The Economy: Who Has the World's Gold?

When we conquer on a world scale, I think we shall use gold for the purpose of building public lavatories in the streets of large cities.


HALF a century after the prophet of Communism scorned the ultimate symbol of capitalism, gold continues to exert a glittering fascination. To many governments, gold signifies the most reliable unit of foreign exchange. To many individuals, gold means security—an immutable and indestructible form of wealth.

In France, for example, a century of wars, devaluations and inflations has left many people with an almost religious reverence for gold. An estimated $4.5 billion worth of the metal is secreted...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!