Aswt,
Let the fun begin. And China and UAE have ditched US Dollar and will use Yuan for oil trades.
Best regards and salam,
Zahid
Source: Commodity Online
24 January 2012
India to pay gold instead of dollars for Iranian oil
MUMBAI (Commodity Online): India is the first buyer of Iranian oil to agree to pay for its purchases in Gold instead of the US dollar, reported DEBKAfile's intelligence and Iranian. 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.
By trading in gold, New Delhi and Beijing enable Tehran to bypass the upcoming freeze on its central bank's assets and the oil embargo which the European Union's foreign ministers agreed to impose Monday, Jan. 23. The EU currently buys around 20 percent of Iran's oil exports.
