Iran converts some foreign currency reserves to gold
AP
15-Nov-2008 (5 comments)

Instead of fixing the economy and creating jobs, IRI seeks for a silver bullet to defeat the world's financial tsunami; please read:

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TEHRAN, Iran (AP) — Iranian newspapers are quoting a top adviser to president Mahmoud Ahmadinejad as saying the country has converted some of its foreign currency reserves into gold.

The papers published Saturday did not say how much of Iran's estimated $120 billion in reserves were converted into gold. Iranian officials could not
immediately be reached for comment.

The daily Jahan-e-Eghtesad,
or Economy World, quoted presidential adviser Mojtaba Hashemi Samareh
as saying Ahmadinejad ordered the change.

The decision comes
after a dramatic fall in oil prices recently triggered by a global
financial crisis. About 80 percent of Iran's foreign currency revenue
comes from oil exports.

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Not surprising, as today the

by gold today (not verified) on Thu Nov 27, 2008 10:19 AM PST

Not surprising, as today the price of gold is worth more than paper assets. Dollar will not be able to sustain its strength, while gold will eventually reveal its real value and earn dividends for those who wisely invested in it.


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Converting all $120B to gold

by Ghazal Imami (not verified) on Mon Nov 17, 2008 12:50 PM PST

Converting all $120B to gold is like putting all your eggs is one basket. May Imam Zaman help them.


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bad move

by Amir Nasiri (not verified) on Sun Nov 16, 2008 12:27 PM PST

Investment 101, buy low sell high

The Iranian governmnet s buying the gold at the time it is the highest value.

Gold is always used as to protect against inflation.

They should have thought og it 3 years ago when gld was still low.

But since we don't have historical data and smart people their actions don't surprise me at all.


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Let's all move to gold

by Sahand2000 (not verified) on Sat Nov 15, 2008 11:49 AM PST

Wouldn't be a good idea if all the countries change to gold to fight the financial meltdown? I think the world economy would go to standstill.


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A good move ...

by IrooniIrani (not verified) on Sat Nov 15, 2008 11:03 AM PST

That's actually a good move. The US dollar will fall dramatically next year as the govt prints and prints and keeps on printing money. the only tangible asset that will have value and/or maintain or increase in value will be gold. The dollar has gone up dramatically the last few months mainly due to the market thinking that the US will recover much more quickly from this downturn than will Europe or Asia. But again, given these crazy Fed moves, which include the crazy and unnecessary TARP, the dollar will likely go down ... again.

The gold move will also be a good combo with oil revenues. Oil will go back up. I think oil will hit 80-85 by end of first quarter (March) next year. This Iranian mullah govt is not as dumb as it looks.


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