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  
0
Send
3
comment
Our Newsletter...
Category : Market Analysis

 

 

 

 

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.

 

 



Data and Statistics for these countries : Iran | All
Gold and Silver Prices for these countries : Iran | All
<< Previous article
Rate : Average note :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
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
EmailPermalink
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
EmailPermalink
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
Latest Comments
A North Korean EMP Attack Can Create 90+ Fukushimas in the U.S.
12 DecThe Recusant1
Setting aside the sensationalist fearmongering of the article, the fact is that the NRC requires U.S. nuclear power plants to be able to shut down ...
Six Ways US Stocks Most Overvalued in History
12 DecThe Recusant
The problem with the current massive indebtedness of countries is that the central banks are now creating fantasy currency to accommodate the finan...
The Flat Earth Society Responded To A Tweet By Elon Musk: ‘Thanks F...
11 DecS W.-1
Thanks for letting me state my opinion! Your comment is insulting. Try as I might I am yet to find any scientific evidence of AGW or the e...
Peter Schiff Warns Of CRASH: ‘Everybody Is Going To Get Wiped Out!’
08 DecThe Recusant
"Schiff also said no one knows when this is going to happen for sure, only that it will happen." Peter has been warning of the next crash for years...
Meet The World’s Most Powerful Bitcoin Backers
07 Decsonora69
Why run a business or work for one when you can mine bitcoins for the price of the servers and electricity? The higher the price of bitcoin, the mo...
What Now?
04 DecDoom
Mathematically, doubling down is an amazingly powerful strategy...until it isn't. http://professorconfess.blogspot.com/2017/11/doubling-do...
The Flat Earth Society Responded To A Tweet By Elon Musk: ‘Thanks F...
03 DecS W.
I put the Flat Earthers in the same category as those who believe there is a God, a Heaven and a Hell.
Whipping-Post Politics
02 DecMr. Gnawbone1
I couldn't agree more, Keillor's dismissal was a bridge too far, but it is reflective of the fear, by Boards of Directors across the US, guiding ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS