What is the Gold Standard?

In this video, Hansi Mehrotra talks about the history and significance of the relatively ancient monetary system – the Gold Standard – and explains how it was responsible for determining the price of gold, its relevance in today’s world, how its discontinuation in 1971 impacted gold prices for years, and finally, how the global financial crisis of 2008 shook the markets as well as changed investors’ belief in gold.