Sunday, November 16, 2008

Iran Switches Reserves to Gold

"With the plans of the presidency...the country's money reserves were changed into gold so that we wouldn't be faced with many problems in the future," presidential adviser Mojtaba Samareh-Hashemi was quoted as saying by business daily Poul.

He gave no figures or other details.

This is why most governments hate gold. You can't put sanctions on physical gold the way you can on a bank account at Citi. Gold has no smell.

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