By Naveen Athrappully Spot silver prices hit a new record high in early-morning trade on Monday, while gold also rose amid the possibility of interest rate cuts in December. Silver hit a high of $57.87 per oz. on Dec. 1 and was trading at $57.43 as of 7:10 a.m. ET, up by 1.82 percent from […]
Tag: Gold Standard
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves.
