Are Fiat Currencies No Longer Backed By Gold

[Daniel3]

USD is not backed by gold. President Nixon, in 1971, took USD out from Gold Standard. British Pound is also not backed by Gold and the value of Pound is primarily determined by the demand and supply in the market, Japanese Yen is also not backed by Gold, they started taking it away from Gold Standard since 1931. Are fiat no longer backed by Gold Standard?

 

[Heatman]

No, unfortunately there's no Fiat currency that's currently being backed by Gold or Silver. Fiat money is a government-issued currency that is not backed by a commodity such as gold. The central banks have greater control over the economy because they can control how much money is printed. I don't think there's ever going to be a chance of any Fiat currency to be backed by commodities like Gold or Silver in the future.

 

[Suba1]

The money supply is increasing, making it impossible for countries to back their currencies with gold, such as the United States has gold reserves of more than 261 million troy ounces of gold or worth $ 490 billion, while the USD money in circulation has reached more than $ 20 trillion. So America does not have enough gold to peg their currency.