Gold (Au)
ISO currency code: XAU
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The Gold Standard
Historically the Gold standard was the means to stabilize the global economy. It mandated that a nation must limit the currency it issued, to the amount of Gold it held in reserve. Great Britain was the first to adopt the Gold standard in 1821, followed in the 1870s, by the rest of Europe.
Gold is the "elephant in the room" that must be addressed by policymakers, as it's being used as an alternative monetary asset because of unease about the strength of developed economies, Robert Zoellick, president of the World Bank, told CNBC on November 10, 2010. What "the price of gold has been telling people is that there is a lack of confidence in some of the fundamental growth policies. The golden elephant in the room, whether people recognize it or not, is being used as an alternative monetary asset." CNBC.com
Gold certificates were United States paper currency issued between 1865 and 1933. Clearly noted on the Gold Certificate below is the following: "This certifies that there have been deposited in the treasury of the United States of America 10 dollars in Gold coin payable to the bearer on demand".
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| 10 Dollar Gold Certificate |
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The Emergency Bank Act of 1933 took the United States off the Gold Standard. The fiat currency that was born in 1933 was backed only by the full faith and credit of the United States government. Please think about this very carefully!
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Executive Order 6102 (the 1933 Gold Seizure) was signed on April 5, 1933 by US President Franklin D. Roosevelt "forbidding the hoarding of Gold coin, Gold bullion, and Gold certificates" by U.S. citizens. It required U.S. citizens to deliver on or before May 1, 1933 all but a small amount of Gold coin, Gold bullion and Gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce.
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1933 Gold Seizure |
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| 1 ounce Gold Bullion Bar |
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| 1 ounce Gold Canadian Maple Leaf |
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