India to pay gold instead of dollars for Iranian oil


The first report of the diminishing role of paper or fiat currencies I have seen for a while, at least, and it comes from the well connected DEBKAfile

DEBKAfile goes on to say ‘India is the first buyer of Iranian oil to agree to pay for its purchases in gold instead of the US dollar.   China is expected 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.’
With China and India opting out of the US led European sanctions against Iran’s international oil and financial business the consequences for gold and silver will be interesting to say the least

Reports have been circulating some time now for oil to be paid in gold instead of US dollars, Gadaffi also proposed such a scheme but this is the first time a reliable source has come up with solid practical information.

It makes the case for having a few coins in gold or silver an increasingly good idea.

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