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  5. 794 F.2d 1388 (1986)
 

S.E.C. v. BELMONT REID & CO., INC.

No. 85-2311.

794 F.2d 1388 (1986)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellant, v. BELMONT REID & COMPANY, INC., et al., Defendants, John Disterdick, Bernard Zahren, and Walter Skrondal, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided July 18, 1986.

Attorney(s) appearing for the Case

Daniel L. Goelzer, General Counsel, Jacob H. Stillman, Assoc. General Counsel, David Sirignano, Stephen M. DeTore, Washington, D.C., for plaintiff-appellant.

Walter E. Skrondal, in pro per.

James W. Mercer, Laura Lingren, Greenberg, Hennigan & Mercer, Beverly Hills, Cal., Peter H. Morrison, Morrison, Cohen & Singer, New York City, for defendants-appellees.

Before CHAMBERS, SNEED, and FARRIS, Circuit Judges.

SNEED, Circuit Judge:

The Securities and Exchange Commission (SEC) appeals from the district court's grant of summary judgment in favor of defendants John Disterdick, Bernard Zahren, and Walter Skrondal. The SEC contends that the defendants' sale of gold coins on a prepayment basis was actually an investment contract, and therefore a security. We affirm.

I.

FACTS AND PROCEEDINGS BELOW

The economic conditions out of which this case developed...

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