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What would be the costs and benefits of returning to the gold standard?

Abbreviated Question: 
What would be the costs and benefits of returning to the gold standard?
Answer: 

Under the gold system, either gold circulates as money, or there is a fixed relationship between the amount of currency in circulation and the amount of gold, given the dollar price of gold. In either case, it means that a valuable resource which has both industrial and personal uses is instead “tied up” in being the monetary standard. Hence, one cost of the gold standard is the lost benefits that could be derived from using the gold for jewelry or industrial purposes.