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Gold is a chemical element with the symbol Au (from the Latin word aurum) and the atomic number 79. In its pure form, it is a bright, slightly orange-yellow, dense, soft, malleable, and ductile metal. Chemically, gold is a transition metal, a group 11 element, and one of the noble metals.
This created a new U.S. dollar that was backed by 1.50 grams (23.22 grains) of gold. However, the previous dollar had been represented by 1.60 g (24.75 grains) of gold. The result of this revaluation, which was the first devaluation of the U.S. dollar, was that the value in gold of the dollar was reduced by 6%.
Digital gold currency (or DGC) is a form of electronic money (or digital currency) based on mass units of gold. It is a kind of representative money, like a US paper gold certificate at the time (from 1873 to 1933) that these were exchangeable for gold on demand. The typical unit of account for such currency is linked to grams or troy ounces of ...
The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 [1] [2] as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. [3]
Gold prices (US$ per troy ounce), in nominal US$ and inflation adjusted US$ from 1914 onward. Price of gold 1915–2022 Gold price history in 1960–2014 Gold price per gram between Jan 1971 and Jan 2012. The graph shows nominal price in US dollars, the price in 1971 and 2011 US dollars.
The Nixon shock refers to the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States President Richard Nixon in 1971 in response to increasing inflation. [1] [2]
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