which term refers to linking a currency value to the value of gold
gold specie standard
title: ANCAP (commodity standard) text: the value of currency depended on a fixed exchange rate between money and a single good or a basket of goods. For a significant portion of American history, the value of the dollar was linked to gold. The price of an ounce of gold was set at a specific dollar amount, and the remaining goods in the economy were set relative to the value of gold. Economists have noted various problems and benefits associated with a commodity standard. A potential problem arises when the price of the anchor good (or goods) regularly fluctuates. Since the prices of all other goods title: Gold standard text: Gold standard A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished: specie, bullion, and exchange. Most nations abandoned the gold standard as the basis of their monetary systems at some point in the 20th century, although many hold substantial gold reserves. A 2012 survey of leading American economists showed that they unanimously reject that a return to the gold standard would benefit the average American. The gold specie standard arose from the widespread acceptance of gold as currency. Various commodities have title: Gold text: lower karat numbers proportionally less. The purity of a gold bar or coin can also be expressed as a decimal figure ranging from 0 to 1, known as the millesimal fineness, such as 0.995 being nearly pure. The price of gold is determined through trading in the gold and derivatives markets, but a procedure known as the Gold Fixing in London, originating in September 1919, provides a daily benchmark price to the industry. The afternoon fixing was introduced in 1968 to provide a price when US markets are open. Historically gold coinage was widely used as currency; when paper money title: Gold text: was introduced, it typically was a receipt redeemable for gold coin or bullion. In a monetary system known as the gold standard, a certain weight of gold was given the name of a unit of currency. For a long period, the United States government set the value of the US dollar so that one troy ounce was equal to $20.67 ($0.665 per gram), but in 1934 the dollar was devalued to $35.00 per troy ounce ($0.889/g). By 1961, it was becoming hard to maintain this price, and a pool of US and European banks agreed to manipulate the market to title: Gold gram text: Gold gram A gold gram is the amount of value represented by exactly one gram of gold. It is a unit of account frequently used for digital gold currencies. It is sometimes denoted by the symbol "gg", "AUG", or "GAU". A milligram of gold is sometimes referred to as a mil or mgg. Therefore, 1 AUG = 1 gg = 1000 mgg = 1000 mil, and 1 mil = 1 mgg = 0.001 gg = 0.001 AUG. This allows gold holdings and transfers to take place in tiny fractions of a gram (equivalent to a few cents) A possible source