“Iranians continued to purchase gold from every available centers on fears about it’s economy, particularly the risk of soaring inflation and a wobbly currency. Worries about the declining buying power of the rial and doubts over the currency’s stability are the main drivers behind the flight to gold. Due to sanctions, Iranians have no choice but to invest in gold coins as they can’t move their capital and invest in other countries. Treasured as a store of value, Iran’s gold coins, minted over centuries, are also culturally important. Produced by the Central Bank of Iran, a standard gold coin weighs 8.133 grams. It is also sold in smaller denominations.”
http://www.bullionstreet.com/news/iranians-shun-own-currency-for-gold/3983
(Visited 73 times, 1 visits today)
Related posts:
City of Detroit Files for Chapter 9 Bankruptcy
Taxi firms seek to drive bitcoin adoption
Give a Drunk (or Anyone) a Free Ride Home, Face $500 Fine
Missouri Lt. Gov. protests UN election monitors previously invited by Pres. Bush
State Department’s Bar Tab: $415,000 a Year
Zimbabwe adopts Chinese yuan as legal tender
Did you know Twitter shadows every click you make?
State Weighs Moving Inmates to Private Prisons, Or Buying a Prison
Did RNC "Scripted" Rules Change Start A Civil War In The Republican Party?
Mentally Ill Prisoner Left To Die On Prison Floor In Oklahoma
The Well Deserved Fortune of Satoshi Nakamoto, Bitcoin creator
Jim Rogers Exclusive Interview: QE, currency wars, inflation and gold
Maybe We'll Reduce the NYPD to Firing Spitballs!
Why did Charlie Chaplin renounce the America which made him world-famous?
Bitcoin Still A Bit Player For Hedge Funds