Iran is stockpiling gold. That's the way David Cohen sees it. He's undersecretary of the Treasury, and the Treasury's point man for the banking sanctions the U.S. has imposed on Iran.
"Iran is attempting to hoard gold, both by acquiring it and by preventing the export of gold from Iran, in a somewhat desperate attempt to try and defend the value of its currency," Cohen says.
Iran faces an oil embargo from many Western countries, and the U.S. has also imposed tough banking sanctions. Iran still manages to sell some oil, although a reduced amount, to neighboring Turkey.