FX fact: the Gold Standard
EURO COMMENTARY
The Gold Standard -- whereby the amount of currency in circulation is limited to the value of gold held by a country’s reserves -- was used on and off worldwide between 1821 and 1973.
Stemming from citizens’ mistrust of government’s assertions over the value of money, the system was prone to problems when the price of gold rose or fell. During the 1870s when gold production fell, general deflation was felt around the world as money supply grew very slowly.
Contrastingly, in times of high gold
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