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 a continuing theme. Mike graduated with a business degree, then worked with Macy's. After Macy's he 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 a well-known financial planning firm 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 he worked first for a small manufacturing consulting company, then a major 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, spoken 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!"

Leave a Comment