Sunday Reading - The gold standard, explained

 

Gold Standard     The gold standard, explained A gold standard is a system where a country’s currency is pegged to, and can be converted into, a fixed amount of gold. It’s typically meant to create a sense of security in the country’s currency: When a government uses a gold standard, its currency can be exchanged for an equivalent amount of gold—although regulations around redemption vary by country.  After the Civil War, in 1873, America adopted the gold standard for the first time. At the time, if gold was priced at $100 an ounce, each dollar represented one one-hundredth of an ounce of real gold. However, the US started ramping down its use of the gold standard in 1933 in order to control gold’s supply and price, abandoning the gold standard altogether in 1971.  No government currently uses the gold standard. Some argue that globalization has made the gold standard impractical for modern economies, as it limits a nation’s ability to have a flexible monetary policy. Also, check out ...  > A startup is trying to create the diamond equivalent of the gold standard. (Read) > As of 2024, about 77% of the world's gold reserves had been mined. (View) > How did Fort Knox become the storehouse for much of the nation's gold? (Watch) > Gold has no nutritional value or flavor—but edible gold is still popular. (Watch) Explore everything else we've found on the Gold Standard.  -------------------------------------------------------------------------------------------------------------------------------------------- Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Blog Job Board