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+--- Thread: Are Fiat Currencies No Longer Backed By Gold (/showthread.php?tid=1407)
Are Fiat Currencies No Longer Backed By Gold - Daniel - 06-21-2024
USD is not backed by gold. President Nixon, in 1971, took USD out from Gold Standard. British Pound is also not backed by Gold and the value of Pound is primarily determined by the demand and supply in the market, Japanese Yen is also not backed by Gold, they started taking it away from Gold Standard since 1931. Are fiat no longer backed by Gold Standard?
RE: Are Fiat Currencies No Longer Backed By Gold - Heatman - 06-21-2024
No, unfortunately there's no Fiat currency that's currently being backed by Gold or Silver. Fiat money is a government-issued currency that is not backed by a commodity such as gold. The central banks have greater control over the economy because they can control how much money is printed. I don't think there's ever going to be a chance of any Fiat currency to be backed by commodities like Gold or Silver in the future.