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India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned

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posted on Jan, 23 2012 @ 05:54 PM
Does this mean that I do not have to go to work tomorrow?

I did'nt think so......

Nothing changes for the peons........

Just higher taxes and fuel costs.......

posted on Jan, 23 2012 @ 05:57 PM
All these highly paid analysts sure missed the ball not picking up on this possibility happening or did they miss it ???

posted on Jan, 23 2012 @ 05:59 PM
Iraq wanted to trade for oil in gold, so did Libya and look what happened to them

If this is true this is the death bell for Iran sadly

posted on Jan, 23 2012 @ 06:02 PM
reply to post by Cancerwarrior
Listen the uss abraham lincoln isnt going down and band will continue to play us will force the hand of iran because us is playing a pretty decent set of cards

posted on Jan, 23 2012 @ 06:08 PM
This would be perfect if the Country taking gold was a little more respectable than Iran,-- like Canada, or Saudi.
Anyway it is going to happen soon, and every Country will pay for oil with something of value, gold or silver probably. As for the greenback---HAHAHAHAHA.

posted on Jan, 23 2012 @ 06:10 PM
I think that this means war very soon. That is going to be hard to sell if the Iranians don't shoot first. That doesn't mean that the American war machine won't pay a price in blood to get it started, though.

posted on Jan, 23 2012 @ 06:15 PM
Interesting turn of events playing out isn't it? Some are arguing that India might not have the physical gold on hand to make payment. Remember this thread on the billions of gold and treasure recently discovered in India?

posted on Jan, 23 2012 @ 06:18 PM
reply to post by Mkoll

poke a stick in a bear cage sooner or later the bear will lash out thats all the pretext US needs for green light.US knows a solid pretext is required sooner or later its gonna happen

posted on Jan, 23 2012 @ 06:21 PM
reply to post by PrinceDreamer
Excellent point, any leader who wanted to change the world currency is no longer breathing.

posted on Jan, 23 2012 @ 06:26 PM
I have not seen too many corroborating sources about India buying up Iranian oil with gold? I take what Debka and PressTV say with a grain of salt. I am not saying it is untrue, but other financial sources would be reporting on this development as well. If true? It would no doubtingly hurt the value of the dollar and cause geopolitical difficulties. Like another poster noted, Iran is asking India to pay partially with the Yen.

Iran Said to Seek Yen Oil Payment From India Amid Tighter Global Sanctions

Iran has asked India to pay for oil partly in yen as the two nations seek an agreement on how to maintain trade amid tightening global sanctions, according to three people with knowledge of the matter.

Who knows, but I am not going to pay much attention to the report about gold for oil with Iran until I see more coverage about it. The article cited above also mentioned that other nations are seeking alternatives to continue trade with Iran like Japan. A lot of stuff going on . . .

posted on Jan, 23 2012 @ 06:30 PM
There seems to be a whole lot of shaking going on ..
Then, Wen quietly dropped a bombshell. He revealed "one more important point" as if it were an afterthought. He said:
In order to address investment issues, we [China and Qatar] need financial support. Therefore, we reached another agreement, a cooperation agreement linking finance with investment. Qatar also proposed the use of local currency in trade settlement and even a specific ratio. I think this proposal can be studied.
The short point is, the renminbi, the "people's currency" also known as the yuan, is appearing in Doha. The China-United Arab Emirates (UAE) currency swap deal which was signed during Wen's visit to Abu Dhabi last week already brings the yuan to the Emirates. The deal with the UAE is worth US$5.5 billion and the Chinese central bank statement said that it aims at "strengthening bilateral financial cooperation, promoting trade and investments and jointly safeguarding regional financial stability".

posted on Jan, 23 2012 @ 06:36 PM
The Eurasian Triple Entente: Touch Iran in a War, You Will Hear Russia and China January 23, 2012 "SCF" -- Despite the areas of difference and the rivalries between Moscow and Tehran, Russian and Iranian ties are increasing. Both Russia and Iran share many commonalities. They are both major energy exporters, have deeply seated interests in the South Caucasus, oppose NATO’s missile shield, and want to keep the U.S. and E.U. from controlling the energy corridors around the Caspian Sea Basin. Moscow and Tehran also share many of the same allies, from Armenia, Tajikistan, and Belarus to Syria and Venezuela. Yet, above all things, both republics are also two of Washington’s main geo-strategic targets.

posted on Jan, 23 2012 @ 06:42 PM
Is there any proof from India about this ?

Like a document signed sealed and notarized ?

Who in India actually buys the oil ?

"The Government" or the International Corporations ?

posted on Jan, 23 2012 @ 06:47 PM
reply to post by the2ofusr1

Good post ... hopefully people will take the time to read the linked article and ponder the possible outcomes of Chinas play . I think these these portions of said article are worth quoting here.

Wen was plainly dismissive about Western media reports that he was scouting for GCC oil to replace Iranian oil. "Some people think I have come for the oil. I think they are too narrow-minded. It should be said that I have come for the friendship. The biggest harvest of my trip is the enhanced mutual political trust."

Simply put, the UAE and Qatar are creating a cushion from exchange rate volatility. But the geopolitical reality is also that the renminbi will look great sitting in their vaults. The big question is when Saudi Arabia might make its move.

I fully expect that the Saudis will feel the winds of change and will also follow Irans lead sooner rather than later. US and Europe will soon find themselves hitting a BRICS wall.


posted on Jan, 23 2012 @ 06:58 PM
Saudi Arabia unplugged their Riyal from our Dollar and also said they were no longer accepting US Dollars for oil.

God knows what they're doing to keep the Saudi Oil us.

India won't have a problem paying Gold for Iran's oil. India will wisely use it to make nuclear power plants so they can get their Gold back from Iran making them goods over the next century.

posted on Jan, 23 2012 @ 07:02 PM

Originally posted by Pervius
Saudi Arabia unplugged their Riyal from our Dollar and also said they were no longer accepting US Dollars for oil.


edit on 23-1-2012 by Aloysius the Gaul because: (no reason given)

posted on Jan, 23 2012 @ 07:11 PM
reply to post by Jakes51

Here are some links to others reporting this, i truely wouldnt expect this to get a lot of play, the reaction would be huge. There are also reporting some preparing for this, and why if your Iran would you use another devalued currency when your client is just one of the largest holders of Gold, which although it isnt money if your Ben Bernanke but if it purchaces oil, that makes it one by Default.

Iran Large Buyers of Gold Bullion to protect reserves from siezure

edit on 23-1-2012 by 1947flxible because: Spelling, it aint easy for me to spell Helicopter Ben's name

The reasons

edit on 23-1-2012 by 1947flxible because: (more info)

edit on 23-1-2012 by 1947flxible because: another link which might be the reason why they would want gold not YEN

posted on Jan, 23 2012 @ 07:16 PM

Originally posted by 1947flxible
reply to post by Jakes51

Here are some links to others reporting this,

They are all just repeats of the report from the Economic times of India - so not separate or independent verification at all.

Except for the Reuters one - it makes no mention of Gold whatsoever.

posted on Jan, 23 2012 @ 07:25 PM
Eventually one nation will make a gold backed currency and be established for settlement in international trade.

If the US was smart, they would have done this in the 90´s. They wanted to milk the debt based economy as long as possible relying on military strength to maintain its supremacy. That coupled with all the foreign investment in dollars they thought this would never happen.

Even a war with Iran can't stop this. More than a third of the world's population would support such system with gold as a reserve. DUH

Try telling China and Russia that's cheating, no fair, I´ll punch you, stop, I mean it stop, I´ll punch you if you do.
The USA can't touch them. It would be suicide. Period.

We should be trying to outsmart them, not out muscle them. Greed has a way of distorting reality.

posted on Jan, 23 2012 @ 07:27 PM
look at this thread

Being a ‘Settlement’ currency is not quite the same as being a ‘Reserve Currency’ like the dollar, but it a major step in that direction. It is, in fact, a very large step. Which currency large international trades are done in matters. It is a fact that in 2000, Iraq signed an agreement to sell its oil, all its oil, in Euros. Iran was contemplating doing the same at around the same time. The Iraq decision involved the large French bank PNB-Paribas. France was not one of those who supported the war and Washington led a hate campaign vilifying the French. The worry was that a switch from dollar to Euro settlement might gain momentum. Any major move away from dollar settlement would cripple the US.

In January of this year the India Times reported that India was talking to Iran about moving out of dollar settlements so as to be able to buy Iranian oil despite a US embargo. India said it was discussing settling in Gold. Remember, India has just signed a settlement agreement with China to use the Yuan.

edit on 23-1-2012 by casenately because: (no reason given)

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