0
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)
What else can I help you with?
How many countries use the gold standard?
There are no countries today that are using the gold standard.
Is the US using the gold standard for 2010?
No, they stopped using the gold standard in 1971
When did US go off gold standard?
us went off gold standard in 1933
What is gold parity standard?
Gold parity standard is the current system used instead of the international gold standard. This system was made in 1946 by the International Monetary Fund (IMF).
How and when did South Africa adopt the gold standard?
in 1929 thats when south africa adopted the gold standard
Who was the first to adopt the gold standard?
The gold standard was first adopted in Britain in 1821Read more: gold-standard
What does the G stand for in penicillin G?
penicillin G stands for the phrase gold standard, as in gold standard penicillin.
Who opposed gold standard?
the democrats opposed the gold standard. the republicans supported it.
Who is the gold standard in WWE?
gold standard, is the nickname (gimmick) of Shelton Benjamin
When was Gold Standard Laboratories created?
Gold Standard Laboratories was created in 1993.
How many countries use the gold standard?
There are no countries today that are using the gold standard.
Is the US using the gold standard for 2010?
No, they stopped using the gold standard in 1971
When did US go off gold standard?
us went off gold standard in 1933
What is a a monetary standard in which one ounce of gold equaled a set number of dollars?
gold standard
What is gold parity standard?
Gold parity standard is the current system used instead of the international gold standard. This system was made in 1946 by the International Monetary Fund (IMF).
What was the gold standard in 1861?
The gold standard was a period when countries used gold as currency. It cannot be said that it started in 1861. Britain followed this standard in 1821, and the US in 1879.
Principle to live by with the word gold?
Gold standard.
