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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 @ 07:33 PM
if this was a european nation buying from the Saudi's, I'd be worried

I'm sure this is mostly Iran's way of poking the US in the eye to try to apply pressure leading up to nuclear talks

edit on 23-1-2012 by syrinx high priest because: (no reason given)

posted on Jan, 23 2012 @ 07:36 PM
reply to post by Aloysius the Gaul
I found this article about the Saudis
Saudi Arabia pivots toward Asia
By Peter Lee

Saudi Arabia's future lies in Asia. That was the subtext of Chinese Premier Wen Jiabao's recent visit to Riyadh. That future might arrive a lot quicker than people think, if BP is to be believed.

BP's most recent energy outlook report predicts that the United States will become almost self-sufficient in energy by 2030, thanks to exploitation of its shale oil and gas resources.

Per The Guardian, this is a ''development with enormous geopolitical implications". [1]

Specifically, the geopolitical implication is that, if the United States does not need the Middle East for energy security, it will lose much of its motivation to meddle in the region

posted on Jan, 23 2012 @ 08:13 PM
reply to post by the2ofusr1

Well I certainly wouldn't argue wit that - the basis of the Petrodollar is, AFAIK, the US guaranteeing Saudi integrity (by which I mean the royal Family of course!) and in return the Saudi's will only accept US $'s for their oil - and being by far an away the biggest producer that is the deal that cemented the $$ as the world's reserve currency.

It has always been the case that countries could choose bilateral trade in other than $$'s - but such trades are/have been relatively small compared to the exchanges.

posted on Jan, 23 2012 @ 08:20 PM
reply to post by Aloysius the Gaul
Well the winds of change are upon the world ..Its hard to say with all that is going on just how it will settle...It wont be the same for the us $ in a short while ..The whole monatary thing and them getting thier books in order dosent seem like its going to happen ...snafu is the only thing I can think of ...peace

posted on Jan, 23 2012 @ 09:35 PM

U.S. unlikely to fully recover, Carney warns

Bank of Canada governor says Canada must look to Asian trading partners if our economy is to thrive

Canada needs to look beyond its southern neighbour for markets because the United States economy is unlikely to ever fully recover, Bank of Canada governor Mark Carney said Sunday.

In an interview with CTV's Question Period, Carney said that it is vital for Canada to look for new trading partners in the Asia-Pacific region and elsewhere to prevent the economy from being dragged down by the U.S.


posted on Jan, 23 2012 @ 09:44 PM
Finally about time someone uses Gold!! To Hell with those sanctions. You sanction fake monopoly money? No problem, we will use real money and destroy your dollar. Well played Iran, well played indeed.

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

posted on Jan, 23 2012 @ 10:46 PM
Ahhh you were wondering why Afghanistan? now you know...the pipeline they are building goes through pakistan to india too.....
I am sure they were hoping to ram it through faster....but well...
There are still game changing moves on the board to be made...dont count the illuminatti down yet...
They have all that gold of the centuries somewhere stashed....just in case we go back on the gold standard, they already have a huge pile of it.
In fact if the dollar goes down it may be good for the illumes with tons and tons of gold hidden away....
Plus theyve stolen a lot of Asias gold as well over the years(thats what Fullfords been saying)
The Cabal is reeling just not down and out yet....we need to give then another kick in the ass.....

posted on Jan, 23 2012 @ 10:51 PM
The end of the greatest Ponzi scheme is ending. I hope the collapse will be fast so that we can replace it with a better one fast.

posted on Jan, 23 2012 @ 10:58 PM
Gold will be the new world currency very soon.

posted on Jan, 23 2012 @ 11:01 PM
And so it begins... The big issue here is not the fact that they are using gold, it's the fact that they are not using dollars. If China follows suit, then completely replacing the dollar as the world currency won't be far behind.

posted on Jan, 23 2012 @ 11:01 PM

edit on 23-1-2012 by Bone75 because: double post

posted on Jan, 23 2012 @ 11:09 PM
Duhhh… Iran is doing this, we sanctioned their entire economy.

They have zero use for dollars. They can't do business with the U.S. and E.U. If they tie up all their money in dollars and then we attack them, we will freeze all of their dollar assets and they will have lost all of that oil for essentially nothing. They need real resources or rubles and yuan.

There are 3 aircraft carrier strike groups and 24-hour P-3/drone surveillance of the Strait of Hormuz they don't want to be holding a bunch of the currency we are printing non-stop while we are surrounding them.

edit on 23-1-2012 by tooo many pills because: (no reason given)

posted on Jan, 23 2012 @ 11:21 PM
The Indians must be reacting "Goodness, Gracious Me!".

posted on Jan, 23 2012 @ 11:36 PM
I believed that the report was only a publicity stunt to shore up Iran's tottering regime.

The indians, whom are one of the smartest people on Earth in maths, CAN'T be that STUPID to pay in gold!

Where does the gold comes from? They will have to buy from private individuals - whom hold the largest amount of gold reserves. It will drinve the price of gold up the roof and guess what happens to the oil - sky high inflation sets in, exchange rate suicides, destroying itself when other companies that does not use gold for oil trades and uses it in the industries.

And Iran will be no better, for when it asks for gold, other nations that are not on the sanction list will demand equally for gold over their products to Iran. NO country is self sufficient in resources, except for a few nations on Earth such as Australia and USA. China is the worse off, with billions to feed, endermic corruption that hinders progress similar with Russia.

And where is the gold going to come from when Iran biz needs to pay? Buying from private holders or demanding to paid in gold for their services or products offered to consumers, driving the price up and if they don't have the money, they face bankruptcy actions.

Those who ask for gold or unstable currencies, are now only doing themselves in, willingly and stupidly, while the rest of the world sits on comfy sofas, with a bag of chips and beer watching their imminent collapse in time....

posted on Jan, 24 2012 @ 12:01 AM
So what ...... humans seem to forget that we're living on a rotating rock in a very large void. Nothing matters in the long run. we're only here on a temporary basis and all those with wealth and billions will end up the same as everyone else .... 6 foot under!!!!
In the scheme of things, we don't matter much
All that's needed to live is shelter, food and clothing.. Gold will buy you a food supply for a while but you can't eat it!! so what's the point in stashing it.
The world seems to be full of greed and too much wealth is never enough for some. The monetary system is man made and will fail ultimately

I see the present society as the proverbial 'cat chasing it's tail'. More people to buy more stuff to make more money for big business. The worker is nothing more than a glorified slave.

Sounds depressing??
We're only here for a short time so enjoy life a day at the time ... when possible ... :-]

posted on Jan, 24 2012 @ 12:08 AM
I live in India. The Iran/oil situation has been in the news continuously here for the last couple of weeks.
India believes it has no choice. It needs Iranian oil, which supplies about 12% of India's annual oil requirements. The sanctions against Iran's central bank are designed to make oil payments in dollars very difficult, if not impossible.

India likes the US. It wants to cooperate with the US, but when US policies interfere with India's well-being, it must choose to take care of itself first. (All nations do the same thing: self-interest first) So it has opted to pay for Iranian oil using gold. TAlthough this might anger the US, it will court increased favor with Iran.

In recent years, Iran has become quite cozy with China (India's natural enemy). By paying for the oil in gold, India is helping Iran find a work around the US imposed sanctions. By beating China to this helpful move, it hopes Iran will look more favorably to India when and if it comes time to ration out its oil production.

China will likely follow suit, because both nations want to court favor with Iran...for its oil, irrespective of its political/religious ideologies.

posted on Jan, 24 2012 @ 12:47 AM
gadaffy duck was killed because he choose to deal for oil only in gold now india and iran agrees this spells the end of the american economy we have no gold only worthless paper, our us ding bat in charge of our economy said Gold is not money, he will soon eat his words if this is not stopped!

posted on Jan, 24 2012 @ 12:57 AM

Jan 20 (Reuters) - India and Iran have agreed to settle some of their $12 billion annual oil trade in rupees, a government source said on Friday, resorting to the restricted currency after more than a year of payment problems in the face of fresh, tougher U.S. sanctions.

India, the world's fourth-largest oil consumer, relies on Iran for about 12 percent of its imports or 350,000-400,000 barrels per day (bpd) and is Tehran's second-biggest oil client after China.

But Washington has snapped tighter financial sanctions on Iran and wants Asia, Tehran's biggest oil market, to cut imports in a bid to pressure the Islamic nation to rein in its nuclear ambitions, which it suspects are aimed at making weapons.

Iran rejects the charge and says its programme is for peaceful means.

India's central bank stopped one clearing mechanism in December 2010 for Iran payments and refiners finally managed to secure a route through Turkey's Halkbank in July 2011 but this could be vulnerable to the new U.S. measures.

An Indian delegation has been in Tehran this week discussing options for payment and the source said the decision to pay in rupees was made after a meeting there.

"The Central Bank of Iran will open an account with an Indian bank for receiving payment and settling its import," the source, who has direct knowledge of the matter, said, adding the new system will start "soon".

The source did not specify the name of the Indian bank. But other sources have said that Iran could open an account with India's UCO Bank as it does not have any interests in the United States.

In addition to rupee payments, Indian refiners will continue to make payments through the current mechanism using Halkbank, this source said, "as long as it continues".

Turkey and Iran said on Thursday they want to increase financial transfers and that work is underway to strengthen banking ties.

The new U.S. sanctions, authorised on Dec. 31, penalise any financial institution dealing with Iran's central bank, the main clearing house for oil payments. However, a country can earn a waiver if it significantly reduces trade with Iran.

India, whose biggest supplier is Iran's OPEC and regional rival Saudi Arabia, has said it will not seek a waiver and will continue to trade with Iran, following only U.N. sanctions.

India Trade Secretary Rahul Khullar said this week that the Indian delegation to Iran would work around the U.S. sanctions to protect oil supplies and promote Indian exports.

The government source said Iran has agreed to step up imports from India which added up to some $2.7 billion in 2010/11 and including oilmeal, rice and tea.

"This will cushion them (Iran) to some extent from exchange rate volatility," the source said.

The rupee is only partly convertible, limiting its acceptability internationally. In addition, it was the worst performing major currency in Asia last year, losing about 16 percent against the dollar, and it remains volatile.

Asian support for U.S. sanctions is vital since the region buys more than half of Iran's daily crude exports. The European Union has agreed in principle to halting Iranian crude imports and could finalise the ban on Jan. 23.

China, Iran's biggest crude customer, has rejected the U.S. sanctions as overstepping the mark and defended its extensive imports from the second-biggest oil producer in OPEC.


Here is a more valid source "Reuters" which suggest that India will be paying some of the oil in Indian currency..
But this only suggests that some of the oil will be baught in rupees while the rest is most likely to be bought in gold as suggested here ...

There is another thread on that. Can mods please combine all the India/Iran oil threads ?

edit on 24-1-2012 by maddy21 because: (no reason given)

edit on 24-1-2012 by maddy21 because: (no reason given)

posted on Jan, 24 2012 @ 12:58 AM
Whats America going to do now? Call this an act of aggression?

Go to war with India, I bet... just dont # with our cows

posted on Jan, 24 2012 @ 01:03 AM
reply to post by ImmortalThought

We got all your credit card/debit card and warranty information .. Americans wouldn't dare

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