India to buy Iranian oil with gold instead of US $.

[Ardent Listener]

http://www.debka.com/article/21673

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.

[Neckro]

Good for them.

[misteroman]

now will that make gold increase or will they just peddle it off to something else?

[Delawhere Jack]

Good for them.

Bad for US.

[Ardent Listener]

I'm hearing the source of the story is only 80% reliable. We shall see.

[Engineer]

I'm hearing the source of the story is only 80% reliable. We shall see.

That's a step up from our own media.

[fb101]

i see a big pop in gold coming if this is true.