ABSTRACT
The price of gold in the future will be determined exactly as it has been determined in the past, and as it is being determined in the present, by the operation of the age-old economic Law of Supply and Demand. The demand of governments for the services of gold is an integral factor in determining its price. Gold rose to its position of distinction as the most important of the precious metals because, in the long-distant period of the dawn of civilisation, the demand for its services exceeded its supply. The cost of obtaining gold is, in fact, so great that supply waits on demand. It is on demand, rather than on supply, that the future of gold depends. The only rational method of approach to investigate the probable future of gold is to consider the monetary demands for its services, the demand for industry and the arts being regarded as relatively stable.
