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Tuesday, January 24, 2012

Gold is Money: EU Sanctions on Iran include gold and silver purchases.


Written By Kenneth Schortgen Jr on Monday, January 23, 2012 | 9:02 AM

Think gold is not money to central banks and governments?  Just look at one of the prohibitions the EU imposed on Iran recently in their economic sanctions.


Reuters report that the EU has agreed to freeze the assets of the Iranian central bank and ban all trade in gold and other precious metals with the Iranian Central Bank and other public bodies in Iran.


According to IMF data, at the last official count (in 1996), Iran had reserves of just over 168 tonnes of gold. The FT reported in March 2011 that Iran has bought large amounts of bullion on the international market to diversify away from the dollar, citing a senior Bank of England official.


Currency wars continue and are deepening. - Zerohedge




You would think that the EU would LOVE to get rid of their 'relic' metals in exchange for oil.  That is, unless you realize the propaganda that gold and silver are not money is a bold faced lie.
the daily economist