Gold News: Iran Hording Ahead of US Sanctions

While most eyes are focused on Donald Trump’s trade war with China, there is another big set of sanctions about to hit.  The US is set to impose extremely tight sanctions against Iran at midnight tonight, in case you’ve been living under a rock.  (Or just avoiding the news because you’re tired of all the bickering…)  And this round of sanctions has important implications that are today’s gold news. 

As a result, Iranians have been buying gold with their currency, expecting their currency value to plummet.  Which is exactly what it’s been doing. This is a little bit of a cart-in-front-of-the-horse game; after all, when people act like their currency is going to drop, their actions drive down the value of their currency.  But in this case the concern is real. The Trump administration’s sanctions are quite severe, and will effectively shut down Iran’s trade with the US.

And with several other important customers of Iranian oil. And gold.  You can read all about it in today’s featured article.

 Related: Learn Why This Bank Expects Gold to Rebound

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

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 keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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