In gold news, Iran’s Financial Tribune online announced yesterday that Iran’s Central Bank has begun minting and selling gold coins to their public. We’ve heard reports of gold prices inside Iran much higher than the London or Shanghai quotes, so this makes a certain amount of sense.
The Tribune states one purpose of the sales is to “deflate the Iranian market bubble”, which pretty much confirms it. In case you’re curious about gold prices in different countries, the Gold Price Network group offers a web page giving individual-country quotes. Though we will warn you: if you look up the US or British prices, they don’t usually scale up to the London international price.
That said, it’s still one of the few places you can get a quote on gold prices inside Iran – here’s the link. Ancient wisdom holds that if you want to see what’s going on, you should follow the money and watch actions rather than just trusting the news.
Since the Central Bank of Iran says there’s a bubble, and they’re now selling gold to “deflate” it, we can be pretty sure there’s a bubble. And this is in the presence of Bitcoin et al. Today’s gold news is a sign that the metal hasn’t lost its safe haven appeal when things really get bad. You can read more about it here. What do you think – Is gold still a valid safe haven? Sound off in the Comments below!