The gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold. ... For example, if the U.S. sets the price of gold at $500 an ounce, the value of the dollar would be 1/500th of an ounce of gold. The gold standard is not currently used by any government.The gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold.
