After the establishment of the gold specifiation system in 1875 in which different nations assigned or related their financial values to 1oz.of gold, the conversion rate between gold and 2 currencies was the new standard.
Due to the global wars the gold standard led the currency exchange rates for major currency reserves to be set. US dollars are the only money backed with gold fxcm-markets.com/trading-in-malaysia/.
The Bretton Woods system was finally ended by the US in 1971. They had declared they were going to cease trading gold against US bucks.
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