As the chart shows, the largest gold ETF has a gold hoard that places it on a par with the reserves of central Banks.
如图标所示，最大的黄金e TF拥有的黄金储备同中央银行的准备金相等。
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Before the First World War, the gold standard created a fixed exchange rate system as each country pegged the value of its currency to gold to establish its par value.