The Associated Press announced late last week that Iranian newspapers are stating that Iran is converting reserves into gold.
The newspapers are quoting Mojtaba Hasemi Samareh, who is the top advisor to President Mahmoud Ahmadinejad. Saying that the decision to buy gold was executed at the order of Ahmadinejad.
Iran reportedly has $120 billion in reserves. It is unknown how much of the reserves has been converted to gold.
Roughly 80% of Iran’s foreign revenue comes from oil. The decision to buy gold follows recent, dramatic drops in oil prices.
The economy is volatile – but gold is always solid. Gold prices are at record highs – sell your old or broken gold for cash today! Visit Cash4Gold to see the prices we pay and how to get Cash for your gold!
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment