Well, not the gold standard…actually. Instead the silver standard is what they’re doing…The Royal Canadian Mint is issuing $20 silver pieces that have a $20 face value, but contain 1/3 of an ounce of silver, effectively resulting in a ten dollar value. Not EXACTLY the gold standard…and not actually a silver standard either…but certainly interesting timing considering all the chatter about returning to a bullion backed currency that seems to be picking up momentum worldwide…
This is as close to a sovereign state adopting the gold standard as we’ll see this year. Gold bugs are celebrating this event as if it’s the second coming of out Lord and Saviour.
It remains to be see whether or not it will provide (or if it’s even intended to provide) any stability to an increasingly volatile world financial market.
