Iran Announces It Has Converted 15% Of Its $100 Billion+ In FX Reserves Into Gold

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Sun, 10/31/2010 - 20:16 | 689540 mikla
mikla's picture

Maybe they are just joking?

Trick or treat!

Sun, 10/31/2010 - 20:26 | 689560 dlmaniac
dlmaniac's picture

Soon after, Iran will declare dealing their oil in anything (preferrably gold) but Dollar.

Sounds like another reason to invade Iran to Pentagon.

Sun, 10/31/2010 - 21:39 | 689734 Pegasus Muse
Pegasus Muse's picture

Gold you can eat!

Mon, 11/01/2010 - 02:30 | 689997 DoChenRollingBearing
DoChenRollingBearing's picture

I myself am hard to work to try and an become a "Top 15" holder of gold as well...

Maybe I should just worry about becoming the Top 1 holder of Iljin's IJ-212001 wheel bearing for Hyundai's H1 (Grand Starex) van instead!  None in the USA, but lots in Peru!  Resale value of this piece is NICE as I don't think anyone else makes this piece (maybe in China).

Ahh, a monopoly...  Bearings better than gold?  Maybe in a few situations...

El oro, putaz!

Mon, 11/01/2010 - 01:04 | 689969 Minion
Minion's picture

Bingo.  Anyone trading their oil in non-dollars threatens USA's reserve currency status.  Rumor has it that is what Iraq was about to do, before PetroDollar Police tested their new F-117s on their azz.......

Mon, 11/01/2010 - 07:22 | 690091 goldsaver
goldsaver's picture

You may have a point. Saddam had been demanding Euro's in payment for his oil for about 6 months before the invasion.

Sun, 10/31/2010 - 21:45 | 689750 NOTW777
NOTW777's picture

as serious as them saying they have no intention of nuke weapons

Sun, 10/31/2010 - 23:56 | 689925 CrockettAlmanac.com
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As serious as the US saying it will reduce its stockpile of nuke weapons as per the NPT.

Mon, 11/01/2010 - 00:36 | 689945 Cyrano de Bivouac
Cyrano de Bivouac's picture

Thank you CA. I'm on your team.

Sun, 10/31/2010 - 20:12 | 689542 Endstrategy
Endstrategy's picture

How are Russia's gold reserves, and Brazil's?

Gotta watch out for Iran and Russia.  Those two are in cahoots, and if you get them to pick Brazil and China and India when it comes time for picking teams...watch out.  New global reserve currency, lots of oil, new conflict.

Sun, 10/31/2010 - 21:40 | 689730 66Sexy
66Sexy's picture

the international banking and financial terrorism cartel owns and controls our beloved US government. we are all alone out there. the dollar is losing credibility, as are all currencies now. commodity for commodity trade based system may come, like gold for oil, because of the distrust between nations and the emerging diplomatic power of iran. they are backed by china AND russia; its why there is no war now. I'd say russia and iran aint in cahoots... the entire WORLD is in cahoots against the great satan, the number of the beast, the money changers, i.e.   the United States.

heard once that if a man makes enemies on all sides, he ends up dead. i dont care how much power you may have, if everyone is working against you under the surface, you just wont make it.

its the arrrogance, the transparency of corruption... the outright conspiracy of our banker owned government that has brought us to this place... we are not the worlds policeman.. we are the worlds enemy.

Sun, 10/31/2010 - 23:47 | 689914 anonnn
anonnn's picture

...the transparency of corruption...

Most damning descriptor.

Maybe a tool for WB7.

Mon, 11/01/2010 - 06:18 | 690073 moregoldplease
moregoldplease's picture

You can love our "government" I prefer the constitution and gold.

Sun, 10/31/2010 - 20:13 | 689545 JW n FL
JW n FL's picture

Iran....

 

Goldman Sachs....

 

Paulson....

 

What else do you need to know?

Sun, 10/31/2010 - 20:20 | 689554 Endstrategy
Endstrategy's picture

Need to know what the hell you are talking about.

Sun, 10/31/2010 - 20:55 | 689643 JW n FL
JW n FL's picture

I didnt junk you stupid.

as for you being in the deep end of the pool and your not being able to stand... well?

God Bless You and Yours!

Sun, 10/31/2010 - 20:57 | 689650 JonNadler
JonNadler's picture

JW is a loser

Sun, 10/31/2010 - 21:16 | 689688 JW n FL
JW n FL's picture

The name you have taken... does not suit your one line bullshit drivel... you offer nothing... you are the sheepeople, you are the problem and I am sorry that myself and more than a few others here left you and yours to the way side... it is a shame that we all did not do more to ensure that even the most unfortunate were educated. I am sorry.

With that said I feel a lil better... now, go read a book and come back and tell me where you are growth wise... and I will try to lead you to more fertile fields.

Mon, 11/01/2010 - 00:00 | 689927 CrockettAlmanac.com
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you are the sheepeople

 

What's that, some exclusively female race like the Amazons?

Mon, 11/01/2010 - 07:23 | 690092 JonNadler
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one line drivel? What else can we say JW. We have been bashing gold for years and it keeps going up. What else is left for us but one liners. And especially insolent one liners, like "am sorry we didn'y educate you better" HA HA, keep pouring on the insolent BS Jon

Sun, 10/31/2010 - 21:13 | 689682 Endstrategy
Endstrategy's picture

What does this mean? Did you junk my post?

I'm asking for an explanation about your post. it's confusing.

Sun, 10/31/2010 - 21:18 | 689697 JW n FL
JW n FL's picture

No... I did not junk you... I Junk spammers... or people I know... and then I admit I did it.

 

The post implys that only the bad guys are into Gold. Are you a bad guy? are you buying high to sell higher? do you know how close the price is to a historic high? inflation adjusted dollars... of course? or are you a fan boy... on a wagon?

Sun, 10/31/2010 - 22:26 | 689818 lsd
lsd's picture

wow

Mon, 11/01/2010 - 10:32 | 690438 teaddy bearish
teaddy bearish's picture

i own gold because i trust our so called political leader to implement new crazy economical ideologies everyday.

so that makes me a bad guy ????????????????

Mon, 11/01/2010 - 11:10 | 690559 BigJim
BigJim's picture

Are you familiar with... irony?

It's used a lot here on Zero Hedge, usually without <irony></irony tags>, so an understanding of it will bring you a greater appreciation of what makes ZH so special.

Tue, 11/02/2010 - 09:30 | 692874 ATG
ATG's picture

 

What else do you need to know?

When Uncle confiscates gold because enemies of the state like China, Iran, North Korea, Russia own/control it

Merrill would not deal Krugerrands in the 70s allegedly because South Africa had apartheid

Sun, 10/31/2010 - 20:15 | 689546 tony bonn
tony bonn's picture

the world gold council is a sock puppet of the fed...they wouldn't know gold from  a fool....

Sun, 10/31/2010 - 20:17 | 689548 tmosley
tmosley's picture

Hmmm, gold trading in terms of oil, at least by proxy.

I'm not sure what to make of that nonsense about not needing any for the next ten years, though.  That's like someone saying they don't need to make any money for the next ten years.  Just because you can get by without it doesn't mean you should.

Sun, 10/31/2010 - 20:30 | 689567 rapacious rachel wants to know (not verified)
rapacious rachel wants to know's picture

suspend your disbelief and speculate a price of $25,000 an ounce for gold

then ask youself the same question, "Will they need more?"

then factor a fractional reserve of 10 or so to one and ask the same question

Sun, 10/31/2010 - 20:35 | 689576 tmosley
tmosley's picture

I'm not saying they won't be rich.  I'm saying that to stop accumulating is like saying "I don't want any more money".  It doesn't make any sense.  I've never heard any government official say that they wouldn't need something for ten more years.

Sun, 10/31/2010 - 20:41 | 689593 Shameful
Shameful's picture

That was a throw away phrase.  If you are a buyer, do you want the seller to know your hungry to buy more?  "We bought a lot of gold, but now we are totally done.  Yep no more gold for us...so what's on the market...you know just curious"

Sun, 10/31/2010 - 20:52 | 689630 mrgneiss
mrgneiss's picture

The persians are taking lessons in gold PR headfakes from the Russians and Chinese.

Sun, 10/31/2010 - 21:59 | 689772 jeff montanye
jeff montanye's picture

exactly

Mon, 11/01/2010 - 11:12 | 690568 BigJim
BigJim's picture

Yes, exactly. If they REALLY had no intention of buying any more, they'd say "we intend quintupling our gold holding!" to push the price up.

Sun, 10/31/2010 - 20:40 | 689592 masterinchancery
masterinchancery's picture

They will need a LOT more at $1350/oz if it is going to $25000.

Sun, 10/31/2010 - 20:49 | 689619 eigenvalue
eigenvalue's picture

If gold were at $25000, Iran would never need gold any more because Uncle Sam would have already waged a war against the Persians in order to divert the attention of the public.

Mon, 11/01/2010 - 05:11 | 690054 Tsukato
Tsukato's picture

$25,000?! What the hell does that mean?! People in other currencies are gonna get rich cuz gold hits US$25,000?! Thats the stupidest thing I've ever heard! All it means is that the dollar has become worthless. The excessively high price of gold will not be reflected in other currencies, just the dollar.

Mon, 11/01/2010 - 06:55 | 690085 bingaling
bingaling's picture

As the dollar (paper) goes so will all other fiat currencies .If there is a new currency it will most certainly be backed by gold which in the past as someone informed me was (if memory serves me ) 60% of all wealth until the money changers cranked up the presses the last 50 years it is now 1 %  I believe and will be going back to historical norms . Therefore what gold buys today in no way reflects what it will buy in the near future once the paper collapses . Iran has oil & gold now . They are positioning themselves for what is to come in the near future an end to fiat based currencies . Silver may also be a big winner as gold will be worth too much to carry around even an ounce .

 

Also once the currency wars really ramp up the only way trust will be restored between nations will be through commodity based currency .

Mon, 11/01/2010 - 08:27 | 690144 Tsukato
Tsukato's picture

BALDERDASH! The renmibi will take over for the dollar. You mark my words.

Mon, 11/01/2010 - 08:47 | 690176 tmosley
tmosley's picture

The Yuan is not a major currency right now.  Other currencies like the Pound, Euro, and Yen are destined for devaluation, which will eventually force everyone who doesn't live in an area with a sound currency to flee to PMs.  By buying early, as we have, you are essentially staking a claim in the New world.  The first guys there get huge land grants, the next generation gets huge farms, the generation after that gets 40 acres and so on until everyone is there, the and is fully settled, and the land is divided into 1/4 acre lots.

Those holders of the original land grants are now billionaires, with cities named after them.

And don't be so sure that once the reserve currency collapses that people will accept anther dilutable currency for savings and transactions.  

Mon, 11/01/2010 - 08:39 | 690163 Sneeve
Sneeve's picture

Hope you're right. I bought gold with €s back in April, when the $ price was 1175U$. With gold at 1365 (or whatever it is today) my € value is down 7%.

Mon, 11/01/2010 - 20:25 | 692004 Auroch
Auroch's picture

http://www.kitco.com/gold_currency/charts.htm (click hard currencies, then 10-year)

As the dollar (paper) goes so will all other fiat currencies

It's uneven.. Suisses, Euro, Yen and even GBP are mostly flat this last year.

The different fiat regimes have differing rates of printing or deleveraging, balances of trade, bond yields, inflation, interest rates ..

I'd say silver still has legs from a demand/supply/production analysis (and energy-cost thereof)

 

Sun, 10/31/2010 - 21:45 | 689749 66Sexy
66Sexy's picture

think he said that to curb gold speculation. it means they will absolutely be buying over the next 10 years.

Sun, 10/31/2010 - 20:18 | 689551 Shameful
Shameful's picture

Iran Announces It Has Pissed in USA's Wheaties

Wonder if they can use this as a war reason.  "We have every reason to believe that Iran now possesses weapons of mass fiat destruction"

Sun, 10/31/2010 - 20:33 | 689555 Arius
Arius's picture

you have to be ashame of yourself...paraphrasing the biggest investor ever...which brings me to my next question, which has been puzzling me for awhile...how can you have a bubble when the biggest investor in the history of the world stays away from the metal...we are not talking about waiters and busboys...but old warren...hmmm

Sun, 10/31/2010 - 20:33 | 689572 Shameful
Shameful's picture

I can't put much faith into what the Oracle of Omaha says.  He is one of the poster boys for crony capitalism after all.  I wouldn't need to invest in gold either if I had a hot-line to Bailout HQ.

Sun, 10/31/2010 - 22:09 | 689789 jeff montanye
jeff montanye's picture

to paraphrase another on zh, wb formed his investment strategy in the long credit expansion from ww2 until 2008.  although if you went back and checked, he probably had a performance deficit against gold/miners 1965-1980.  well chosen equities are an excellent investment much of the time, far outperforming gold in the first parts of inflationary and deflationary cycles.  but not in the second parts.  course he could be faking too.

Tue, 11/02/2010 - 09:23 | 692853 ATG
Sun, 10/31/2010 - 22:09 | 689791 piceridu
piceridu's picture

read what his father say's about gold: http://www.fame.org/pdf/buffet3.pdf

Mon, 11/01/2010 - 06:25 | 690077 moregoldplease
moregoldplease's picture

Apparently the fruit can fall far from the tree.

WB probably has quite a lot of gold but is not making a big deal of it.

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