Abstract
N STUDIES OF the problem of international liquidity l being undertaken this year by the International Monetary Fund and a group of ten nations representing the world's principal currencies,' recognition will undoubtedly be given to gold as a key element in the international financial structure. This re-examination of the international financial system-the first since the Bretton Woods Conference twenty years ago calls, therefore, for a new survey of gold supplies and uses in the world, a review of gold flows among central banks and governments, and a reappraisal of the place of gold in the international monetary system as it functions today. This, indeed, is the purpose of this article, which ends with the pragmatic conclusion that gold will continue to make a decisive contribution to international liquidity.
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