Abstract
EVENTS IN OUR ECONOMIC and monetary affairs during recent years (their trends) seem to confirm the thought that the flow of gold reflects the direction of the tide in men's affairs. Whether or not the flow of gold radiates into stock and bond market prices, as well as into commodities, is not as important to determine as it is to recognize that the indications from the flow of gold cannot be ignored. The outflow of gold from our Treasury since 1949 either has caused, or reflects, profound changes in the trends of our affairs. There may be more changes in the making. Published in The Analysts Journal of August, 1957 was an article entitled Gold in which it was concluded that before the 1960 elections an attractive U. S. Government bond would be offered to tempt foreigners from taking our gold, a free market for gold might be seen, and the Treasury would effectively raise the price of gold by being reluctant to sell all of this asset at the $35 price. These conclusions resulted from observing the outflow of gold from our Treasury since 1949 and the increasing claims against our reserves. The conclusions seem to be in the process of coming true. In B. Barret Griffith is associated with John H. Lewis & Co. as resident partner at Colorado Springs. He is also author of the book Investing Is Adventure.
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