Don't know if I can stand any more good news folks, but just in case you can.....

"Iran’s Switch Good News for Gold Bugs?

By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, June 10, 2008

Good news for long-suffering gold bugs: Iran is switching a chunk of its $80 billion reserves into bullion.

Mohsen Talaie, the deputy foreign minister in charge of economic affairs, said Tehran was pulling its money out of euro instruments (presumably Bunds, BTps, EIB bonds, etc.) to avoid sanctions over its nuclear weapons programme.

“Upon the decision of the government’s task force a segment of Iran’s foreign exchange assets will be converted into real assets such as gold and stocks,” he told Iran’s Etemad-e Melli newspaper.

Europe is planning to freeze the assets of Iran’s biggest bank Melli. A draft communique for the EU-US summit on Thursday confirms that Europe is ready to join the crackdown on Ahmadinejad.

It all goes to prove the gold bug axiom that nations — like people — will invariably turn to bullion as the ultimate store of value when all is threatened. …

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For the full story:

http://blogs.telegraph.co.uk/busines...