'Confiscation Is Coming' As Iranian Cops Crackdown On "Gold Hoarder" Who Collected 250,000 Coins

As the collapse of the Iranian rial has led to soaring inflation, leading to protests and civil unrest,  authorities are beginning to crack down on "gold hoarders" as Iranians scramble to preserve their wealth by swapping rials for gold, which has the added effect of exacerbating the already troubled currency's decline.

Rial

In a move that will send a message to others who've buying up large quantities of gold, Iranian police have arrested a man they accused of hoarding two tonnes of gold coins with the intention of manipulating the local market. Tehran Police Chief Gen Hossein Rahimi said the unnamed 58-year-old had collected an estimated 250,000 coins over the past 10 months, working in concert with several accomplices. Police dubbed him "Sultan of Coins."

Gold

The rial has bounced off its all-time lows to trade at roughly 81,000 to the dollar on unofficial currency markets on Wednesday, according to the BBC.

Iran

In a scene that mirrored the protests that rocked Tehran in early January, merchants from Tehran's sprawling Grand Bazaar shuttered their stores in what state media described as "a protest against rising prices and a weakened currency." During times of unrest, authorities often try to redirect public anger away from the government by creating a scapegoat - like "hoarders" - and blaming them for the country's economic ills... and - after seeing the chart below, is a full declaration of gold confiscation coming?

But with protests continuing in the capital, we'll see if that approach works, or if police will need to fall back on their initial plan: Tear gasing everybody.

Comments

Village-idiot Thu, 07/05/2018 - 15:06 Permalink

The real truth of the matter is that the Iranian government had to get their greedy little hands on that gold, so they had to paint the owner as a criminal.

The real lesson here is; don't put all of your eggs in one basket. Spread that gold/silver/or whatever around in different locations.

........................

The real problem here is that the owner of these coins would've been able to help rebuild the country after the despotic government falls.  Now he won't be able to. That's the real loss.

Klassenfeind eforce Thu, 07/05/2018 - 15:34 Permalink

"Iranian police have arrested a man they accused of hoarding two tonnes of gold coins with the intention of manipulating the local market."

Read folks! READ!!! Does it say anywhere that the Iranians have outlawed the possession of gold? No!

It's not a confiscation for the sake of confiscating everybody's gold coins, but instead it's an action against manipulating the local market. It's similar to the way your car gets impounded (i.e. confiscated) by the leasing company if you don't make any payments, or the way your trading account might get frozen (i.e. confiscated) if you are caught with insider trading. It's not a general all-out confiscation!

Are you guys also going to cry "confiscation!!!" if the police raid the offices of the big banks that are manipulating the gold price in New York and London and confiscate the gold in their warehouses?

Again it's the usual ZH doom porn and most idiots fall for the catchy headline and don't actually read the article and do some critical thinking, just like the fall for the quick soundbites from Dufus J Trump and voted for that fucking clown.

Read beyond the headlines folks!

In reply to by eforce

Klassenfeind Four chan Thu, 07/05/2018 - 15:46 Permalink

"It's called the free market you Nazi, you have the wrong German flag as your icon."

That's exactly my point, you dumb fuck! Nobody said anything about confiscation, but that's the twist people here on ZH give it because it fits their pump and dump/doom porn narrative.

A free market is not free if some big players are manipulating that market by hoarding or massive naked short selling.

In reply to by Four chan

King of Ruperts Land Klassenfeind Thu, 07/05/2018 - 15:55 Permalink

Interesting. How to crack down on the wealthy:
1. Demonize "gold hording"
2. Arrest any wealthy person and lay out all their confiscated paper statements bank books, cash, bonds, deeds, stocks, and any other financial holdings in a photo opportunity press release. Then quote a "street value in gold" for this dirty gold hoarder.
3. Apply incredibly harsh sentence.

In reply to by Klassenfeind

eforce King of Ruperts Land Thu, 07/05/2018 - 16:42 Permalink

That's how governments screw with people that aren't technically doing anything wrong, they attach another label to it.

Also this isn't the first instance of the Iranian regime doing naughty things, trying to fix exchanges rates and threatening 'black marketeers' is another example.

If they want their regime to survive instead of fighting the survival instinct of their own population they should be trying to help them whilst reminding them of whoes doing this and why etc.

In reply to by King of Ruperts Land

Klassenfeind Cryptopithicus Homme Thu, 07/05/2018 - 15:49 Permalink

"Then why are they always trying to make Gold look like authentic Bitcoin Cash?"

Maybe because it's part of the whole crypto pump and dump scam? The way 'they' make crypto's look like gold is what triggers my alarm bells; from the shiny gold "B" coin, the whole "it's scarce and limited" hype, and "mining" terminology.

Are they just trying to lure naive tinfoil hat goldbugs into the crypto space in order to create a hype and jack up prices? I certainly think so.

In reply to by Cryptopithicus Homme

el buitre Klassenfeind Thu, 07/05/2018 - 16:41 Permalink

I agree that imaging cyber "money" as a glowing, etheric gold is a psy-ops, but I think it is a side issue.  I think so-called cryptos (most are not hidden at all) are a plan B when the New Whore Order fails to sell the SDR as the reset currency to the useless eaters.  Cryptos have simply become articles of financial speculation and have little semblance to real currencies as an everyday medium of exchange.  TPTB can control them by controlling the exchanges and that is exactly what they are doing.  Silver has been the primary medium of exchange for thousands of years.  Gold was a store of wealth.  As an example, Athens became an imperial power because it had a very productive silver mine. That his how they paid the merc army of expansion.  If the FRN goes to zero, while Blackwater thugs go out and kill for a picture of Ben Franklin?  The huge 16th and 17th century trade between China and Europe was financed by mining the huge Latin American silver deposits which the Chinese insisted upon for trade.  When that ran out, HSBC addicted the whole country to Indian opium which became a currency for a short time.

When Marshall Matt Dillon had to pay the livery for taking care of his horse, I don't remember him pulling out a billfold.  He flipped the livery a silver coin.

In reply to by Klassenfeind

Michigander Klassenfeind Thu, 07/05/2018 - 16:13 Permalink

You don't manipulate the market by buying that amount  phyzz you fucking moron. Whats he gonna do, sell'em on bay? Down at the Allah & Friends broker/dealer? Iran screaming market manipulation is like Maduro in Venezuela screaming businesses that trying to sell a product at a profit are against his regime. Its propaganda. That's right, go look it up.

In reply to by Klassenfeind

any_mouse Klassenfeind Thu, 07/05/2018 - 17:16 Permalink

The dude is not Joe Sixpack buying a few gold coins.

He was cornering the market on a specific gold coin.

Hoarding. Creating false scarcity for personal gain.

He conspired with others to aid him in his quest.

He is not a Hero of the People. More like an oligarch in the making.

Iran is selling oil for other than the PetroDollar. Crime against Humanity.

That fact is all you need to know about the "evil empire" of Iran and why Iran needs a regime change in the eyes of the ZioNazis.

Another CIA imposed regime change to promote Democracy, as the one from 1954 expired in 1979.

Protests in Iran, are they any different than the Impeach45 protests in the USA? Do they represent the majority? Or are they product of the Usual Suspects.

 

In reply to by Klassenfeind

WhomtheSon any_mouse Thu, 07/05/2018 - 17:32 Permalink

Did he purchase the coins legally?  Is he allowed to sell his coins legally?  If not, why not?  Why is it "cornering the market" if he is trying to make a profit by buying and selling coins legally?  Isn't that called a free market?  If people want to prevent this "cornering" of the market, then they should also buy coins to keep up with him to prevent it, or alternatively, simply not trade in that market at all!

In reply to by any_mouse