**Key feasibility constraints (why a full gold standard is …

**Key feasibility constraints (why a full gold standard is unlikely, but partial anchoring is plausible)**
- Trust and audits: Credible, frequent, independent audits and clear legal title are mandatory—politically difficult.
- Convertibility design: Who can redeem (central banks only vs. everyone), at what spread, and with what caps? Tight designs invite speculative attacks; loose ones lack credibility.
- Liquidity backstops: Treasuries offer deep, repo‑able collateral; gold is excellent collateral but the market microstructure and lender‑of‑last‑resort mechanics are less developed.
- Policy flexibility: Hard pegs historically break when they bite. Most governments prefer optionality.