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 ![](https://coinweek.com/wp-content/uploads/2011/09/gold_standard.jpg)
 
 ## **Background**
-The Gold Standard
 
-Currency has played a major role in society for thousands of years. Having an established currency was the mark of humanity's first step towards "functioning modern society". Throughout history, one precious metal has stood as an inherit symbol of monetary value and that metal is none other than gold. 
+Currency has played a major role in society for thousands of years. Having an established currency was the mark of humanity's first step towards "functioning modern society". Countries all established different currencies, yet all mutually recognized gold as a valuable commodity. To facilitate trading, many countries adopted the gold standard or simply settled traded disputes with gold, since all countries had a common conception of gold's value. 
+Gold's significance in the history of commerce and the maintained international understanding makes it the perfect benchmark to compare the buying power of different currencies. This project aims to draw insights from the buying power of different currencies using gold as the standard to determine each of their value. 
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+## **Procedures**
+We gathered the data for the Average Hourly Wages from the majority of developed countries around the worldand and for the spot price of gold.
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+From:
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+ https://www.oecd-ilibrary.org/social-issues-migration-health/data/oecd-employment-and-labour-market-statistics/average-annual-wages_data-00571-en.
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+ https://www.investing.com/currencies/xau-usd-historical-data 
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+## **Inference**
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++ Mexico and Russsia had the lowest minimum wages over the years.
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++ Netherlands and Luxemberg had the highest minimum wages over the years.
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++ New Zealand and the UK are continuosly increasing the minimum wage over the years.
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+## **Conclusion**
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++ This project used the gold price and U.S. dollar as currency to analyze the work hours to purchase the same amount of gold around the world, as this provides a clearer picture of the global economy. (the inverse of work hours = Purchasing Power)
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++ Weak currency is related to more work hours to buy  1 oz of gold. (e.g. current (Nov. 14, 2020) 1 Mexico Peso = 0.049 USD ~ 20 times more  work hours of US)
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++ Gold behaves like a currency, in a sense, so it is sensitive to changes in exchange rates between national fiat currencies and the divergence in monetary policies of the major central banks. 
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-Around 700 B.C., Lydians made gold into coins, which was the first time in history, or at least the first recorded instance, a society established a standardized currency system for exchange. Gold was always desired and valuable prior to this point, but this act formally solidified its power to function as a monetary unit. 
 
-As more societies emerged around the world, more currencies came into being. Utilizing improved modes of transportation, countries began to engage in commerce with each other, and a global economic framework eventually took shape. 
 
-Countries all established different currencies, yet all mutually recognized gold as a valuable commodity. To facilitate trading, many countries adopted the gold standard or simply settled traded disputes with gold, since all countries had a common conception of gold's value. At the end of the 1800's, a formally written and established internationally gold standard was agreed upon by the majority of developed nations.
 
-Although the gold standard could not survive as a long term monetary system, gold still exists as a physical commodity of value that most developed nations collectively recognize and purchase regularly. 
 
-Gold's significance in the history of commerce and the maintained international understanding makes it the perfect benchmark to compare the buying power of different currencies. Our project aims to draw insights from the buying power of different currencies using gold as the standard to determine each of their value. 
 
-- How many hours should a person in each country work to 
-        buy 1 troy oz of gold?
-- Drawing living standard of each country insights