The numbers of people around the world that are participating in this precious metals bull market are many multiples higher than the last time in the 70’s. If you see a good story about the rising demand for physical gold/silver around the world… please share.
"Saving rials is also less attractive than a few months ago after the government reduced the level of interest banks could pay on savings. Returns were slashed in April from a range of 26-28 percent to 14-17 percent, below what many Iranians believe to be the actual inflation rate.
Worries about the declining buying power of the rial and doubts over the currency's stability are the main drivers behind the flight to gold.
As well as hoarding gold, many Iranians sought to change their rials into hard currency, increasing demand for dollars so much that the Central Bank devalued the rial by almost 11 percent last month.
During these times of instability in Iran, the safest form of investment is gold coins because no-one knows how much the rial will decline or interest rates will be," said 30 year-old private sector employee Saba Aqabala."
I got a direct-mail flyer yesterday from some knock off mint trying to sell 1/10th oz 2011 AGE's for $169 or something as though they were 1) rare 2) it was extremely good pricing 3) that it was the last chance on Earth to own them.
Then I saw the same ad in my local newspaper today - took up the whole page!
I threw up in my mouth a little.
This is never a good sign.
“I want Swiss people to have the freedom to choose a completely different currency,” said Thomas Jacob, the man behind the gold franc concept. ”Today’s monetary system is all backed by debt — all backed by nothing — and I want people to realize this.”