ABSTRACT
The post-War monetary and financial dislocations have been largely due to the misunderstanding of the monetary functions of gold. The utility of gold, the value of its monetary services, the confidence in the future that it inspires, are among the most valuable legacies inherited from the past. The natural acceptability and liquidity of gold is a monetary asset of a unique and incalculable value. The problem of "The Outlook for Gold," though serious and menacing, is not difficult. Its solution requires merely the abandonment of the scarcity measures adopted to meet the severe scarcity of gold which culminated in the year 1931. The withdrawal of gold coinage was the principal measure adopted to cope with an inadequate supply of gold. After the War the demand for the services of gold was so great in proportion to the supply of gold that it was withdrawn from circulation and concentrated for use as national gold reserves.
