India to Pay Gold Instead of Dollars for Iranian Oil. Oil and Gold Markets Stunned
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Within the body of the report were gleaned these crucial items:
1. India has become the first buyer of Iranian oil to agree to settle purchases in gold.
2. China is expected to follow India's move.
3. Approximately 40% of Iran's total oil exports are consumed by India and China.
4. Settling oil transactions in gold enables Tehran to circumvent the EU's upcoming freeze on Iran's Central Bank assets and the oil embargo announced Monday January 23rd.
5. Due to the magnitude of the transactions proposed, the price of gold is expected to rise and the Dollar's value depressed on world markets.
6. The EU currently accounts for approximately 20% of Iran's oil exports.
7. The transactions are to be facilitated via two Indian state owned banks and a Turkish state owned bank.
8. Financial mechanisms have also been implemented between Iran and Russia for the settlement of oil purchases in currencies other than the US Dollar.
Edit 20:32 van die gold market stunned... hebben we tot nog toe niet veel gezien. Misschien is hij wel verstomd van algehele verbazing
