In terms of the trilemma, the gold standard effectively implied the choice of:

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The gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold. Under the gold standard, countries agreed to convert paper money into a fixed amount of gold. This system effectively prioritized globalization (as it facilitated international trade by providing exchange rate stability) and a fixed exchange rate (since the value of the currency was tied to a specific amount of gold) over policy independence. Governments had limited ability to use monetary policy (e.g., adjusting interest rates) to respond to domestic economic conditions because they had to maintain the fixed exchange rate to gold.

In Terms of the Trilemma, the Gold Standard Effectively Implied