Iran and India Trade GOLD for OIL

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Currency Wars: Gold for Oil

 

There is an unconfirmed report on DrudgeReport.com that India has recently purchased oil from Iran using gold!

 

From the article: “There were reports that officials have been floating this idea for some time, and now, as the EU finally decided upon an oil embargo on Iran, more details became available, yet still pending confirmation.

 

Oil is priced in U.S. dollars, and bypassing the greenback posed challenges for both parties. Two banks are reportedly involved in this deal: India’s state owned UCO Bank and Turkey’s state owned Halkbank.

 

Both banks don’t have any business with the U.S. and therefore are less vulnerable to sanctions. According to the report, an Indian delegation has spent time in Tehran and finalized the details of the transactions. 

This is HUGE, very bullish for gold and extremely bearish for the U.S. dollar. If this story is true, and we believe it is, this is the next step in the trend away from the dollar and towards gold. In our January 9th article titled, The End of the Dollar, we pointed out a range of agreements between nations to start trading in their home currencies. Including China, the #2 economy, and Japan, the #3 economy. We also pointed out that by Iran attacking the dollar, it probably meant war, as the U.S. has twice in the past 10 years shown physical aggression to anyone who threatens the U.S. dollars’ role as reserve currency. Both Iraq and Libya were more about the U.S. dollar than most people know, in fact, we are unaware of even 1 news agency who has discussed Gaddaffi’s plan to create an African gold backed currency that would be used to purchase oil. 

We should note that Europe has also banned Iran from trading gold and silver. This of course shows that gold and silver are a lot more than just “old banker traditions” as Ben Bernanke would have us believe.

As Ron Paul stated in the Florida debate last night, the war with Iran has already started, sanctions are an act of war. Blockades are an act of war, and sending 6 war ships led by an aircraft carrier through the Strait of Hormuz is an act of aggression. The drones are already flying over looking for targets. In our opinion, when this war officially starts with bombs exploding, we will see $2,000 gold and $150 oil almost overnight.

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