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Kitco is a gold bug site.

There are any number of memes that originate in gold buggery.

The "US-invaded-Saddam-because-he-was-selling-oil-in-Euros" was one such meme and its close relative the "Iran-will-be-attacked-because-of-the Iran Oil Bourse-selling-oil-in-Euros" was another from the same stable, and moreover that was a meme which I knew for a fact was complete bollocks because the Bourse was my idea in the first place.

Nothing I have heard from my (excellent) contacts in Iran tells me that there is a general run for gold, although everything I hear is that their financial system is in deep trouble.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Fri Dec 30th, 2011 at 05:39:18 AM EST
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Some of the figures I posted where published in newspapers that were reproduced at the Kitco forum. I can't read Farsi but other Iranians read that thread and didn't flag it up.

There's another thing, the gold coins referred to are the Azadi, a low seigniorage version of the sovereign (1/4 pound) with Khomeini on the face. Some affinity with gold must exist among Iranians (at least the bourgeoisie) to justify this mintage.

luis_de_sousa@mastodon.social

by Luis de Sousa (luis[dot]de[dot]sousa[at]protonmail[dot]ch) on Fri Dec 30th, 2011 at 08:06:04 AM EST
[ Parent ]
It's always been regarded as something of a store of value in uncertain times, but that's not unique to Iran.

Gold-as-currency is a very different thing.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Fri Dec 30th, 2011 at 09:36:12 AM EST
[ Parent ]

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