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Old 10th Aug 2012, 07:44 AM   #1
Zur
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http://www.forbes.com/sites/gordonch...d-to-buy-gold/

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Beijing is planning to avoid U.S. financial sanctions on Iran by paying for oil with gold. China’s imports of the metal are already large, and you can guess what additional purchases are going to do to prices.
India is doing it too.

Do you think there's some cloak-and-dagger stuff going on here ? It seems that anything related to petrol usually leads to something happening. Rumour has it that Kadhafi was messing around with the idea of introducing gold exchanges in Africa.
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Old 10th Aug 2012, 09:14 AM   #2
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so, gold will become the "new" currency "again" ...thus China will open it's doors up to highway men like in medieval times, but by passing the greatest of criminals "banks"?
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Old 10th Aug 2012, 01:57 PM   #3
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"what?"
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Old 11th Aug 2012, 03:59 AM   #4
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Originally Posted by cryptophreak View Post
"what?"
Here's what I've understood.
  • Iran is under embargo from the US because they're refinning uranium, possibly to make nuclear weapons.
  • Israel apparently wants a military intervention for fear of these nuclear weapons.
  • Iran has petrol, lot's of it, but they don't want to sell it in $. According to some sources it attempted to sell in euros at one point.
  • China is buying up a lot of gold and is prepared to buy Iranian oil using that.
  • India has also expressed similar interest.
  • If exchanges like this go through it could have an influence on the oil market as a whole.
  • Russia doesn't seem happy about the prospect of an intervention in Iran.
  • Russia also seems uneasy about the missile defense shield in Europe.

See alternative sources of online news. Seems like a set-up for potential cold-war.
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Old 11th Aug 2012, 04:16 AM   #5
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World war 3
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Old 11th Aug 2012, 06:43 AM   #6
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This is bigger than any of you may think. Most of the world wants to move away from the US dollar as the only source of currency that pays for your oil. You can only pay in US dollars for oil.

If the world says FU and starts to pay for oil in whatever way they choose then the US is totally pooped in the butttttt.

The US will no longer be able to print up any amount of money they want to pay the bills. They do this because they hedge on the oil. Without the dollar being used to pay for that oil the US will lose the hedge in the market.

Once this happens oil will not only double in price for the US, but may go higher. $150 to $200 US dollars a barrel is not unforeseen. If you think things are bad now just wait until this happens.

Once one country starts doing it others will step right up say why can't they.

I may not be explaining this 100% accurately but as an energy trader I have to keep up with this stuff. This is serious business folks. That WW3 pic above is no freaking joke.
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Old 11th Aug 2012, 08:45 AM   #7
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Earthquake in Iran now. 6.something.
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Old 11th Aug 2012, 02:17 PM   #8
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War would lead to systemic and complete economic collapse (to the United States) due to China's trading ties with the US as well as the Russian ties with Iran. It'd be a war we can't support or fight. The sad reality is, is the US's time as the hegemonic military power is coming to an abrupt stop, regardless of who gets elected or what happens over the course of this year, simply because of its unsustainable nature.

No, the US simply can't invade Iran without serious economic backlash.

Tooly's right about this though. I've observed its beginnings with the introduction of the berkshares. The US dollar is losing its buying power rapidly due to inefficient and ineffective management over the course of the past 11 years. The US is going to go through a serious paradigm shift. Neither Romney or Obama can prevent the country's currency from failing on the global scale. The cause and effect relationship between what Nixon did is coming around to bite us in the ass.

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Old 12th Aug 2012, 09:44 AM   #9
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Quote:
Originally Posted by Gir View Post
Earthquake in Iran now. 6.something.
Obama's fault. See what I did there?
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