The gold standard is a good idea for backing currency because gold retains its value well. Gold is rare and there is a limited amount, so it will always remain in demand. Currency can be printed endlessly and it is much more likely to lose value due to inflation than gold is.
The gold standard does stop inflation, 40 years of inflation from 1832 to 1872 the money lost 16 % of its value, 1940 to 1980 it lost 84% of its value, on course some would disagree as there isn't enough gold, I do not agree with a 100% gold standard system, in 1880s to 1970 the US has both a gold and silver standard, which led to the silver certificate in addition to the gold certificate, this worked brilliantly, the money was backed with a precious metal as well as accounting for the need of more money, another statement is that the currency must adapt to the economy and that this can only be achieved through a fiat system, I would like to include that this system accounted for that too by the United States note being in currency to adapt to the economies state, the majority was backed, a small percentage was fiat and was only issued when absolutely necessary, I would also like to include that scariest Russia came out with a copper standard, gold silver and copper certificates can together equal the world's currency, and the best part is, it's all backed. Though I would only issue copper certificates as an alternative to fiat money's such as the United States note which would be necessary in keeping the economy together.
Gold is just a heavy metal and not really worth it. In reality, it's price is only going to drop plus, gold is too rare now. Pretty much the only places you will find gold will be on a necklace, ring, earrings, and so on. You can't really store gold because it can get stolen.
Gold is nothing more than a shiny rock foolish humans cared about centuries ago, and the allure has been repeated over and over throughout time. Though there is a point to be made about having hard physical currency to back up the monetary system, gold itself means nothing other than aesthetic appeal. We can't use it for anything real, like feeding ourselves or running electricity, so we should use something else.
It is my opinion that the gold standard is not a reliable source with which to back America's currency. The value of gold has been known to fluctuate very sharply depending upon a variety of reasons, and this fluctuation would create a highly unstable currency that could be detrimental to the economy.
Gold is just a metal and it shouldn't back any type of currency whatsoever. The only thing gold is good for is conducting electricity. Gold is a great ornamental substance, but wearing gold jewelry and gold rings is just for vanity and looks. Precious metals shouldn't be a part of any country's currency because their value fluctuates too wildly in contemporary markets.