Iran takes possession of 13 ton hoard of gold

Iran took possession of a 13-ton hoard of gold — worth nearly $500 million — held up by sanctions after working out a deal on the sidelines of nuclear talks in Vienna, the country’s central bank chief told Iranian media.

“A sum of 13 tons of gold that had been purchased before and was deposited in South Africa in the past two years and could not be transferred to Iran due to the sanctions … was delivered to the Central Bank of Iran’s treasury last night,” Valiollah Seif, who heads the Central Bank of Iran, said Wednesday, according to the Iranian state-owned Fars News.

Seif said the transfer is evidence the talks are having some success. Fars News reported the retrieval of the gold was the result of months of hard work. That much gold is worth about $485 million based on current price per ounce.

The State Department said the timing was unrelated to the current talks but rather stems from an interim agreement reached in November 2013. That deal suspended sanctions on trade with Iran in gold and precious metals starting January 2014.

Full article: Iran takes possession of 13 ton hoard of gold (USA Today)

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