34 votes

Iran will be barred from accepting gold as payment for oil

"In return, Iran will be able to repatriate $4.2 billion in frozen assets, the Obama administration said. The accord will “suspend certain sanctions on gold and precious metals, Iran’s auto sector and Iran’s petrochemical exports, potentially providing Iran approximately $1.5 billion in revenue,” the administration said.
The accord also provides $400 million in tuition payments to schools for Iranian students studying abroad, and will allow access to civilian aircraft parts.
Some curbs on gold trading also will be removed. 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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SteveMT's picture

Understand your point, but Iran also knows that.

Iran is buying some time and some breathing room. They want to postpone the war and hope that the dollar goes away in the meantime. Israel is already complaining and does not like Iran's new strategy.

I would believe that is how they reached an agreement

The petrodollar is what this agreement is all about, if oil was off the petrodollar standard it would massively inflate. That would cause a chain of unintended consequences far beyond my understanding, however the US and the fed have been highly irresponsible with the wholesale currency printing. Has there been any speculation of what would happen if oil was no longer sold exclusively in dollars other than dollar inflation?

I Don't Believe That A No Gold Clause Is Enforceable,,,

To any nation that is a "SOVEREIGN" nation !

How could anybody enforce this no oil for Gold ???


It's enforceable

Iraq and Libya ring a bell?

"It is difficult to free fools from the chains they revere".

It's hard not to be a menace to society when half the population is happy on their knees. - unknown

What Happens If China,India, Or Any Other Gold Rich And Oil Poor

Country opens an account in their own country where they deposit Gold for oil purchases, from Iran, in an account protected by nuclear capabilities already in place in their own countries?

Here comes WW III !


I think people highly underestimate our capabilities

as far as the military.

I know it is easy to believe we are not that much better than the rest of the world - but that is only because most people think we are really trying to win. Iraq, Afghanistan, Vietnam - we were not really in these to win - we were in it for money and power.

Do not think for one second there is any other country on earth that can compete with our military.

And don't think for one second the rest of the world puts up with us for any other reason.

As for nukes - stupidest weapon ever. You have to commit suicide in order to use the weapon - well what good is the weapon then???

Nuclear weapons are not all that effective

That's why they have not been used in the subsequent wars after WWII. Fire off too many of them and you have a radio active global nuclear winter and possibly an ice age that could be an extinction level event. Then who do you sell your oil to?

Einstein once said, "I don't know what weapons will be used for WWIII, but WWIV will be fought with sticks and stones".

It was obvious from the

It was obvious from the get-go that any agreement would contain this type of language. It's never been about anything else.

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul

I wonder why they put that in

I wonder why they put that in there? Hmm...

quantitative theiving

quantitative theiving