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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 389.05

+0.4%

Dec 10 4:00 PM EST

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To: Canuck Dave who wrote (84974)	12/23/2011 8:34:24 AM
From: TobagoJack	Read Replies (2) of 218358

Just in http://www.bloomberg.com/news/2011-12-22/iranians-rush-to-buy-gold-dollars-as-sanctions-tighten-grip.html Iranians are rushing to buy gold and dollars, sending the national currency plunging, on concern the government may be unable to maintain economic stability as international sanctions tighten. The average rate offered at currency exchange bureaus was about 15,300 rials per dollar, meaning the currency has lost about 15 percent of its value in a month, the Donya-e-Eqtesad newspaper said yesterday. The official rate yesterday was 11,030 rials per dollar, according to the Central Bank’s website. No rates were available for today, when Iran’s weekend began. State television this week showed lines of people camped out overnight in front of state banks, with sleeping bags and blankets, saying they were waiting to buy gold coins. The central bank cut off their supply as of Dec. 20 and said it’s imposing a more “just distribution” system. Under the new rules, gold paid for now will be delivered four months later, according to the state-run Mehr news agency.

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