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Rating:A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished: specie, bullion, and exchange.
The Gold Standard Act of the United States was passed in 1900 and established gold as the only standard for redeeming paper money, stopping bimetallism. It was signed by President William McKinley. The Act made the ''de facto'' gold standard in place since the Coinage Act of 1873 a ''de jure'' gold standard alongside other major European powers at the time.
read moreIn medicine and statistics, gold standard test is usually diagnostic test or benchmark that is the best available under reasonable conditions. Other times, gold standard is the most accurate test possible without restrictions. Both meanings are different because for example, in medicine, dealing with conditions that would require an autopsy to have a perfect diagnosis, the gold standard test would be the best one that keeps the patient alive instead of the autopsy.
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