The Gold Standard By: Eryn Tanksley

WHAT? The Gold Standard is a system of money where a countries currency is directly linked to the value of gold. Countries with the gold standard agreed to convert paper money into a fixed amount of gold, and buy and sold god at that set price.

WHEN? The Gold Standard Act was passed in 1834, when the United States set the price of gold at $20.67 per ounce. The Gold Standard Act was repealed in 1933.

WHO? The Gold Standard was not introduced by one single person, this monetary system has been around for ages, and was simply passed down from different cultures and countries until it eventually ended up being adopted by the United states.

WHERE? HISTORICAL SIGNIFICANCE? None one currently uses the Gold Standard, even though many counties still keep significant gold reserves including the U.S., France, Germany, Italy, China and Switzerland. Gold and the US have always had an interesting relationship. Over the long term, a declining dollar equals rising gold prices.

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Eryn Tanksley
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