Gold has both private uses (depletion uses and service uses) and government uses. It can be obtained from mines with high extraction costs (about $300 per ounce) or from above ground stocks with no extraction costs. Governments still store massive stocks of gold. Making government gold available...

Gold has both private uses (depletion uses and service uses) and government uses. It can be obtained from mines with high extraction costs and quantitatively the gain in welfare and its distribution. Any policy in a class maximizes welfare from private uses. One policy involves selling all...