Happy Australia Day to all my Australian readers, may your day be bonza mate!
Wednesday, January 25, 2012
Oil-for-gold: Iran to dodge US ban with metal shield?
Very interesting development, as Gaddafi had proposed to sell Libyan Oil for Gold and we know how that turned out. For a RT video on Libyan Oil for Gold go here
RussiaToday on Jan 24, 2012
RussiaToday on Jan 24, 2012
Keiser Report: Dangerous Species of Bankers
RussiaToday on Jan 24, 2012
In this episode, Max Keiser and co-host, Stacy Herbert, discuss Google searching Davos; the Federal Open Market Committee getting high on its own money supply; bankers leaving the planet to live in parallel universes and the evidence for the manipulation of precious metals.
In this episode, Max Keiser and co-host, Stacy Herbert, discuss Google searching Davos; the Federal Open Market Committee getting high on its own money supply; bankers leaving the planet to live in parallel universes and the evidence for the manipulation of precious metals.
India to pay in Gold for Iranian Oil, China to follow
Seems history is repeating here. During the sanctions imposed on South Africa during the Apartheid era South Africa was able to bypass the oil embargo by offering to purchase Oil for Gold. Now we see Iran doing the reverse by selling Oil for Gold. Yet again Gold provides freedom from repression, just as it has done for the last 5,000 years. From Debka.com
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.
By trading in gold, New Delhi and Beijing enable Tehran to bypass the upcoming freeze on its central bank's assets and the oil embargo which the European Union's foreign ministers agreed to impose Monday, Jan. 23. The EU currently buys around 20 percent of Iran's oil exports.
The vast sums involved in these transactions are expected, furthermore, to boost the price of gold and depress the value of the dollar on world markets.
Iran's second largest customer after China, India purchases around $12 billion a year's worth of Iranian crude, or about 12 percent of its consumption. Delhi is to execute its transactions, according to our sources, through two state-owned banks: the Calcutta-based UCO Bank, whose board of directors is made up of Indian government and Reserve Bank of India representatives; and Halk Bankasi (Peoples Bank), Turkey's seventh largest bank which is owned by the government.
An Indian delegation visited Tehran last week to discuss payment options in view of the new sanctions. The two sides were reported to have agreed that payment for the oil purchased would be partly in yen and partly in rupees. The switch to gold was kept dark.......read more
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