3 ms·
USD is _currently_ valued in Gold. Roughly 1238 USD = 1 oz of gold. I think you meant "backed" by gold?
by MR4D 9y ago
USD is _currently_ valued in Gold. Roughly 1238 USD = 1 oz of gold.
I think you meant "backed" by gold?
- zeusk 9y agoNo it isn't, Gold is valued at 1238 USD per ounce. It is also priced/valued against other major sovereign currencies like the euro, renminbi, yen, aud with enough spread for profitable arbitrage across exchanges when trading hours overlap for Sydney, Hong Kong, Beijing, Mumbai, Frankfurt, London and New York.