What countries are using the Gold or Silver Standard?

Question

I am looking for the names of countries that have their currencies backed by gold or silver.

Answer 1

Sorry, none....The EU has some gold backed securities but there is no longer a gold or silver standard.

During the 1990s Russia liquidated much of the former USSR's gold reserves, while several other nations accumulated gold in preparation for the Economic and Monetary Union. The Swiss Franc left a full gold-convertible backing. However, gold reserves are held in significant quantity by many nations as a means of defending their currency, and hedging against the US Dollar, which forms the bulk of liquid currency reserves. Weakness in the US Dollar tends to be offset by strengthening of gold prices. Gold remains a principal financial asset of almost all central banks alongside foreign currencies and government bonds. It is also held by central banks as a way of hedging against loans to their own governments as an "internal reserve". Approximately 25% of all above ground gold is held in reserves by central banks.

In addition to other precious metals, stores of value also include real estate. As with all stores of value, the basic confidence in property rights determines the selection of which one is chosen, as all of these have been confiscated or heavily taxed by governments. In the view of gold investors, none of these has the stability that gold had, thus there are occasionally calls to restore the gold standard. Occasionally politicians emerge who call for a restoration of the gold standard, particularly from libertarians and anti-government leftists. Mainstream conservative economists such as Barro and Greenspan have admitted a preference for some tangibly backed monetary standard, and have stated that a gold standard is among the possible range of choices.

Both gold coins and gold bars are widely traded in deeply liquid markets, and therefore still serve as a private store of wealth. Also some privately issued currencies, such as digital gold currency, are backed by gold reserves. In effect, the holder of such currencies is long on gold and short on their own fiat currency, writing checks on their account.


Krugerrands: Their gold content is exactly one troy ounce.In 1999, to protect the value of gold as a reserve, European Central Bankers signed the "Washington Agreement", which stated they would not allow gold leasing for speculative purposes, nor would they "enter the market as sellers" except for sales that had already been agreed upon. A selling band was set. This was intended to prevent further deterioration in the price of gold. (See Washington Consensus)

The end of the Great Commodities Depression has affected the price of gold as well, gold prices rising out of a 20-year trading bracket. This has led to a renewed use by monetary authorities of gold to back their currencies, but has not constituted adoption of a gold standard for money. In fact, the reverse is the case—the more expensive gold is, the more expensive the acquisition project to create a gold standard becomes.

Answer 2

None that I am aware of.

The Gold or Silver Standard were never totally used any time in history; though in the 1500 through the 1930s there was varing amounts of lip service.

No government has very wanted to be restricted by the disciple of the gold or silver standard.

Answer 3

this is too heavy to hold. lower back in the day people did use gold, yet via weight and subject linked with that, gold smiths might take the gold in substitute for a "economic business enterprise notice" with the quantity the goldsmith now owed them. The paper replace into lots less demanding to hold and substitute so time beyond regulation this is how paper money developed.