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Message Subject Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Poster Handle Anonymous Coward
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Iran "officially" (read: they'd be insane to declare everything they have!!) has 907 tonnes of gold.
source: [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
Source: [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.

??????
thoughts
???????
 Quoting: Anonymous Coward 11713342


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).
 
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