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America’s modern gold rush

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.

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  • Johnny Knox

    Why would you consult a managing editor/cultural anthropologist to educate you on why gold is so appealing in 2010? Perhaps you would be better off consulting an economist who can explain why one would want to own gold. I’d recommend Peter Schiff. He’s been buying gold for his clients for the past decade and has done quite well. Heck, you could even read one of his books for a thorough explanation. He’s an economist, author, businessman and soon to be Connecticut Senator. You might have even seen him on CNBC, Fox or any number of other channels over the years telling everyone who would listen to buy gold. He even called the economic collapse of 2008 years before it came to fruition.

  • katy

    Ah Gillian, you are so sensible! If only you managed some part of the economy, instead of just writing about it.

  • J. Avery Wright

    Fair is not a verb.