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had to be backed by either silver or gold. For instance, one U.S. dollar was the equivalent of 24. 75 grains of gold. In other words, the coins that were used as cash simply represented the gold (or silver) that was presently deposited at the bank. But this gold requirement did not last permanently.

In 1913, the Federal Reserve was produced and started providing promissory notes (the present-day version of our paper cash) that could be redeemed in gold on demand. The Gold Reserve Act of 1934 provided the U.S. government title to all the gold coins in blood circulation and put an end to the minting of any new gold coins.

The U.S. abandoned the gold standard in 1971 when its currency ceased to be backed by gold. Gold in the Modern Economy Despite the fact that gold no longer backs the U.S. dollar (or other worldwide currencies for that matter), it still carries significance in today's society. It is still crucial to the international economy.

Currently, these organizations are accountable for holding nearly one-fifth of the world's supply of above-ground gold. In addition, several central banks have included to their present gold reserves, reflecting concerns about the long-lasting global economy. Gold Preserves Wealth The reasons for gold's significance in the modern economy center on the truth that it has actually successfully protected wealth throughout countless generations.

To put things into point of view, think about the copying: In the early 1970s, one ounce of gold equaled $35. Let's say that at that time, you had an option of either holding an ounce of gold or simply keeping the $35. They would both purchase you the same things, like a brand name new company fit or an elegant bicycle.

Simply put, you would have lost a considerable amount of your wealth if you decided to hold the $35 instead of the one ounce of gold because the value of gold has actually increased, while the value of a dollar has been worn down by inflation. Gold As a Hedge Against the Dollar The concept that gold preserves wealth is a lot more important in a financial environment where financiers are faced with a decreasing U.S., gold rate investing
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