All That Glitters is Not Gold

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Gold, that barbarous relic, is having a thoroughly modern moment in the spotlight. Its price in dollars ($1,170 per ounce when last I checked) is setting a new record every few days. Cash4Gold and its competitors have been flooding the airwaves with ads exhorting you to fork over your gold jewelry for dollars. And for the first time since 1971, when U.S. President Richard Nixon unilaterally yanked the world off the gold standard, gold is also attracting interest from a crowd that usually doesn't pay it much heed: the world's central bankers.

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Derek Thompson is a senior editor at The Atlantic, where he writes about economics, labor markets, and the entertainment business.

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