History of the Forex Market The Gold Standard

The gold standard is a monetary system in which the value of a country's currency is based on a fixed amount of gold. Under this system, central banks would hold a certain amount of gold in reserve and would issue a corresponding amount of currency. The currency could then be exchanged for gold at any time. The gold standard was used in various forms from the late 1800s until the 1970s, when it was abandoned in favor of a fiat currency system, in which the value of a currency is not based on a fixed asset like gold, but rather on the stability and credibility of the issuing government.

The foreign exchange market, or forex, is a decentralized market for the trading of currencies. It was established in the 1970s after the collapse of the Bretton Woods system, which had pegged the value of major currencies to the price of gold. The forex market is now the largest and most liquid financial market in the world, with trillions of dollars worth of currencies traded daily.

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