If the dollar is not under a gold standard, how come we can still buy gold?
I never understood that. Does that mean we can buy gold from anyone else but the Central bank? Why do they care about gold, if people prefer to carry paper money instead of gold in their pockets? Do they fear that people may sell them if they did not have them in their vaults?
Under the gold standard there was a fixed link between an ounce of gold and a dollar. Now there’s no link, so the price of gold varies according to supply and demand, and with the fortunes of the dollar in the international exchange markets.
As an analogy, suppose there was a fixed link between the price of bread and the price of butter. If the demand for butter went up, so would its price, and that would pull up the price of bread even though demand for it might not have changed.
But in the real world bread and butter are not linked, and their prices can vary independently.
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