If you’ve had insomnia or tuned into talk radio lately, you may have encountered a commercial urging you to buy gold — as an investment, a safety net or a defensive move to protect your family. A lot has happened since Richard Nixon took the dollar off the gold standard in 1971, meaning that the U.S. dollar could no longer be converted into gold.
After almost four decades, gold hit an all time high this month with an ounce priced at more than $1,250. Countries are investing in gold. Liberal and conservative thinkers are investing in gold. Still, as a long-term investment, it doesn’t fair all that well. To get to the bottom of the current gold rush, Need to Know spoke with Gillian Tett, the U.S. managing editor of The Financial Times.