Gold As A Reserve Today
The Swiss Franc was based on a 40% legal gold-reserve requirement from 1936, when it ended gold convertibility, until 2000. Gold reserves are held in significant quantity by many nations as a means of defending their currency, and hedging against the U.S. Dollar, which forms the bulk of liquid currency reserves. Both gold coins and gold bars are traded in liquid markets and serve as a private store of wealth.
Read more about this topic: Gold Standard
Famous quotes containing the words gold, reserve and/or today:
“And the Goddess?
She stands
between the worlds.
She is ivory,
her breast bare, her bare arms
braceleted with gold snakes.”
—Denise Levertov (b. 1923)
“I do not know what right I have to so much happiness, but rather hold it in reserve till the time of my desert.”
—Henry David Thoreau (1817–1862)
“A new world is not made simply by trying to forget the old. A new world is made with a new spirit, with new values. Our world may have begun that way, but today it is caricatural. Our world is a world of things.... What we dread most, in the face of the impending débâcle, is that we shall be obliged to give up our gewgaws, our gadgets, all the little comforts that have made us so uncomfortable.... We are not peaceful souls; we are smug, timid, queasy and quakey.”
—Henry Miller (1891–1980)