Last month the papers were full of reports stating Iran had agreed to sell their oil to India in exchange for gold…

Posted on February 13, 2012 by maxkeiser| 16 Comments
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16 Responses to Last month the papers were full of reports stating Iran had agreed to sell their oil to India in exchange for gold…

  1. i'm Alan Partridge | February 13, 2012 at 2:50 am |

    Does Ben know about this?

  2. Tritone | February 13, 2012 at 4:09 am |

    Dudes!
    “Obamaxander the Great” be dancing all night!
    Conquer Persia and come back with “The Loot”
    Just in time for reelection!
    Millions of Muslims gonna be taken to school and be taught “The American Dream”
    First Lesson will be on credit ” minimum payment due” or else FEMA camp debt repayment plan will be implemented!

  3. Geek Boy | February 13, 2012 at 4:45 am |

    Peter Schiff Speaks to James Rickards: Author of Currency Wars
    http://www.321gold.com/editorials/schiff/schiff021012.html

    Max will probably have a hand in his pants reading this one

  4. AG Hoarder | February 13, 2012 at 4:59 am |

    I didn’t catch any news in reading that, just a summation of what everyone already knows.

  6. Al Kyder | February 13, 2012 at 7:29 am |

    @ AG Hoarder (Check out the gold tooth**)

    Physical buying from China also helped lift gold up$6.10 an ounce to $1,725.49 by 0236 GMT. Bullion fell to $1,703.69 on Friday, its lowest since late January, as uncertainty over negotiations for Greece’s bailout package prompted investors to cash in.

    http://www.reuters.com/article/2012/02/13/us-markets-precious-idUSTRE80T1QZ20120213

  7. AG Hoarder | February 13, 2012 at 8:58 am |

    @Al Kyder

    Nothing to do with what’s proffered in the summary about using gold for exchange by Iran and others. The point, and what’s newsworthy, is confirmation that Iran, India, Russia, China, other will be using gold for transactions. Outside of that confirmation is just rehash.

  8. AG Hoarder | February 13, 2012 at 9:25 am |

    I should clarify my last comment in case it’s the only one someone reads, there’s been no confirmation that I’ve seen.

  9. Citizen119 | February 13, 2012 at 9:46 am |

    Funny how Mundell omits to even mention Libya and Gadaffi’s gold dinar,
    which would probably have destroyed the dollar as the international oil currency.

  10. Al Kyder | February 13, 2012 at 10:04 am |

    @ AG Hoarder @ maxkeiser & stacyherbert

    It has been rumoured that this deal also includes gold, Turkmenistan has what is called BLUE GOLD (gas) and also is a huge cotton producer.

    SO what do you think the biggest gold producer in the world intends to use to pay for this gas?
    —-

    Events dedicated to the 20th anniversary of establishing diplomatic relations between Turkmenistan and China are ongoing in Ashgabat, Neutral Turkmenistan newspaper reported on Friday.
    The Chinese delegation, which also included culture figures, arrived in Turkmenistan to participate in a gala concert at Vatan cinema in Ashgabat.
    “China pays special attention to the development of relations with Turkmenistan, in which China sees a faithful friend and long-term strategic partner,” China’s Ambassador to Turkmenistan Xiao Qinghua said at the opening events. Further strengthening of dialogue, friendship and cooperation with Turkmenistan is an important part of China’s foreign policy strategy, he added.
    “A new count down in the relations between the two countries had begun on January 6, 1992. These relations are based on centuries-old political, trade-economic and cultural ties, whose history dates back to the days of the Silk Road, when the territory of Turkmenistan and the Celestial Empire, according to modern science, acted as centers of world civilization,” the newspaper wrote.
    China has chosen the policy of developing long-term and stable Chinese-Turkmen relations of friendship and the power strategic partnership, president of the People’s Republic of China Hu Jintao wrote in his message to the president of Turkmenistan Gurbanguly Berdimuhamedow.
    The implementation of joint projects served as approaching between two countries. For example, the ambitious project – construction of the world’s longest gas pipeline from Turkmenistan to China via Uzbekistan and Kazakhstan is among them.
    China has taken a leading position among the trade partners of Turkmenistan, the Institute of Strategic Planning and Economic Development of Turkmenistan reports. Products for industrial purposes – metal products, machinery, and vehicles mainly dominated in import structure from China to Turkmenistan. Turkmenistan export to China includes natural gas and agricultural products.
    Thirty seven Chinese companies operate in Turkmenistan, which master 66 investment projects worth about $4.5 billion and 2.3 billion yuan. Basically, these companies operate in the oil and gas industry, supplying high-tech telecommunications equipment and participate in the implementation of infrastructure projects.
    The geographic location of Turkmenistan contributes to the progress of foreign economic relations, which has considerable potential for expansion of transit flows between the two world largest markets – Europe and Southeast Asia.
    Turkmenistan is actively working in order to improve transport and communication infrastructure that can meet the intensification and optimization of logistic and resource efficiency of the transit country.
    ====

    By By Americans and NATO, even Gazprom got screwed on that one. I hear the Russians are going to kindly allow NATO troops to exit via Russian soil. How nice of them.

    It makes no difference what they are using to trade with, so long as it is not US$. Thats the point. It can be coal or gold, either would be good. Once you start using commodities as currency, gold and silver will naturally follow

  11. Al Kyder | February 13, 2012 at 10:30 am |

    * More*

    http://tradewithdave.com/

    What’s an index publisher to do when the Chinese solution to being excluded from the IMF’s currency pic-a-nic basket (think Yogi and Boo-boo) is to introduce a second currency while trying to convince us that a “Y” is an “H”.

    If you are having difficulty following the plan for China to break out of the mainland with its currency intact while such animated Western corporations (think Ronald and McDonald’s) are trying to break-in to the Chinese market, maybe this original Yogi Bear cartoon will help. You see, the key is maintaining a steady flow of Western gold imports into China while managing to get the honey out of the honey jar (selling to the Chinese growth market) all the while not getting stung by unexpected capital controls (i.e. Ranger Smith).

  12. AG Hoarder | February 13, 2012 at 10:44 am |

    >SO what do you think the biggest gold producer in the world intends to use to pay for this gas?

    Being the biggest producer isn’t confirmation.

  13. Al Kyder | February 13, 2012 at 1:22 pm |

    @ AG Hoareder

    Come on, They are not going to openly admit to using a Gold standard to pay for gas.

    What do you suppose they will use to pay for the gas if not Gold? Tea, Opium? fake iPads.

    China has also been expanding its rail networks into CIS countries.

    In Kyrgyz Gold news Chaarat employee’s have gone on strike. Management have been beaten by gangs of men on horseback with sticks. Others have been beaten in more regular fashion.

    China will capitalise on this if they are not the ones doing it. NATO must get out of CIS now. These vultures must also leave.

    In http://www.chaarat.com/content/directors-senior-management#Senior

  14. AG Hoarder | February 13, 2012 at 1:47 pm |

    @Al Kyder

    They don’t have to admit it, but there has to be indicators to the point that spell it out. Being a big gold producer isn’t one of them.

  16. SAO | February 14, 2012 at 7:40 pm |

    @Geek Boy
    Thanks for the article.