STATUS OF GOLD MARKET AT THE PRESENT STAGE OF DEVELOPMENT
Abstract
Throughout the ages, gold has captivated societies, and in a post-gold-standard world, many feel that with the instability that occurred in the first decade of the 21st century, some form of the gold standard should be brought back. There were inherent problems with the gold standards implemented in the 19th and 20th cen-turies, and many people are failing to realize that gold, under the current free market system, is a currency. Gold has often been thought of in relation to the U.S. dollar, mainly because it is usually priced in U.S. dollars, and there is a rough inverse correlation between the USD and gold prices. These factors must be considered that the price of gold is simply an exchange rate: In the same way one could exchange U.S. dollars for Japanese yen, a paper currency can also be exchanged for gold.Key words: gold standard, monetary system, the issue of paper money, bank multiplier
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