Gold Standard | Definition & History

For thousands of years, gold has served not only as a symbol of wealth and luxury, but also as a reliable financial asset. So reliable that at some point the so-called “gold standard” appeared — a system in which the denomination of one monetary unit is equal to a certain amount of the precious metal. However, the transition of the world economy to the gold standard did not happen instantaneously — for some time, silver was used in monetary settlements. But at a certain point, changes occurred i