T HERE HAS BEEN an increasing amount of comment in the world press about the possibility that the U.S.S.R. may introduce a gold ruble, and widespread speculation about the effects of such an action. The anticipated effects upon the noncommunist world have, on the whole, been described in gloomy terms. They have included such fears as that the introduction of a convertible ruble may tend to weaken the U.S. dollar, open the way for speculative "bear" attacks on the dollar and major European currencies, upset world commodity markets and prices, and touch off widespread disturbances of trade. Fears of this kind have been summarized in the phrase that a convertible ruble would be a monetary sputnik. There has been no official statement from the U.S.S.R. endorsing the general concept of a gold ruble, and much less any authoritative statement describing the specific characteristics of such a monetary innovation. It is nevertheless interesting to consider the significance that might be attached to a Russian gold ruble and the conditions under which the U.S.S.R. might believe it advantageous to establish a convertible ruble. As part of the background for such an examination, a brief survey should be made of the information that is available on Russian gold production, sales, and stocks.