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:
“As I have known them passionate and fine,
The gold for which they leave the golden line
Of lyric is a golden light divine,
Never the gold of darkness from a mine.”
—Robert Frost (1874–1963)
“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)
“The only questions worth asking today are whether humans are going to have any emotions tomorrow, and what the quality of life will be if the answer is no.”
—Lester Bangs (1948–1982)