I didn't say there are markets that use gold as the quote currency. Relative exchange ratios is a concept of non/pre-monetary economies.

In a barter economy there would be prevailing rates of exchange between every pair of goods: i.e. 25 bananas for one chicken. So, if an ounce of gold can typically be exchanged for a nice suit, then a paper note that's redeemable for an ounce of gold should be able to purchase a nice suit. 

Wait... what (commodities) market uses gold as the quote currency? That's interesting because it means one could trade without USD exposure.

optimism

The problem with the value-from-taxes argument is that it only assures a positive value but doesn't imply any particular amount of purchasing power to the monetary unit.

Gold and silver each have their own relative exchange rates with all other goods, so redemption promises imply a specific amount of purchasing power to the money.

econ

The Continental Bait-and-Switch

Undisciplined

The problem with the value-from-taxes argument is that it only assures a positive value but doesn't imply any particular amount of purchasing power to the monetary unit.

Gold and silver each have their own relative exchange rates with all other goods, so redemption promises imply a specific amount of purchasing power to the money.