Reply to chriscokid:
There were 54 Gas 50's made in 1931
The color change to yellow was made in Dec 7, 1931
Bruce is right my book also says yellow.
Very interesting question. As Eric said, 54 model Fifty tractors made in 1931. My records say first one built 11/24/31, so that is before the Dec 7 cut off. However, the engineering records for the black "Caterpillar" decal, 1B2526, list the effectivity for the Fifty as 5A1. That seems to match what I have found on some other models. The decision to change colors was made several months before Dec 7, which is indicated by the prints for all the decals that had to go from red/silver to black. Dec 7 may be the date the color change was announced, but it was far from an instantaneous change on all products from gray to yellow. Some new models that came out just before the change probably were yellow before Dec 7. Long story short, your Fifty should be yellow.
Another little tidbit on the Fifty: through most of it's development (1929-31), it was called the "Thirty-Five". It looks like in Aug, 1931 they started working on the tractor that was actually produced as the 5C-Thirty-Five, and realized they needed a "bigger" name, so they changed the 5A to "Fifty".
Dave