Gold As A Reserve Today
The Swiss Franc was based on a 40% legal gold-reserve requirement from 1936, when it ended gold convertibility, until 2000. Gold reserves are held in significant quantity by many nations as a means of defending their currency, and hedging against the U.S. Dollar, which forms the bulk of liquid currency reserves. Both gold coins and gold bars are traded in liquid markets and serve as a private store of wealth.
Read more about this topic: Gold Standard
Famous quotes containing the words gold, reserve and/or today:
““The idols have seen lots of poverty,
Snakes and gold and lice,
But not the truth....””
—Wallace Stevens (1879–1955)
“We must reserve a back shop all our own, entirely free, in which to establish our real liberty and our principal retreat and solitude.”
—Michel de Montaigne (1533–1592)
“In the information age, you don’t teach philosophy as they did after feudalism. You perform it. If Aristotle were alive today he’d have a talk show.”
—Timothy Leary (b. 1920)