You are here
What a world: 'Sultan of Coins' is hanged but Jamie Dimon and Blythe Masters live
Iran Hangs Gold Coin 'Sultan' in Crackdown After U.S. Sanctions
By Ladane Nasseri
Bloomberg News
Wednesday, November 14, 2018
Iran executed a gold dealer known as the "Sultan of Coins" in a warning to merchants not to exploit the country's financial troubles as U.S. sanctions squeeze the economy.
Vahid Mazloumin was sentenced to death in October after being accused by Iranian authorities of contributing to price hikes by hoarding gold. His assistant, Mohammad Esmail Qassemi, was also hanged early today, state-run Iranian Students News Agency said.
... Dispatch continues below ...
We Are Amid the Biggest Financial Bubble in History;
When It Bursts, Bullion Owned in the Safest Way Will Protect Wealth
With GoldCore you can own allocated -- and most importantly -- segregated coins and bars in Switzerland, Singapore, and Hong Kong.
Switzerland, Singapore, and Hong Kong remain extremely safe jurisdictions for storing bullion. Avoid exchange-traded funds and digital gold providers where you are a price taker. Ensure that you are outright legal owner of your bullion. If you do not own segregated bullion that you can visit, inspect, and take delivery of, you are exposed.
Crucial guides to storage in Singapore and Switzerland can be read here:
http://info.goldcore.com/essential-guide-to-storing-gold-in-singapore
http://info.goldcore.com/essential-guide-to-storing-gold-in-switzerland
GoldCore does not report transactions to any authority. Safety, privacy, and confidentiality are paramount when we are entrusted with storage of our clients' precious metals.
Email the GoldCore team at info@goldcore.com or call our trading desk:
UK: +44(0)203-086-9200. U.S.: +1-302-635-1160. International: +353(0)1-632-5010.
Visit us at: http://www.goldcore.com
The very specter of sanctions, even before they were resumed in August, plunged the Iranian currency market into turmoil and sent the rial plummeting about 70 percent against the dollar, fueling a surge in prices and encouraging illegal trading.
Mazloumin didn't hold a permit to trade gold and foreign currency, yet had formed the largest illegal network in that area, according to state-run Fars news agency. He instructed his team to corner the gold coin market to resell at higher prices, amassing about 2 tons of them, local media said. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-11-14/as-sanctions-hit-iran...
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
