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.Read the rest here.
On the last day of 2011, President Obama signed the National Defense Authorization Act for Fiscal Year 2012. The NDAA, as it is called, attempts to reduce Iran’s revenue from the sale of petroleum by imposing sanctions on foreign financial institutions conducting transactions with Iranian financial institutions in connection with those sales. This provision, which essentially cuts off sanctioned institutions from the U.S. financial system, takes effect on June 28.
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I have to wonder if the folk who made the decision to utilize the SWIFT system as a weapon against Iran are now looking for a job. China has just announced to the world that gold is money. Makes me wonder what Ben Bernanke has to say now about the yellow metal?
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