Iran’s gold demand is reported at 4 year highs ahead of feared US sanctions as Iranians are increasingly swapping their Iran real currency for physical precious metals.
Interestingly last month, supposedly Iran’s “Sultan of Coins’ got busted for ‘hoarding‘, aka saving, some 2 tonnes of gold bullion in coins.
Here is regular youtube precious metal video blogger, Salivate Metal, with more on this interesting Iranian Gold story.
Of course the local black (free) market exchange rate for the Iranian rial is much higher than the official $1 USD to 45k IRR figure.
Last week, Bloomberg reported the Iranian rial currency peaking as high as 112k IRR per $1 USD locally.
Of course the following Iranian rial charts are based on the official rate of exchange.
If one takes into account the official vs the real rial rate of local exchange, you can almost 2X the levels that the following charts have reached to date.
US dollar vs Iran rial
Gold vs Iran Rial
Silver vs Iran Rial
Platinum vs Iran Rial
Palladium vs Iran Rial
More Information on How the Far East views Gold…
About the Author
James Anderson has a BA in finance from Loyola University New Orleans. He has both worked and invested in the physical investment grade bullion markets prior to the 2008 global financial crisis.