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March 29, 2018

Question:Why is Gold not used as money anymore? What is the history of Gold as currency?

Answer:

Gold is the oldest precious metal known to man.

It is found widely throughout the geologic world and since the early days, people have considered it as a precious metal for coinage, jewelry and other arts.

Gold has been used throughout history as money and has been a relative standard the currency equivalent specific to economic regions or countries until recent times.

Many European countries implemented gold standards in the latter part of the 19th century until these were temporarily suspended in the financial crisis involving World War I.

After World War II, the Bretton Woods system had the USD to gold at a rate of US dollars 35 per troy ounce.

The system existed until the 1971 Nixon shock, when the US unilaterally suspended the direct convertibility of the USD to gold, and made the transition to a flat currency system.

The last currency to be divorced from gold was the Swiss franc in 2000.

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