If &quot;gold standard&quot; had one narrow definition (something like each printed currency unit is back by a specific amount of gold and that amount doesn&#x27;t float), then yes, it would render it meaningless.<p>But if the amount of currency issued can float relative to the gold reserves held, then the values of currencies relative to each other could still flow significantly.<p>Put another way, it&#x27;s an issue of trust. If currency X and currency Y are both theoretically backed by gold, but it&#x27;s far easier or more reliable to convert X into gold than Y, then X as a reserve would be more valuable than Y.