Iranian Business People Using Gold to get Around International Sanctions

On October 29, 2012, in Uncategorized, by Chris Becker

Western governments have banned large international money transfers between foreign countries and Iran in an attempt to crush the economy and topple the Iranian regime.

To get around the sanctions, couriers carrying millions of dollars worth of gold bullion in their luggage have been flying from Istanbul to Dubai, where the gold is shipped on to Iran, reports Reuters. “Official Turkish trade data suggests nearly $2 billion worth of gold was sent to Dubai on behalf of Iranian buyers in August,” writes Reuters.

Said a trader regarding the gold transactions: “Every currency in the world has an identity, but gold means value without identity. The value is absolute wherever you go.”

That is why governments hate gold. Gold is the currency of choice of the free market, of people wanting to engage in voluntary exchange, while paper monies are currencies of government regulation, control and sanctions.