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Iranian Nuke Deal Floors Gold Coins, Oil

Iran’s unexpected deal with Russia and U.S. authorities to halt its ambitious nuclear program in exchange for reduced economic sanctions paved the way for higher stocks and an increased dollar index as well as lower gold, silver and oil prices. Some lawmakers have voiced their distrust of Iran’s claims that its nuclear program was in place for peaceful purposes, and others have showed concern over Washington’s decision to sign off on a deal between Russia and Iran, two countries that have previously been publicly united in their stand against the United States.

Regardless of the legitimacy of the deal, U.S. investors responded favorably with the DJIA, Nasdaq and S&P 500 all posting substantial gains for the morning’s trading session. The massive amount of Iranian oil that will now be available to the world stunned the oil price, and a decrease in safety-seeking pushed gold, silver and platinum down by about 0.5% each. As of 10am CST gold had fallen $7.60 to $1238.90 while silver was down to $19.82 per ounce.

The Iranian nuclear issue has been one of the world’s most controversial issues in recent times, with Iran claiming that it wanted to develop its nuclear capabilities for space exploration and energy, while outsiders have often accused the Middle Eastern nation of conspiring to stockpile nuclear weapons. The new deal will ease some of the economic sanctions against Iran while demanding that the country’s nuclear facilities cease extraction of nuclear elements.

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