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
Get Ready To Party Like It’s 2008 - Dave Kranzler
21 OctSilverLining
Very good article, Dave. The S&P chart helps to visualize the uncharted territory the current market finds itself in. There is a confluence of fa...
The Fed Is Confused about What Drives Inflation
23 Octprljr
Central banking is the biggest lie or in other words the largest CON
The Fed Is Confused about What Drives Inflation
18 Octneville1
Hi Frank, Thanks for your article.......The fact of the matter is that LIES LIKE EVERYTHING ELSE DRIVES INFLATION , which as it so happens is 'THE'...
What kind of person runs for public office ?
17 OctThemis1
I liked the use of the self-actualization chart within the context of politicians and their motives. It probably applies to many in Hollywood as w...
The Silliness of the Bretton Woods Years
16 OctThe Recusant
KUDOS! The book is anti-gold slanted throughout and subtly mocks those that value gold as seen in that silly Las Vegas Golden Rooster tale. As I pr...
The Future (Not)
14 OctS W.-1
I have it on good authority that the Aliens living in Antarctica have discovered a way of turning Ice into Oil. All we have to do to secure ou...
Betrayal!
09 OctThemis1
I agree 100% with all the points you made. You have summarized my own anger and the reasons for it. My only consolation is that I believe the eli...
A silver price-suppression theory gets debunked
07 OctDoom-1
I think he linked the wrong article, because there's minimal facts and logic there relevant to price suppression. It's a shame, because I really wo...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS