Longman Dictionary of Contemporary English
Wiktionary
n. 1 (context economics English) A monetary system where the value of circulating money is linked to the value of gold. 2 (context idiomatic English) A test or measure of comparison that is considered ultimate or ideal.
WordNet
n. a monetary standard under which the basic unit of currency is defined by a stated quantity of gold
a paragon of excellence; "academic education is the gold standard against which other educational activity is pejoratively judged"
Wikipedia
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.
- In the gold specie standard the monetary unit is associated with the value of circulating gold coins or the monetary unit has the value of a certain circulating gold coin, but other coins may be made of less valuable metal.
- The gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for the circulating currency.
- The gold exchange standard usually does not involve the circulation of gold coins. The main feature of the gold exchange standard is that the government guarantees a fixed exchange rate to the currency of another country that uses a gold standard (specie or bullion), regardless of what type of notes or coins are used as a means of exchange. This creates a de facto gold standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself.
Most nations abandoned the gold standard as the basis of their monetary systems at some point in the 20th century, although many hold substantial gold reserves.
An estimated total of 174,100 tonnes of gold have been mined in human history, according to GFMS as of 2012. This is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about , or a cube on a side. There are varying estimates of the total volume of gold mined. One reason for the variance is that gold has been mined for thousands of years. Another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the gold output in illegal mining activities.
World production for 2011 was at 2,700 tonnes. Since the 1950s, annual gold output growth has approximately kept pace with world population growth of around 2x, although far less than world economic growth of some 8x, or some 4x since 1980.
In medicine and statistics, gold standard test usually refers to a diagnostic test or benchmark that is the best available under reasonable conditions. Other times, gold standard is used to refer to 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.
The phrase is therefore ambiguous and its meaning should be deduced from the context in which it appears. Part of the ambiguity stems from its usage in economics, where "gold" does not imply "best" but is merely one of many possible standards.
A gold standard is monetary standard under which the basic unit of currency is equal in value to and exchangeable for a specified amount of gold. Gold standard may also refer to:
- Gold Standard issue, a definitive series of postage stamps issued by the Soviet Union between 1923 and 1927
- Gold standard (test), in medical terminology, a test of the value of a procedure that is considered definitive in comparison to other tests
- In statistics and machine learning, a manually annotated training set or test set
- CDM Gold Standard, a widely accepted standard for evaluating the value of carbon offsets
- Gold Standard Laboratories, a record label
- "Gold Standard", nickname of professional wrestler Shelton Benjamin
... or any other "widely accepted standard."
Usage examples of "gold standard".
The banner flying from that tower didn't look like Biscop Constance's white-and-gold standard.
The code of competence is the only system of morality that's on a gold standard.
Messengers splattered out from it toward the others around, and the remainder clumped about the tall cloth-of-gold standard in its midst.
The limitation there also was computer software, which was the new gold standard in just about every weapons system in the world.
There ain't much of it at best, and, at worst, Botany ain't on a gold standard.
There ain't much of it at best and at worst, Botany ain't on a gold standard.
Augustus, by decree, went back on a silver/gold standard and created the denanius, 3.