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The Three Standards Used for Gold

What is the gold standard? This was defined as a monetary system where the unit of currency is used to determine the fixed quantity or weight of gold. Using this method, investors, traders and bankers alike will find it easier to convert all forms of money including bank deposits and bank notes into gold at a fixed price. Three known types of gold standard are being used today, which have been adopted since the early 1700s. These include the gold specie standard, gold exchange and the gold bullion standards with a main purpose of producing a currency of stable value. The gold specie standard is the gold standard used for [...]

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