Monday, January 23, 2012

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

DEBKAfile Exclusive Report January 23, 2012, 5:57 PM (GMT+02:00)

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.   LINK...

Could this be the beginning of the end for the "petrodollar?" Gold will re-establish itself as the world's reserve currency and this is the way it has been for thousands of years. This is a monetary axiom.  BK