Gold News: Iran Resumes Gold Sales

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!

 Related: Here’s What You Should Look Out For in Gold This Year

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated from UC Berkeley with a business degree, then worked with Macy's in their operations arm. He left Macy's and spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined Waddell & Reed as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where Mike worked first for a small manufacturing consulting company, then Cornell University. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoke at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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