Gold the sole controller of monetary policies?

The gold standard is a monetary system in which the value of a country’s currency is directly linked to the yellow metal. When countries use the gold standard, a fixed price at which to buy and sell gold is set as a way to determine the value of the nation’s currency.

For example, if the US went back to the gold standard and set the price of gold at US$500 per ounce, the value of the dollar would be 1/500th of an ounce of....