Crude tumbles, gold slips, demand surges

Gold Investing News reports gold price have dipped to its lowest since September 2007.

An adviser to President Mahmoud Ahmadinejad was quoted by Reuters as saying, “With the plans of the presidency…the country’s money reserves were changed into gold, so that we wouldn’t be faced with many problems in the future.”

Before oil prices plunged 60 per cent from a peak of $147 per barrel in July, Iran made windfall gains from its crude exports and in April, estimated its foreign exchange reserves at about $80 billion.

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