Close X Cookies are necessary for the proper functioning of By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...

It’s Official: Iran to Accept Gold for Oil

IMG Auteur
Published : February 29th, 2012
296 words - Reading time : 0 - 1 minutes
( 3 votes, 5/5 ) , 3 commentaries
Print article
  Article Comments Comment this article Rating All Articles  
Our Newsletter...





I’ve never been a big believer in the idea that the world’s increasingly shaky monetary system will someday be replaced by some sort of new gold standard (that would be a huge admission of failure by the world’s plutocrats and some form of global money based on a basket of commodities and national currencies – that the world’s plutocrats would also control – is much more likely), but, if a gold standard does return, we’ll all probably look back at today’s news that Iran is now accepting gold in exchange for its oil as an important development in that process. The BBC filed this report on the subject earlier today:

Iran is to accept gold instead of dollars as payment for its oil, the country’s state news agency has said.

The move comes as US and European Union sanctions against Iran have made it difficult for buyers to make dollar payments to Iranian banks.

24hGold - It’s Official: Iran ...

Mahmoud Bahmani, the governor of Iran’s central bank, is reported to have said that the country would accept payment in gold “without any reservation”.

Iran has the world’s third-largest oil reserves. Crude oil is predominantly traded in US dollars, but Iran already accepts payment in other currencies.

Likely related to this announcement comes word in this WSJ story($) about the U.S. Treasury Department interceding to stop a Dubai based bank from supporting Iranian oil sales by helping the nation evade international sanctions that were put in place to pressure Iran to give up its nuclear weapons program.

According to the report, Noor Islamic Bank, partly owned by the city of Dubai and run by Sheikh Ahmed, the son of Duabai’s ruler, was believed to have handled as much as 60 percent of Iran’s oil sales last year totaling nearly $50 billion.



Companies Mentionned : Gold | New Gold |
Data and Statistics for these countries : Iran | All
Gold and Silver Prices for these countries : Iran | All
<< Previous article
Rate : Average :5 (3 votes)
>> Next article
Tim Iacono is the founder of Iacono Research, a subscription service providing market commentary and investment advisory services specializing in commodity based investing.
WebsiteSubscribe to his services
Latest comment posted for this article
The buck stops here. We just need to know for whom Read more
Gold Pill - 2/29/2012 at 3:31 PM GMT
Top articles
World PM Newsflow
Mining Company News
Tribune Res.(Ag-Au)TBR.AX
Notice of Annual General Meeting/Proxy Form
AU$ 4.05-1.22%Trend Power :
Corporate news
Black HillsBKH
3:41 am Black Hills Corp raises its FY15 EPS guidance
US$ 43.33-1.23%Trend Power :
Corporate news
Goodrich Petroleum(Ngas-Oil)GDP
Goodrich Petroleum Announces Private Exchange Transactions for Convertible Senior Notes
US$ 0.82+1.23%Trend Power :
Corporate news
Carmanah Tech CorpCMH.TO
Carmanah Releases Preliminary Financial Results for Q3 2015
CA$ 6.01+2.04%Trend Power :
Corporate news
Black HillsBKH
Black Hills Corp. Raises 2015 Earnings Guidance and Announces Analyst Day Presentation Topics
US$ 43.33-1.23%Trend Power :
Corporate news
Impact Silver(Ag-Au-Cu)IPT.V
IMPACT Silver Provides Update on New Capire Mineral Resource Study
CA$ 0.18+16.13%Trend Power :
Corporate news
Bankers Petroleum(Oil)BNK.TO
Edited Transcript of BNK.TO earnings conference call or presentation 7-Oct-15 12:30pm GMT
CA$ 2.44-6.87%Trend Power :
Corporate news
Cheniere Energy(Oil)LNG
LNG Bust Could Last For Years
US$ 53.04-0.47%Trend Power :
Corporate news
Callon PetroleumCPE
4:18 pm Callon Petroleum announces that the borrowing base under its senior secured revolving credit facility was increased by 20% to $300 mln
US$ 8.86-3.90%Trend Power :
Corporate news
Callon PetroleumCPE
Callon Petroleum Company Announces 20% Increase in Borrowing Base
US$ 8.86-3.90%Trend Power :
Corporate news
Comments closed
  All Favorites Best Rated  
It's official. The Iranians will have to accept any and all shit that is presented to them.
Rate :   0  1Rating :   -1
The buck stops here. We just need to know for whom
Gold's falling like a stone. Probably to annoy the Iranians
Rate :   1  0Rating :   1