- Prison Planet.com - http://www.prisonplanet.com -
Iran To Dump 45 Billion Euros For Gold Bullion & Dollars
Posted By admin On June 2, 2010 @ 4:52 am In Featured Stories,Money Watch,News In Focus,Paul Watson Articles | Comments Disabled
Gulf states also begin to flee from collapsing single currency
Paul Joseph Watson
Prison Planet.com 
Wednesday, June 2, 2010
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.
According to the Iranian state website Press TV , Iran’s central bank has already begun converting its euro reserves into gold and dollars as a response to the “downward spiral” of the euro, in the first of a three phase movement to flee from the currency.
The report also claims that Gulf states are also beginning to switch their euro reserves into dollars and gold as some forecast the single currency could sink to parity  with the U.S. dollar by next year.
“The new decision comes as the financial crisis that began in the US about two years ago resulted in the sharp devaluation of the dollar, pushing the Iranian government to order the replacement of the greenback with the euro in the country’s foreign exchange accounts,” adds the report.
This is all a far cry from the days when businesses in New York accepted payments in euros  as the currency reigned supreme over the beaten up U.S. dollar.
The European Central Bank has blatantly been manipulating currency markets over recent days in an effort to rescue the euro, which has been in free fall.
Sinking to as low as $1.2111 yesterday, the euro staged a rapid and dramatic recovery against the dollar, soaring back to 1.2339, an intraday move of 250 pips and a transparent intervention that had “all the grace of a drunk Keynesian at an Austrian economists meeting,” reports Zero Hedge .
But while central bank interventions would in the past keep a currency buoyant for days or weeks, the euro immediately slipped down again, indicating a clear crisis of confidence and a currency in terminal decline.
(ARTICLE CONTINUES BELOW)
Gold has hit record highs against all major currencies in the last few months as it remains the only true store of wealth in times of economic chaos and depreciating fiat money.
Demand for the precious metal is once again hitting fever pitch as the U.S. Mint announces that it has sold 190,000 1-ounce American Eagle gold coins in May , the largest amount in a single month for over 11 years.
Buyers in Europe are also desperately scrambling to purchase the scant amounts of gold available, with the Greek Central Bank now selling one ounce coins at the equivalent of $1,700 dollar s, nearly $500 dollars above spot price.
“As long as governments continue to struggle with spiraling debts and are forced to crank up the printing presses, gold will continue to outperform currencies, a situation which is unlikely to change any time soon,” we wrote on April 30. 
Now gold bulls like Peter Schiff are predicting the incredible  – that gold could soar to around $10,000 an ounce as a consequence of a dramatic fall in supply due to significantly less gold mining. Gold companies now have to drill as much as 2.3 miles to get to the yellow metal in places like South Africa, whereas central banks merely need to press a button to increase the supply of depreciating fiat money.
With the current economic conditions you cannot afford to be uninformed. Bob Chapman’s International Forecaster is the foremost in financial and economic newsletters. Published twice a month by surface mail or 6-8 times a month by e-mail, you won’t want to miss a single issue of this newsletter. For a limited time Midas Resources and The Alex Jones Show are offering to you a chance to get a FREE one year subscription to the International Forecaster!
When you purchase the Gold Franc containing a fifth ounce of gold, at an exceptional price from Midas Resources, you will also receive a full one year subscription of the International Forecaster ( $159.95 value) FREE!
Call Midas Resources to get this special limited offer today at 1-800-686-2237 and tell them you got the email offer from Alex Jones or purchase it now by visiting the GCN website .
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/iran-to-dump-45-billion-euros-for-gold-bullion-dollars.html
URLs in this post:
 Prison Planet.com: http://www.prisonplanet.com
 According to the Iranian state website Press TV: http://www.presstv.ir/detail.aspx?id=128744§ionid=351020102
 single currency could sink to parity: http://www.businessweek.com/news/2010-05-10/bnp-affirms-euro-dollar-parity-call-as-outlook-remains-bleak-.html
 businesses in New York accepted payments in euros: http://www.reuters.com/article/idUSN0655798320080206
 reports Zero Hedge: http://www.prisonplanet.com../another-blatant-eur-intervention-leads-to-150-pip-eurusd-move-in-seconds.html
 Image: http://infowars-shop.stores.yahoo.net/inemnewwoord.html
 as the U.S. Mint announces that it has sold 190,000 1-ounce American Eagle gold coins in May: http://www.zerohedge.com/article/us-mint-sells-more-gold-coins-may-any-month-january-1999
 Greek Central Bank now selling one ounce coins at the equivalent of $1,700 dollar: http://www.zerohedge.com/article/greek-scramble-physical-brings-gold-price-1700-ounce
 we wrote on April 30.: http://www.prisonplanet.com../gold-hits-2010-high-amidst-debt-turmoil-in-europe.html
 Now gold bulls like Peter Schiff are predicting the incredible: http://www.prisonplanet.com../gold-to-10000.html
 purchase it now by visiting the GCN website: http://www.midasresources.com/ccount/click.php?id=49
 Gold Surges As Euro Continues To Collapse: http://www.prisonplanet.com/gold-surges-as-euro-continues-to-collapse.html
 Gold Prices Heading For Record Highs: http://www.prisonplanet.com/gold-prices-heading-for-record-highs.html
 Gold Surges To Three Week High As Dollar Tanks: http://www.prisonplanet.com/gold-surges-to-three-week-high-as-dollar-tanks.html
 Gold Hits 2010 High Amidst Debt Turmoil In Europe: http://www.prisonplanet.com/gold-hits-2010-high-amidst-debt-turmoil-in-europe.html
 Putin Turns Black Gold to Bullion as Russia Outbuys World: http://www.prisonplanet.com/putin-turns-black-gold-to-bullion-as-russia-outbuys-world.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.