Tuesday, November 26, 2013

If Gold is a Historical Relic why wont the US allow Iran to Trade Oil for Gold?

From Bloomberg.com

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Iran’s accord with world powers to limit its nuclear program in exchange for as much as $7 billion in relief from sanctions left Presidents Barack Obama and Hassan Rouhani the task of selling the deal to critics.

By agreeing to curtail its nuclear activities, Iran won an easing of certain sanctions on oil, auto parts, gold and precious metals for six months. The deal, which is reversible, was announced early yesterday after five days of talks in Geneva. Without removing sanctions on oil exports, it releases some of Iran’s oil assets and allows it to keep exporting crude at current levels.

While Iran will be allowed to buy and sell precious metals, including gold, it will be barred from accepting them as payment for oil or any other sanctioned transaction, according to the officials. Iran sits on the world’s fourth-largest proven oil reserves. 

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