:
Gold was abandoned? News to me.
Yes it was. Gold is no longer the base of any official currency since
the convertibility of the US dollar was abandoned in 1971.
Central banks,businesses, and individual people, still hold gold as
money. If no currency now has a fixed rate of exchange to gold, so much
the worse for the currency, and so much the better for gold.
The German central bank would like the gold that the fed currently holds
on Germany's behalf shipped back from the fed to Germany, and the fed
does not want to return it. Neither of them seems to be abandoning
gold, though the fed urges the German central bank to abandon gold, and
vice versa.
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