Are there currencies still on the gold standard?

Question

Are there currencies still on the gold standard?

Answer 1

No country has a national currency that is backed by gold. The last country to drop the gold standard was Switzerland, whose citizens narrowly voted to drop the gold standard in 1999.

However, there exist privately issued currencies, such as digital gold currency (DGC), that are backed by gold reserves (see link below).

Answer 2

None. There is not a single country on earth that backs up their currency with Gold. Those days are Gone.  

The reason is that it won't work in a Global Economy. If you are able to physically keep Gold in your country, aloing with any paper money that represents gold, then fine. It'll work.

But in the era of Globalization, the Gold can easily be removed from your economy. Either physically by tourist removing it or economically by running a trade deficit. And without the ability to create more gold as the economy demands, you will in the end, find yourself without any money to run your economy.

Gold is by default Deflationary. Fiat Money is by default Inflationary. Globalization makes Gold 100x worse than Fiat Money's inflationary nature. So that is the reason why all nations have shifted to a fiat currency in which the government can dictate the supply of money and craft monetary policy based on economic health and growth of the economy. Something that cannot be done when Gold is King and sits in the pockets of the citizens.

Answer 3

Not really; however, significant gold reserves are held by many nations as a means of defending their currency, and hedging against the U.S. Dollar, which forms the bulk of liquid currency reserves. The Swiss dropped the gold standard by vote in 1999.