Quote:
Originally Posted by Botnst
Ever since the sanctions, Iran has been selling black market oil and accepting Turkish Lira as payment.
Turkish Lira has been the largest single cash currency used for buying gold in the UAE.
Let's connect the dots ...
A large portion of gold is being purchased by Iran, using Turkish Lira, as a hedge against loss of value of their own currency. This has put steady upward pressure on the price of gold.
What happens to the price of gold if the black market flow of Turkish Lira for Iranian Oil, stops?
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I asked a co-worker (who invests in gold) about this. He basically said, "Yeah? So what. Black market gold has been a market since forever."
Okay.
Then he asked a question that I thought was really intriguing. I'm sure somebody here knows the answer and can save me from having to Google it myself:
What happened to Hussein's black market gold purchases made between GW 1 and GW II?