Iran discards crude for gold
MUMBAI : Crude reserves were considered the biggest hedge against any eventuality so far. For many oil rich countries, especially the Arab nation, crude was the trump card.
Not any more. Iran’s recent conversion of its financial reserves into gold proves that gold is a better hedge, especially that the prices of crude have fallen flat.
Local newspapers in Teheran reported that the office of Iranian president Mahmoud Ahmadinejad confirmed that action was to avoid problems in future especially with U.N. and U.S. sanctions over the alleged nuclear programmes.
Moreover the crude prices have tumbled and countries like are re-thinking on its strategy to depend its complete economy on crude.
Iran is the world's fourth-largest oil producer and before the fall of 60 percent from peak of $ 147 per barrel, Iran gained considerably. But the lowering crude prices will only aggravate the financial isolation.
Read report from guardian.co.uk
Commodityonline
MUMBAI : Crude reserves were considered the biggest hedge against any eventuality so far. For many oil rich countries, especially the Arab nation, crude was the trump card.
Not any more. Iran’s recent conversion of its financial reserves into gold proves that gold is a better hedge, especially that the prices of crude have fallen flat.
Local newspapers in Teheran reported that the office of Iranian president Mahmoud Ahmadinejad confirmed that action was to avoid problems in future especially with U.N. and U.S. sanctions over the alleged nuclear programmes.
Moreover the crude prices have tumbled and countries like are re-thinking on its strategy to depend its complete economy on crude.
Iran is the world's fourth-largest oil producer and before the fall of 60 percent from peak of $ 147 per barrel, Iran gained considerably. But the lowering crude prices will only aggravate the financial isolation.
Read report from guardian.co.uk
Commodityonline
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