From The Breastfeeding Answer Book, third edition.(it is referenced with
studies but I did not type them)

*the healthy full term baby has ample iron stores at birth, which are enough
to last for at least the first six months of life, when combined with the
iron he recieves from human milk.

*Although the amount of iron in human milk is small, it is well absorbed-
between 20 and 40 percent, as apposed to 4 percent absorbed from iron
fortified formula.  The high lactose and vitamin C levels in human milk aid
in the absorption of iron.

*Breastfed babies do not loose iron through their bowels as do babies fed
cows milk, which has been found to cause intestinal fissures.

The iron stores the full-term baby has at birth coupled with the readily
absorbed iron in human milk are usually enough to keep hemoblobin levels
within the normal limits (10.2 to 15 gm/dL)  into the baby's second six
months of life.  One study of breastfed infants not given iron suppliments
or iron fortified cereal found that those who were exclusively breastfed for
seven months or longer had significantly higher hemoglobin levels and one
and two years than breastfed babies who recieved food earlier than seven
months.  Although some of the breastfed babies who recieved solids before
seven months were found to be anemic by their first birthday, the
researchers found no cases of anemia within the first year among babies
breastfed exclusively for seven months.

If the mother or baby's doctor is concerned about the baby's iron level,
suggest the mother ask the doctor to check the blood levels with a
hemoglobin test that can be performed in the doctor's office.

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A link about starting solids and how to know your baby is ready:

http://www.lalecheleague.org/FAQ/solids.html

Love,
Bronwen