(Washington, D.C. - April 10, 2000) -- Three leading Members of Congress last week introduced H.R. 4170, which would provide capital gains treatment for gold, silver and platinum bullion investment products, in coin and bar form. Congressman J.D. Hayworth (R-Arizona), a member of the House Ways and Means Committee, Congressman Jim Gibbons (R-Nevada), Chairman of the House Mining Caucus, and Congressman Don Young (R-Alaska), Chairman of the Committee on Resources, jointly introduced the bill. Similar legislation is expected to be introduced in the United States Senate in the very near future.

"This legislation would give precious metals investors the same advantages now given to investors in stocks and bonds. This legislation is good news for the precious metals investor. We plan on working hard to ensure its passage in Congress," said Paul Bateman, President of the Gold Institute.

H.R. 4170 provides capital gains treatment for precious metal bullion investment products, including bullion coins and bars. Bullion coins are legal tender coins, issued by government mints, and are distinct from numismatic coins prized by collectors. Bullion coins bear a face value that is largely symbolic; its true value depends on the metal content and the day-to-day changing price for the metal. Bullion coins provide the investor with an economical way to make precious metals investments for diversification and portfolio protection purposes. Bullion coins are manufactured in large quantities and in a standardized uniform manner, making them fungible, or interchangeable with each other.

Some popular bullion coins include the American Eagle, the Australian Kangaroo Nugget, the Canadian Maple Leaf, the South African Krugerrand and the Austrian Philharmonic. Congressionally authorized by the Bullion Coin Act of 1985, American Eagle bullion coins have become one of the world's leading bullion investment coins.

Bullion bars are also covered under H.R. 4170. Bullion bars come in a wide range of sizes, and their weight is measured in troy ounces or grams. Bullion bars are typically sold at a low premium above the bullion price and can be purchased from select commercial banks, brokerage houses and precious metals dealers. Bullion products are liquid investments, with a global 24-hour market.

A copy of the H.R. 4170 can be obtained by contacting the Gold Institute at (202) 835-0185.