Iran Bails Out Of Euros To Invest In U.S. Dollars And Gold

Iran Bets Big on the Dollar and Gold -- CBS Marketwatch

They say a falling market turns around when the last bull turns bearish and sells. That may be happening to the euro as it hovers near four-year lows.

A report by Agence France Presse, cited by the Middle East news service Zawya, said Wednesday that the Central Bank of Iran was converting 45 billion euros of reserves into dollars and gold. The move “comes against a backdrop of a new phase of economic recession in Greece and Spain which has caused a drop in the value of the euro against the dollar in global markets,” the report said.

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More News On Iran Transferring Its Holdings To Dollars And Gold

Iran Selling 45 Billion Euros of Reserves for Dollars (Update3) -- Bloomberg Businessweek
Iran cenbank to sell 45 bln euros -media -- Reuters
Report of Iran Euro Sale Hits Currency -- Wall Street Journal

My Comment: I can understand buying gold .... but U.S. dollars?!?!?!?!