Back to the Gold Standard?

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Gold has been associated with money since the dawn of civilization, and - said John Maynard Keynes - has never really lost the magical properties it was imbued with by the Egyptian priesthood. But does gold have a role in the modern financial system? The yellow metal has certainly never been more sought after. The gold price fell back a touch this week but at just over one thousand seven hundred dollars an ounce it is still near its all time high. And, with central banks pumping money into the financial system to prevent it from seizing up, the argument for a return to the gold standard has become popular again. Nigel Dodd - a sociologist from the London School of Economics - considers whether the so-called goldbugs are right to be so preoccupied by gold. Then Justin Rowlatt interviews Ross Norman of Sharps Pixley, London Bullion Brokers, and Gerard Lyons of Standard Chartered Bank about whether they think gold could play a bigger role in modern finance. Plus - what do the bosses of Apple, Facebook and some of the world's most successful hedge fund managers have in common? Apart from the fact they're all incredibly wealthy, the answer is - none of them wears a tie. In other professions a necktie setting off a natty business suit is still the uniform for nearly every man in the office, but a recent poll showed only 18% of British workers say they still wear one. Justin Rowlatt has been out on the streets of London to ask whether formal neckwear still deserves a place in the modern working wardrobe.