gold exchange standard
A method used by a government to provide backing for its currency by permitting it to be converted into a certain amount of gold. The gold exchange standard provided the backbone of the Bretton Woods system of fixed exchange rates relative to the U.S. dollar since the price of gold was then fixed to roughly $35 per troy ounce. The Nixon shock of 1971 unilaterally took the U.S. Dollar off the gold exchange standard and led to that system's eventual Collapse.
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