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What is the Gold Standard?
The basing of a currency on gold. In some sense in such a system, gold IS the currency and money is a symbol for a corresponding amount of gold, backed by the issuer - i.e. the bank promises that by some means you are always able to exchange X of its currency for Y gold, and vice versa. No country still uses the gold standard - modern currencies are free floating with their value determined by local markets and exchange rates with other currencies. Even so, national governments still usually carry large gold reserves as a holdover from the time when they needed them as a physical guarantee. Gold has remained valuable over thousands of years so it can always be sold as needed for any currency (including its own) that a country might need, or bought to safely store wealth. A currency system in which each dollar is worth 1/20 of an ounce of gold (gradpoint)
Why would it be good to go back to the gold standard?
The gold standard is a monetary system in which the value of currency is determined by its relative exchange for a widely available and valuable commodity (traditionally gold). The concept was designed to limit the printing or issuance of currency without regard to the collateral (the amount of gold any government or country had). This is no longer used by any government, legal tender having become backed by the "full credit and faith" of the issuer, based on the goods and services produced that provide revenue. In the US, the gold standard was used from 1882 - 1933 and was preceded by first "gold notes" in 1865. Going back to the gold system would have some benefits in reducing public debt and deficits, but would be nearly impossible given the amount of unsecured debt in the US and worldwide.
Why is money backed by gold?
Because gold is known to be rare and desireable, along with being hard to fake and easily recognizable. Gold also has a high value to weight ratio and doesn't rust or spoil regardless of how its stored. However, today most currency is not backed up by gold anymore. The US went off of a true gold standard (where citizens could redeem notes for gold) in 1933 and the last remaining link was severed in the 1970s. However, while currency isn't backed up by gold, gold is still money and is universally recognizable and valued regardless of which country you're in, while most currency is only accepted in the country that it came from, for example, it will be hard to spend South African Rands (which are not gold or backed up by gold) in the US, on the other hand a South African Kuggrand which is made out of gold is widely accepted in the US and any other country.
What happen if all the countries print their currencies without any limit?
Short Term: Inflation Long Term: Collapse of the Paper for value model where gold and silver are likely the money again.
What is gold-flow mechanism?
The price-specie flow mechanism is a logical argument by David Hume against the Mercantilist (1700-1776) idea that a nation should strive for a positive balance of trade, or net exports. The argument considers the effects of international transactions in a gold standard, a system in which gold is the official means of international payments and each nation's currency is in the form of gold itself or of paper currency fully convertible into gold.Hume argued that when a country with a gold standard had a positive balance of trade, gold would flow into the country in the amount that the value of exports exceeds the value of imports. Conversely, when such a country had a negative balance of trade, gold would flow out of the country in the amount that the value of imports exceeds the value of exports. Consequently, in the absence of any offsetting actions by the central bank on the quantity of money in circulation (called sterilization), the money supply would rise in a country with a positive balance of trade and fall in a country with a negative balance of trade. Using a theory called the quantity theory of money, Hume argued that in countries where the quantity of money increases, inflation would set in and the prices of goods and services would tend to rise while in countries where the money supply decreases, deflation would occur as the prices of goods and services fell.The higher prices would, in the countries with a positive balance of trade, cause exports to decrease and imports to increase, which will alter the balance of trade downwards towards a neutral balance. Inversely, in countries with a negative balance of trade, the lower prices would cause exports to increase and imports to decrease, which will heighten the balance of trade towards a neutral balance. These adjustments in the balance of trade will continue until the balance of trade equals zero in all countries involved in the exchange.The price-specie flow mechanism can also be applied to a state's entire balance of payments, which accounts not only for the value of net exports and similar transactions (the current account), but also the financial account, which accounts for flows of financial assets across countries, and the capital account, which accounts for non-market and other special international transactions. But under a gold standard, transactions in the financial account would be conducted in gold or currency convertible into gold, which would also affect the quantity of money in circulation in each country.
Did any countries make gold?
Many countries mined/produced gold. And many countries still do.
Is the Swiss frank backed by gold?
The Swiss franc is no longer backed by gold since Switzerland abandoned the gold standard in 1999. Now, the currency's value is determined by market forces, economic factors, and the Swiss National Bank's monetary policies.
Are there any countries that still use gold coins?
No country uses gold for circulation coins because the metal's price changes every day. It would be impossible to mint a coin and have it be worth a specific amount of money.
What is the difference between standard gold and pure gold?
Standard gold typically refers to gold that is alloyed with other metals, such as copper or silver, to make it more durable and suitable for jewelry. Pure gold, on the other hand, refers to gold that is not mixed with any other metal and is 24 karats, making it 99.9% pure. Pure gold is softer and more malleable than standard gold.
What is played specifically for the gold medalist in any event?
Their countries national anthem
What is gold brick?
gold brick / gold bar . A gold bar is a quantity of refined metallic gold of any shape that is made by a bar producer meeting standard conditions of manufacture, labeling, and record keeping.
What are gold bars?
A gold bar, also known as gold bullion or a gold ingot, is a quantity of refined metallic gold in any shape produced by a bar producer who adheres to standard manufacturing, labeling, and record-keeping procedures.
Was any 1887 gold Sovereign stamped 21ct at end of tail on reverse?
No. Since 1817, the standard for the minting of British gold coins is 22 carat.
What is the value of a 1942 gold walking liberty half dollar?
It's gold plated, but not gold. The good news is that 1942 is a common date for Walking Liberty halves so you can still sell it for its melt value of $5-7 as of 07/2010. In any case, a gold half dollar would have been about the diameter of a pencil eraser, and no gold coins were made for circulation after the US went off the gold standard in 1933.
How much gold did gold rush find?
abaut 25% of gold was found in California and there is 75% still in California
Are there any anti-dandruff conditioners for men?
Head and Shoulders shampoo still remains the gold standard in this area. They have expanded to have a variety of different dandruff shampoos, but the bottom line is, if you want the best results, you should be using their shampoo.
Are there any gold left?
Yes! There are still many gold mines left in Alaska and India, as well as other parts of the world.
