Iran To Dump 45 Billion Euros For Gold Bullion & Dollars
The Central Bank of Iran is set to dump a whopping 45 billion euros in exchange for gold bullion and dollars as Gulf states also prepare to flee from the ailing single currency amidst debt turmoil in Europe that threatens to disintegrate the entire region.
Peter Schiff thinks that is a real possibility — see page 45 of the current BusinessWeek. There is no doubt that when benchmarked against the CPI, money supply and GDP, gold can easily double from here.
• Another Blatant EUR Intervention Leads To 150 pip EURUSD Move In Seconds
If anyone wants to know the reason why PHYS is once again trading at about a 10% premium to NAV all over again (yes mere days after the follow on offering) look no further than the US mint.
• Euro to Go Under $1.20 ‘Almost Certainly’: Gartman