Euro will fall, that is for sure, but why will Iran buy Enemy Currency? Maybe to support very good friend China since they have lot of Dollars and is the way I see this news, I expect China to follow this and sell all Euros to buy more Gold, and I think that this Summer Gold will explode, and don't sell your shares to hedgies, wait for big gains, now is time to buy all what you can, expect also loonie and Franc to do very good in this enviroment, I don't prefer Dollar since China wants to be out from Dollar but in more stages so they will not lose anything and they are buying Gold like crazy, stay strong in gold and don't let hedgies to steel your property.

http://www.reuters.com/article/idUSLDE65111120100602?type=marketsNews

June 2 (Reuters) - The Iran ian central bank has announced that it will sell 45 billion euros from its foreign exchange reserves to buy dollars and gold, China's official Xinhua news agency reported on Wednesday, citing unspecified Iranian media reports.

Xinhua said that the sales would be conducted in three stages and that the first had already begun, citing unnamed sources.

It also said that other Gulf states had also started cutting their euro holdings.