From Reliapundit at the Astute Bloggers:
NYTIMES/AP:
Iranian newspapers are quoting a top adviser to President Mahmoud Ahmadinejad as saying the country has converted some of its foreign currency reserves into gold.IF TRUE, THIS MAY MEAN THAT THEY KNOW OF A MAJOR IMMINENT ATTACK... AGAINST THE WEST - OR AGAINST PERSIAN GULF OIL STATES...
The papers published Saturday did not say how much of Iran's estimated $120 billion in reserves were converted into gold. Iranian officials could not immediately be reached for comment.
The daily Jahan-e-Eghtesad, or Economy World, quoted presidential adviser Mojtaba Hashemi Samareh as saying Ahmadinejad ordered the change.
The decision comes after a dramatic fall in oil prices recently triggered by a global financial crisis. About 80 percent of Iran's foreign currency revenue comes from oil exports.
5 comments:
What nonsense! With the future of the dollar as a currency in doubt, it is wise for Iran to convert some of its dollar reserves into solid gold. These guys are much smarter than you propagandists are.
Yeah, this is speculation, my friend. It's not a dogmatic assertion. You can calm down.
OK, as always when there's money involved, I'm confused. Are the Iranians worried that they are planning an attack on the West or Persian Gulf oil states and there will be retaliation, or that bin Laden is going to jump their gun and attack the West or PGOIs and some of what hits the fan will land on them, or that Bush is going to say Oh What The Hell and attack Iran or that the Israelis have decided they can't wait any longer for the other shoe to drop so they plan to attack Iran? Or that the Dwarf is going to throw all the dollar paper reserves down the well to try to entice the Mahdi to climb out?
Or does it really have to do with the decline of the dollar?
RRA,
I don't know, but I thought the dollar had been bouncing back. I'll check.
The dollar is up for the past month or two.
http://finance.yahoo.com/currency/convert?amt=1&from=USD&to=EUR&submit=Convert
I know Iran had been leading a charge to have oil traded in Euros, so maybe they made a big investment in Euros and are now getting out of it.
And, of course, they don't want to buy dollars, so what's left?
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