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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 24719572:MV8yMDA4MDExXzMzNzM5NzI2X0Y2N0I3QzI=] Iran is asking gold for its oil. They switched when the US froze their intl US$ trade accounts. [/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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