Essential Reading to Understand The Headlines

Tuesday, March 22, 2011

Iran Goes for the Gold As It Moves Its Reserves Away from the Dollar For the Past Few Years

Yesterday it was reported that Iran has been buying large amounts of gold as it moves its reserves away from the US dollar. But actually it has doing this since 2006. This is also a way to circumvent the effects of the UN sanctions. Right now gold prices are soaring and it seems that Iran is really driving up the market.

"Iran Hoarding Gold" by Kenneth R. Timmerman - 2006

"Iran switches reserves to gold: report: - 2008

'Iran in no need of gold for 10 years' - 2010

"India, Iran mull over gold-for-oil for now" by Dheeraj Tiwari & Rajeev Jayaswal - 2011

"Secret Iran Gold Holdings Leaked: Tehran Holds Same Amount Of Gold As United Kingdom, And Is Buying More" by Tyler Durden - 2011