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Anyone know how to peg the price of an ERC 20 token to the value of gold? What needs to be done in the coding of the smart contract? Is there a step by step tutorial somewhere? If I had gold reserves and a redemption mechanism for redeeming the coin for physical gold, and just needed to issue the tokens, the market price would have to be pegged to the value of an amount of gold right?

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the market price would have to be pegged to the value of an amount of gold

The market price would depend on supply and demand. You could attempt to set the price of your token, but that wouldn't stop the market from trading at different prices.

What you would need to do is artificially control the supply of your token, such that demand would always result in the token price being the same as the current price of gold.

A previous answer has described a similar scenario in far more detail, here.

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Anyone know how to peg the price of an ERC 20 token to the value of gold?

See existing gold tokens like Tether Gold and some others.

What needs to be done in the coding of the smart contract? Is there a step by step tutorial somewhere? If I had gold reserves and a redemption mechanism for redeeming the coin for physical gold, and just needed to issue the tokens, the market price would have to be pegged to the value of an amount of gold right?

This is correct. There is no step-by-step tutorial because what you are asking is quite advanced and I recommend seeking an advice of a professional smart contract and software developers to help you out if you lack professional development experience yourself.

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What makes a commodity or a fiat-backed stablecoin stable is its ability to be exchanged for a pre-determined amount of the commodity or fiat money in question.

You do not need to control the price at which people exchange the token to each other. Arbitrageurs will take care of regulating the price by purchasing or selling the token for the commodity/fiat from the issuer.

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