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Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Ms Sans Serif
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[quote:Anonymous Coward 22089462:MV8yMDA4MDExXzMzNzM3Nzk3XzdCNEIyOUFD] [quote:Anonymous Coward 11713342:MV8yMDA4MDExXzRGOTUxODUz] Iran "officially" (read: they'd be insane to declare everything they have!!) has 907 tonnes of gold. source: http://www.presstv.ir/detail/224264.html That's 3x more than the UK (Cheers, Gordon Brown). It's value is, at todays gold price of $1780/ Oz: 1780*32.1 Oz/kilo = $57,000 per kilo 1000 kilos in a tonne. $57,000,000 per tonne. 57m * 907 = $51.7 bn Gross external debt in 2010 was $14.34 billion Source: http://en.wikipedia.org/wiki/Economy_of_Iran [b]So, why not back the currency with oil or gold? [/b] Inflation problem solved. Currency collapse problem solved. First 'hard' currency in new world. ?????? thoughts ??????? [/quote] The debt being covered by gold is 1 thing, having the entire money supply covered by gold is another thing entirely (hence the gross external debt isn't really relevant in this particular discussion). [/quote]
Iran "officially" (read: they'd be insane to declare everything they have!!) has 907 tonnes of gold.
link to www.presstv.ir
That's 3x more than the UK (Cheers, Gordon Brown).
It's value is, at todays gold price of $1780/ Oz:
1780*32.1 Oz/kilo = $57,000 per kilo
1000 kilos in a tonne.
$57,000,000 per tonne.
57m * 907 = $51.7 bn
Gross external debt in 2010 was $14.34 billion
link to en.wikipedia.org
So, why not back the currency with oil or gold?
Inflation problem solved.
Currency collapse problem solved.
First 'hard' currency in new world.
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