Iran Stockpiles Millions in Silver

Posted by Brittany Stepniak - Wednesday, November 14th, 2012

Gold smugglers around the globe have been smuggling gold into countries and Iranian buyers are especially prevalent in this scheme.

In August alone, $2-billion worth of gold was shipped to Dubai on behalf of Iranian buyers, according to Turkish trade documents. Now, we've received news from London indicating that Iranians have purchased at least $10 million worth of silver this year as well.

In September, an additional $1.4 billion worth in gold and silver was carried in simple luggage bags from Turkey to Iran, UAE and Middle East.

Iran is doing this to avoid strict Western sanctions in preparation for whatever emergency situation may ensue as we inch closer to the Fiscal Cliff with each passing day.

According to a top Turkish official, Iranians over in Turkey are stocking up on silver bars and jewels, paying with the Turkish lira – the currency of Turkey – and they're crossing the border to make this happen on the regular.

People are smuggling gold and silver in suitcases on planes to Dubai. Then, it is probable that they're crossing the Persian Gulf by boat in order to get the precious metals into Iran.

*Image courtesy of Kitco. 

With billions worth of gold and silver being transported in “secret”, analysts believe an extremely large number of carriers, taking several trips, are behind the silver smuggling.

Analysts also suspect these activities prove that Iran is not only stockpiling billions worth gold and silver, but also preventing the export of gold from Iran. They're likely doing this in a desperate attempt to defend the value of its currency.

Meanwhile, central banks are in on this too. Reports suggest that wealthy Iranians in Turkey are hoarding gold on behalf of the Iranian central bank. They are exporting that gold to Iranians in Dubai and have admitted to exporting billions worth of precious metals to Iran this year...