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 award of a pure gold medal for poetry would flatter the recipient unduly: no poem ever attains such carat purity.”
—Robert Graves (1895–1985)
“Common experience is the gold reserve which confers an exchange value on the currency which words are; without this reserve of shared experiences, all our pronouncements are cheques drawn on insufficient funds.”
—René Daumal (1908–1944)
“If you’re born in America with a black skin, you’re born in prison, and the masses of black people in America today are beginning to regard our plight or predicament in this society as one of a prison inmate.”
—Malcolm X (1925–1965)