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6m Presold Coins to Calm Gold Market

6m Presold Coins to Calm Gold Market6m Presold Coins to Calm Gold Market

Close to six million gold coins are to enter the market by the time the current Iranian year ends in March 2019 and this is expected to deflate the bubble in gold prices, which was formed ahead of the US decision on Iran’s nuclear deal, according to the spokesman of the Central Bank of Iran. “Collectively, about 7.65 million Bahar Azadi gold coins have been sold in advance. Of this number, about 5.9 million coins will be delivered to people this year, and about 1.34 million and 408,000 coins will be delivered in the next two years,” Mohammad Ali Karimi was also quoted as saying by the official news website of CBI. The official noted that the coins were purchased by 114,463 applicants, bringing the average number of coins purchased per person to 67. According to Tehran Gold and Jewelry Union, each benchmark Bahar Azadi gold coin changed hands for about 20 million rials ($476) on Tuesday, which is still above the price level expected by policymakers.  

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