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

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.

India thus joins China in opting out of the US-led European sanctions against Iran's international oil and financial business. Turkey announced publicly last week that it would not adhere to any sanctions against Iran's nuclear program unless they were imposed by the United Nations Security Council.

Read the rest: http://www.debka.com/article/21673/




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Think...

What does this really mean?
The US has not been able to control Iran... or it's oil!
The deal made with the Arabs to trade oil with dollars may soon be at and end!
What will that mean to us?
There's more to this...

When Fascism goes to sleep, it checks under the bed for Ron Paul!

I read the article this morning and it convinced me of one thing

Iran has no interest whatsoever in closing the Strait of Hormuz. They may talk a good game, just like N. Korea, but they don't mean it.

I find this interesting

India and China are both fully implementing the national ID card of the Global government but they are going to fight the Global Government on sanctions. The EU is going to be crushed by this. Everyone talks about the royals of Europe being the puppet masters but this seems to contradict this theory. Is it the large Corporations who are shifting their power that is causing this? Its not making sense right now.

If anything it just shows that oil=life.

Oil is (literally!) responsible for MORE THAN HALF OF THE HUMAN POPULATION OF THE PLANET!!!!!!! Before we learned how to use oil just for engines and then later how to use the distillates for fertilizer, human population had no chance of growing past its former number in real numbers.

They (China & India) want cheap/sensible access to oil.

I'm sure that Frothy

will want to immediately bomb India and China, as they most certainly are now under the influence of the extremist Muslim worldwide Global Caliphate.
LOL!

Gingrich really doesn't care, he just wants to bomb them anyway.Of course, he'll want it done as a "reasonable covert action, with plausible deniability".

Romney just wants to stand there and look well-groomed.

Thanks for that!

:)

Our government was asking for it.

Other nations are now taking a second look at our nation-building and devaluing dollar.

It is an enormous simplification to speak of the American mind. Every American has his own mind.

~Ludwig von Mises

Hang On

That should make some gold price news tomorrow!

What do you think? http://consequeries.com/

It begins.All the major

It begins.All the major countries are waking up and realizing they are enabling our military adventurism.
Say goodbye to the dollar reserve status and then the cuts will have to come or there will be an economic collapse.
Ron Paul will once again be proven right.

I wonder how many CIA, MI6,

I wonder how many CIA, MI6, and Mossad agents have been hired to keep an eye on that gold?

Something tells me that when Iran gets bombed that gold will go "missing"...

Looks like our "friends",

India and Turkey, are tired of our policies. Will we invade them, too?

America will not invade Iran, Russia and China ...

Russia and China is playing in the game to, Ron Paul once again is right, If we would have treated Iran better we would not be in this mess,