Treasure of the Sierra Madre is a well-wrought film by John Huston, starring Humphrey Bogart who turned in a very good performance. It is a measure of Bogart's self-assurance that he could accept a rôle that portrayed a shallow man succumbing to greed who ultimately suffers an ignominious death.

John Huston's screenplay and directing is assured, in which the portrayal of violence is incidental to the story, artfully depicted in a way that left the details for the viewer to imagine. Even the brawl in the cantina was understated, no longer than necessary to move the story forward.

Treasure of the Sierra Madre is an allegorical tale that still resonates today. A telling moment is when Curtin and Howard are talking about what they will do with their accumulated wealth once they can cash it in. Curtin talked about buying a peach orchard because of his fond memories growing up as a child. Howard talked about buying a hardware store to do a modest business for the remainer of his days. Fred C. Dobbs walks up to join the conversation; asked what he will do with his share of the money, Dobbs replies that the first he will have a Turkish Bath to remove all the grime, then buy a complete outfit with nine of everything — interesting number; finally, he planned to go to the best restaurant where he will order everything on the bill of fare to send back if it isn't just right, or even send it back anyway just for the hell of it. Dobbs is revealed as a man without a dream.

Bogart effectively showed Dobb's character going mad with gold-fever. Ultimately Dobbs is killed by his nemesis the bandit with the golden sombrero, for everything he has except the gold dust, which gets blown back to the hills from whence it came; the bandit made two prior appearances.

Another thread is Cody, a man unable to recognise the treasure under his nose who has abandoned his wife and child in search of gold. He gets a bullet in the neck for his trouble. Howard performs his major act of altruism for the drowned indian boy, one of several such acts. Another is his respect for the land that provided the wealth. A third is his extracting a promise from Curtin to go to Dallas to visit Cody's widow, financed by his share from the sale of the burros and the contents of his
pocket book. Howard has the happiest ending. Curtin has another journey to make before he can attain his happiness of working a peach orchard, the treasure abandoned by Cody.

Walter Huston, as Howard, had the snappiest dialogue that he delivered with gusto. What timing he had; the business with the salt, tequila, and lime; then Fu-Manchu and Number One Wife laughed with glee when, for the briefest moment, Huston broke through the fourth wall after the young indian girl had lit his cigarette as he reclined in a hammock. Fu-Manchu felt sure it was an ad-lib that John Huston left in. Fu-Manchu thinks too that the Mexicans were given respectful treatment.