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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.
www.cnbc.com...
12. India
Value of reserves: $28.69 billion
Holdings total: 614.75 tons
Shooting up in the rankings in the past few years is India. The second most populous nation in the world maintains the 12th largest gold reserves. The size of India's holdings were bolstered in November 2009 by a $6.9 billion purchase of 200 tons of gold from the International Monetary Fund.
Originally posted by camaro68ss
shut the front door! wow, this will change the game a bit! Now NATO is really going to bomb Iran! There not playing into the ponzi game anymore.
Originally posted by Aloysius the Gaul
Indian gold reserves are not particularly large - the central bank has some 600 tons. But private holdings are estimated to be anything from 10-20,000 tons.
www.cnbc.com...
12. India
Value of reserves: $28.69 billion
Holdings total: 614.75 tons
Shooting up in the rankings in the past few years is India. The second most populous nation in the world maintains the 12th largest gold reserves. The size of India's holdings were bolstered in November 2009 by a $6.9 billion purchase of 200 tons of gold from the International Monetary Fund.
According to this site - if they imported all their oil from Iran 9which i assume they do not) that would lat them about 4 months (by eyeball off the graph)
However according to Bloomberg India has actually been asked to pay Iran in Yen - not gold at all. The trade is worth $9.5 billion according to that article, so if they weer using gold it could last for 3 years.
Originally posted by xuenchen
reply to post by Aloysius the Gaul
What would stop India or anyone from buying gold on the open markets ?
Or any currency either ?