Wednesday, February 6, 2013

Iranians dump Trash buy Gold

From Bullion Street

Original source

TEHRAN(BullionStreet): 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.

According to latest reports, one Azadi gold coin sold for 15.3 million rials at Iran's free market last Sunday, which is a new record.

Analysts said ever dipping rial, Iran's currency, forced even those people who already have coins in large numbers to buy again rather than cashing in for a profit.

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.

They added that 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.

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