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What is the Gold Standard and How Gold Affects Currencies


What is the Gold Standard? By NICK LIOUDISUpdated March 04, 2022Reviewed by MICHAEL J BOYLEFact checked by MARCUS REEVES The gold standard is a monetary system where a country’s currency or paper money has a value directly linked to gold. With the gold standard, countries agreed to convert paper money into a fixed amount of gold. A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price. That fixed price is used to determine the value of the currency. For example, if the U.S. sets the price of gold at $500 an ounce, the value of…

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