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India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Mon Jan 23, 2012 2:27 pm
by Reub
http://www.debka.com/article/21673/
From the article:
"India is the first buyer of Iranian oil to agree to pay for its purchases in gold instead of the US dollar, debkafile's intelligence and Iranian sources report exclusively. Those sources expect China to follow suit. India and China take about one million barrels per day, or 40 percent of Iran's total exports of 2.5 million bpd. Both are superpowers in terms of gold assets."
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Mon Jan 23, 2012 3:40 pm
by MediumTex
I'm sure those Somali pirates are going to be licking their chops at the opportunity to snatch one of these Indian ships packed with gold.
That's old school pirating there.
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Mon Jan 23, 2012 3:45 pm
by murphy_p_t
petro-dollar regime failing?
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Mon Jan 23, 2012 3:48 pm
by Reub
MediumTex wrote:
I'm sure those Somali pirates are going to be licking their chops at the opportunity to snatch one of these Indian ships packed with gold.
That's old school pirating there.
Yes, it makes me quite nostalgic!
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Tue Jan 24, 2012 1:02 pm
by stone
The thing is though that the arrangement was made over a year ago:
http://www.zerohedge.com/article/india- ... n-oil-gold
This just seems to be raking it up again in the context of the current saber rattling.
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Tue Jan 24, 2012 1:15 pm
by MediumTex
Never let the facts get in the way of a good story.
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Tue Jan 24, 2012 4:42 pm
by cabronjames
any stats or estimates on what the "market share" of global trade is, bt USD, EUR, JPY, gold, etc?
or specifically the share of the global oil trade?
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Tue Jan 24, 2012 5:21 pm
by MediumTex
Has this Iran/India/Oil/Gold story actually been confirmed?
I don't see it being carried by any major news outlet.
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Tue Jan 24, 2012 6:47 pm
by dualstow
MediumTex wrote:
I don't see it being carried by any major news outlet.
Good point. I haven't, yet.
It's interesting to see gold actually being used as money, or something very close.
US dollars and frozen bank accounts subverted. I suppose gangsters would never go this route: briefcase would be too heavy, price changes daily, etc. Sure is compact, though.
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Tue Jan 24, 2012 7:04 pm
by Reub
The major news outlets are busy analyzing Mitt Romney's tax returns.
I just saw this, though:
http://www.forexcrunch.com/gold-for-oil ... ar-report/
This article could just be citing the same source that I did.
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Tue Jan 24, 2012 11:36 pm
by MediumTex
This sounds sort of fishy to me. After being out there this long one would think that the price of gold would have reacted to it and one of the bigger news outlets would have picked it up since confirming it would seem to be pretty easy--just call an Indian official and ask them to confirm or deny.
The fact that there is NO coverage among the larger outlets is weird. This it typically the kind of story that you would see something about from Reuters or Bloomberg, just because it has an obvious international and business angle.
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Wed Jan 25, 2012 5:59 am
by MachineGhost
MediumTex wrote:
that there is NO coverage among the larger outlets is weird. This it typically the kind of story that you would see something about from Reuters or Bloomberg, just because it has an obvious international and business angle.
It's probably just a rumor. But its likely rumor enough to cause the NeoCons and their apologists to attack Iran, just as they did Iraq or IMF. One thing the MMT doesn't take into consideration is that being the world's reserve currency and having commodities paid for in dollars may be immensely more powerful than taxes and legal tender laws.
Do note however that the Middle East paying for their oil in dollars is 100% voluntary. It was agreed to in the early to mid 70's.
MG
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Wed Jan 25, 2012 7:06 am
by stone
There has been a steady trickle of bilateral trade agreements between the China and Brazil, Russia etc not using the USD. I think it is a gradual slipping away from the USD accounting for the overwhelming bulk of global trade. I guess in time some SDR type set up might come into place and the BRIC countries want to make sure that they are fully represented in such a currency basket.
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Thu Jan 26, 2012 9:28 pm
by TripleB
dualstow wrote:
I suppose gangsters would never go this route: briefcase would be too heavy, price changes daily, etc. Sure is compact, though.
The price of USD changes daily too. It just depends on your perspective.
Re: India to Pay For Iranian Oil In Gold Instead Of U.S. Dollars
Posted: Fri Jan 27, 2012 2:41 pm
by dualstow
TripleB wrote:
dualstow wrote:
I suppose gangsters would never go this route: briefcase would be too heavy, price changes daily, etc. Sure is compact, though.
The price of USD changes daily too. It just depends on your perspective.
Not that I have any connection to them, but that never seems to matter with loan sharks or the criminal element.
I could see that being an issue with the Russian mafia when I was living in Moscow in 1994 and the ruble was all over the place, but guess what- they got around that by using US dollars.