
1.0 million fine ounces of gold from Treasury
reserves for the coinage programs since 1980.
The following is a breakdown:

1/

In addition, 4.4 million ounces of gold were purchased from outside sources in the Eagle gold uncirculated and proof programs.

** SEE DESCRIPTION OF ABOVE CATEGORIES ON FOLLOWING PAGE **

DESCRIPTION OF CATEGORIES OF GOLD HOLDINGS

Bars weighing

Fine Gold in Good Delivery Form approximately 400 F.T.0., gold fineness .995F and above.

Other Fine Gold Bars having a fineness of .995F and above which weigh significantly more or less than fine gold bars in good delivery form.

Coin Gold Bars

Bars derived from melted U.S. gold coins, weighing approximately 400 F.T.0. and having a gold content of approximately .900F.

Unparted Bullion

Unrefined gold containing base metals

ranging from 100F to .900F; average .600F.

Gold Coins/Blanks Olympic coins, Statue of Liberty coins, American Eagle Bullion coins, Bicentennial of the Constitution coins, and blanks; foreign gold coins.

QUESTION 29:

ANSWER:

By calendar year, since the beginning of the
Eagle program, itemize:

a. How much newly mined gold has been

b.

C.

d.

purchased.

How much foreign gold has been purchased. How much old United States gold has been purchased.

How much reserve gold has been used for
the program.

Itemization of gold purchases in ounces by
calendar year is as follows:

In response to your request of August 14, 1989, for Mint comments on the General Accounting Office report on Mint financial management, we submit the enclosed "Executive Commentary and Detailed Comments".

I would appreciate the opportunity to discuss with you the issues which often prevent agencies from correcting problems as swiftly as management would like. Perhaps working together solutions can be expedited.

Sincerely,

Donna

Donna Pope

Director of the Mint

The Honorable Richard H. Lehman

Chairman, Subcommittee on Consumer
Affairs and Coinage

Committee on Banking, Finance and
Urban Affairs

U.S. House of Representatives
Washington, D.C. 20515

Enclosure

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