Two related questions on gold standard?

Question

When USA had the gold standard that set floor on the price was there a market to set the celling? Wondering how in 1900's the price of gold was determined.

Answer 1

There was a time that a dollar was defined in terms of gold.  For instace, at one time a dollar was declared equal to 1/20th of a (troy) ounce.   You could trade a $20 bill in for a $20 gold piece, which countained an ounce of gold.   It was more a stabilization of the dollar than stabilizing the price of gold.

Later the dollar was defined at 1/35th of an ounce,  talk about inflation!

Of course, even later on the dollar was disassociated from gold.

http://www.the-privateer.com/gold2.html

Grandpa