In other words, they had U.S. dollars (actually Treasury bonds) as the reserve asset, not gold bullion.
Emerging markets by and large have linked currency and monetary systems, though their link is to the dollar, not gold.
Of course, when it comes to endorsement opportunities, not all gold medals--and for that matter, not all gold medalists--are created equal.
So, a mismanaged country over time destroys most classes of assets-equities, real estate, even natural resources like oil production, but not gold.
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Retrospective analysis is a useful albeit not gold standard form of evidence.
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Our monetary system is built on government debt, not gold.
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All that glitters is not gold in jewelry retailing.
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"These are not gold-plated fat-cats and I think it's really important that Mr Cameron and his government and the way they deal with this issue don't try and somehow try and condemn the whole of the public sector, " he said.
Housing is not gold-like in the sense that gold priced in all currencies tends to rise when currencies decline in value, but the historical correlation between commodity spikes and nominal housing health is very real, and was there during the Bush years for all to see.
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There are other anecdotal stories around worth keeping an eye on: Swiss watch manufacturers report a 50% increase in sales of gold watches to Greece, Portugal and Spain in May, to 42m euros worth in a single month. (Thank god it's not gold medallions I am thinking because while I love the 1970s funkadelic look I don't want to see it on my holidays).
While she has not yet explicitly called for gold it is not unlikely that gold will emerge as her preferred policy.
Dan Denbow is not a gold bug, at least not in the traditional sense.
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Continue through the winding lanes to the wooden-latticed arcades of the Gold Souq where all that glitters is not just gold.
The price of gold remained little changed on Monday, but did not stop gold miners across the region from rallying: in Australia, Newcrest Mining and Evolution Mining added 1.7% and 5.3%, while in Hong Kong Zhaojin Mining Industry and Zijin Mining Group climbed 6.3% and 2.4%.
Because gold has not appreciated at a rate greater than inflation over the very long run, it would suggest that gold is not a buy-and-hold asset.
Gold owners do not have to sell their gold today, and they will not sell it for less than they believe that it is worth.
It's not only gold that has been driving the increased interest in precious metals.
Commodities in general were hit hard during the market rout, he pointed out, not just gold.
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The Dutch won silver at the 2004 games in Athens, but had not won gold since 1984.
Pavilonis and Nabavi both said the conflict between Israeli and Hamas has not affected gold prices yet.
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There is just not enough gold in the world to be used as a value backed money medium.
By most accounts, he was a favorite to medal, if not win gold, at the 1976 Games in Montreal.
It was not the gold standard itself but its political sabotage that helped cause the debacle of the 1930s.
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There was not enough gold to cover all of the possible exchanges of gold for dollars by foreign governments.
His comments will impact not only gold, but also other financial markets such as U.S. Treasury bonds and equity markets.
We'll see a resurgence not a gold rush, because that implies scarcity but businesses will want to get names that matter to them, specific names.
The US government then attempted to pay this last bond at a fraction of the face value and not in gold but paper.
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Then, the convention was that currencies were freely convertible not to gold but to other currencies that were themselves theoretically convertible to gold (read: the dollar and sometimes the pound).
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