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New U.S. Sanctions To End "Turkey's Game Of Gold For Natural Gas"

Tyler Durden's picture


From GoldCore Gold Bullion

New U.S. Sanctions To End "Turkey's Game Of Gold For Natural Gas"

Today’s AM fix was USD 1,741.00, EUR 1,347.00, and GBP 1,087.38 per ounce. 
Yesterday’s AM fix was USD 1,747.25, EUR 1,349.54, and GBP 1,090.46 per ounce.

Silver is trading at $33.80/oz, €26.32/oz and £21.23/oz. Platinum is trading at $1,605.00/oz, palladium at $652.25/oz and rhodium at $1,065/oz.

Cross Currency Table – (Bloomberg)

Gold and silver appear to be consolidating after their recent gains. Gold fell $7.10 or 0.41% in New York yesterday and closed at $1,741.30. Silver slipped to a low of $33.92 and finished with a loss of 0.23%.

Gold remains unchanged on Wednesday and is likely being supported by the realisation that the Greek bailout deal may not be the success it was hailed to be, and also the time is running out for negotiations on the US fiscal cliff.

Gold Spot $/oz, 2007-2012 – (Bloomberg)

Gold prices will rise in 2013 Citi has said and gold remains one of their favoured commodities.

Despite some investors turning less bullish on gold, Citi continues to be bullish on gold in 2013. President Obama's victory was expected to be positive for gold since it would benefit from "a continuation of dovish monetary policy". Gold prices have also been supported by central bank gold purchases. Moreover muted gold demand in India is expected to have picked up during Diwali.

Silver Spot $/oz, 2007-2012 – (Bloomberg)

The yellow metal’s appeal is still strong as evidenced by recent investments by Soros, Paulson and other respected hedge fund managers. This buying and buying by other institutions such as PIMCO has led to continuing growth in holdings of the SPDR Gold Trust, the world's largest gold-backed ETF, which hit a record high of 1,345.813 tonnes on November 27th.

Global gold ETP holdings have climbed to a record for an eighth straight session showing robust demand for gold. The amount in exchange-traded products backed by the metal rose 0.2% to 2,612.1 metric tons, data tracked by Bloomberg showed.

Total Known ETF Holdings of Gold, 2002-2012 – (Bloomberg)

In its weekly note on technicals, Commerzbank said gold is supported by a short-term uptrend at $1,735. "We will retain our bullish view while the current November low at $1,672.50 underpins," it said in its note picked up by Thomson Reuters. 

"Support above this level can be seen at $1,739.09/$1,737.17 (9 November high and late September low) as well as around the mid-November $1,705.66 low and around the minor psychological $1,700 mark. Only if unexpectedly fallen through, would our short term bullish view be neutralised."

Currency wars are set to intensify as the US Senate is considering new sanctions against Iran that would prevent Iran getting paid for its natural resource exports in gold bullion.

The new sanctions aimed at reducing global trade with Iran in the energy, shipping and precious metals sectors may soon be considered by the U.S. Senate as part of an annual defense policy bill, senators and aides said on Tuesday, according to Reuters.

The sanctions would end "Turkey's game of gold for natural gas," Reuters reported a senior Senate aide as saying, referring to reports that Turkey has been paying for natural gas with gold due to sanctions rules.

The legislation "would bring economic sanctions on Iran near de facto trade embargo levels with the hope of speeding up the date by which Iran's economy will collapse," the aide said.

Last week Turkish Deputy Prime Minister Ali Babacan has revealed a critical detail about a widely discussed Turkey-Iran gold trade boom, disclosing that the Islamic republic was exporting gas to Turkey in exchange for payment in gold bullion. 

It is also reported that Iranians are buying Turkish gold with the Turkish Lira, which is deposited into their bank accounts in exchange for Turkey’s natural gas purchases, the deputy prime minister said at midnight Nov. 22 during a parliamentary session. 

Iran cannot transfer monetary payments to Iran in U.S. dollars due to U.S sanctions against the country’s alleged nuclear weapons program.

Iran has been forced to shun the international financial system and the petrodollar as means of payment and turn to the international gold market to ensure it gets paid for its natural resources in order to prevent absolute economic collapse.

The law of unintended consequences may apply here and should the Iranian currency and economy collapse there is likely to be a war with Israel and turbulence in the Middle East akin to, if not worse, than that seen in the 1970’s. 

(Bloomberg) -- IShares Silver Trust Holdings Unchanged at 9,818 Metric Tons
Silver holdings in the IShares Silver Trust, the biggest exchange-traded fund backed by silver, were unchanged at 9,818.07 metric tons as of Nov. 27, according to figures on the company’s website.


                Nov. 27    Nov. 26    Nov. 23    Nov. 21    Nov. 20    Nov. 19

                   2012       2012       2012       2012       2012       2012


Million Ounces  315.658    315.658    315.658    315.658    317.643    318.127

 Daily change         0          0          0 -1,984,433   -484,013 -1,452,093


Metric tons    9,818.07   9,818.07   9,818.07   9,818.07   9,879.80   9,894.85

 Daily change      0.00       0.00       0.00     -61.73     -15.05     -45.16


NOTE: Ounces are troy ounces. 

I Shares Silver Holdings Index, 2002-2012 

(Bloomberg) -- Bank of Korea May Buy More Gold, Maeil Business Newspaper Says
Maeil Business Newspaper cites an unidentified BOK official.

BOK may increase gold within this year.

(Bloomberg) -- SocGen Advises Buying Gold in One of ‘Seven Key Calls’
“Gold should benefit from additional U.S. monetary easing. Inflation-linked bonds and mortgage-backed securities should also benefit,” bank says in Multi Asset Portfolio report.

Gold is poised for 12th consecutive annual advance after rising 12% since start of January.

NOTE: 12 annual gains would be longest winning streak since at least 1920, data compiled by Bloomberg show.

For breaking news and commentary on financial markets and gold, follow us on Twitter.       


Gold flat as investors shift focus to US fiscal talks - Reuters

Gold Drops as U.S. Budget Concern Counters Record ETP Holdings - Bloomberg

China Not Named Currency Manipulator –

Dimon Best to Lead Treasury in Crisis, Buffett Says - Bloomberg

Gold coin jump starts slow charity campaign - Chron

US Mint Sales Report: 2012 Proof Gold Eagles Move Higher – Coin Update


Video - Faber: Prepare For A Massive Market Meltdown - CNBC

Custody arrangements reduce security for GLD and SLV shareholders - GoldSeek

Can we trust China’s gold reserve figures – or anyone else’s either - Mineweb

Immutable Gold Laws – Market Oracle

Prepare for a Possible Price Spike in Gold & Silver – Resource Investor


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Wed, 11/28/2012 - 09:21 | 3016954 GetZeeGold
GetZeeGold's picture



We'll just ban gold....that will fix them.

Wed, 11/28/2012 - 09:32 | 3017004 HoofHearted
HoofHearted's picture

But but is just a tradition. Next theyll ban Santa Claus. And Americans wouldn't put up with that shit. But banning gold, well, we've done that before. Thank you FDR, you asshole. I hope you get polio or something.

Wed, 11/28/2012 - 10:16 | 3017201 CPL
CPL's picture


Not sure why anyone is surprised.  Everyone is in the gold oil trade now.  If the US pushes it's reserve status, it's going to lose Turkey and it's MENA plan will collapse the next day.

Wed, 11/28/2012 - 10:50 | 3017332 DaveyJones
DaveyJones's picture

innevitable really and as things push on, the only law the US will follow, is the law of unintended consequences 

Wed, 11/28/2012 - 15:05 | 3018106 hawk nation
hawk nation's picture

innevitable really and as things push on, the only law the US will follow, is the law of "brute force"

Fixed it for ya

Wed, 11/28/2012 - 15:44 | 3018244 Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

do you even realize that there's a massive suicide epidemic on our troops?  That our generals are getting tired of this shit?  THAT THIS THIS GAME OF ENDLESS WARS IS GOING TO END SOON?

Wed, 11/28/2012 - 09:34 | 3017021 13thWarrior
13thWarrior's picture

Something is up. Singapore removed GST from bullion bars and coins.

Wed, 11/28/2012 - 09:57 | 3017131 Snidley Whipsnae
Snidley Whipsnae's picture

Link to the Singapore GST (general services tax) comment above...

Wed, 11/28/2012 - 10:14 | 3017190 CPL
CPL's picture

Singapore also cut ties with the US in an interesting way over the weekend.


You can now wait in Singapore forever for a plane ride back to the US.  Other news on Singapore/US relations are just as weird.  It's been cutting one string at a time over the last three weeks.  Like a slow moving embargo.


It's not the only country either.  Past three weeks lots of nations have been slowly isolating the USA and containing it in the strangest ways.

Wed, 11/28/2012 - 10:15 | 3017199 _ConanTheLibert...
_ConanTheLibertarian_'s picture

This is how it should be. Countries competing. Very good.

Wed, 11/28/2012 - 11:01 | 3017362 DaveyJones
DaveyJones's picture

competiton is terrorism especially when it is gold or oil  We need some more secret meetings. Call the Court and  make it FOIA proof

Wed, 11/28/2012 - 09:22 | 3016956 venturen
venturen's picture

Pretty soon all transaction are going to be in gold fiat currencies hyperize. 

Wed, 11/28/2012 - 09:56 | 3017124 midtowng
midtowng's picture

How could they possibly track these transactions? Gold has no debt attached to it, thus is impossible to track from half a world away. These sanctions are a joke.

Wed, 11/28/2012 - 09:59 | 3017135 Snidley Whipsnae
Snidley Whipsnae's picture

"How could they possibly track these transactions"

'They' cannot track the gold but 'they' might be able to track oil movement from Iran to Turkey... maybe

Wed, 11/28/2012 - 10:20 | 3017216 CPL
CPL's picture

They are a joke.  Everyone knows the writing is on the wall for USD.  South Korea, India, China...shit all of Asia is doing gold for oil with Iran.  Even England is doing gold/oil swaps.  Iran shoudl be on the look out for counter fiet gold though if recieving from any nation using the Fort Knox or the Bank of England (Carney is so fucked).


First bogus bar that shows up from a country is the first country to miss it's energy targets and go dark the same week.

Wed, 11/28/2012 - 11:07 | 3017378 e-recep
e-recep's picture

hmm, that makes me think : if the dollar fiat collapses, i.e. hyperinflation, other fiats may still survive. if the usa wants to drag the whole world down with itself, it has to cause trouble and start wars all over the world.

Wed, 11/28/2012 - 09:24 | 3016960 fonzannoon
fonzannoon's picture

Hey why did gold just fall 20 bucks in like a half a second?

Wed, 11/28/2012 - 09:26 | 3016967 crusty curmudgeon
crusty curmudgeon's picture

I'm game..."what is a buying opportunity?"

Wed, 11/28/2012 - 11:29 | 3017440 cynicalskeptic
cynicalskeptic's picture

Standard COMEX games.  slam the price down to dissuade those holding buy contracts and more MOPE to make fiat look better

But China buys the dips and TAKES deliver - remelting into 1 kilo bars - makes sure it's all gold AND also converts to preferred Asian form  (this has the side effect of permanently removing it from the London market which requires 400 oz bars).  The west is hemmoraghing gold in a futile effort to keep western fiat looking good in comparison.

Wed, 11/28/2012 - 09:23 | 3016961 fonzannoon
fonzannoon's picture

Hey why did gold just fall 20 bucks in like a half a second?

Wed, 11/28/2012 - 09:28 | 3016982 Orly
Orly's picture

Because gold at these levels is a risk trade, not a "store of value" trade.  The gold price topped last July.

Wed, 11/28/2012 - 09:32 | 3017008 fonzannoon
fonzannoon's picture

That may be a great thesis Orly and I am open to it,  but that does not explain a $20 plus decline in 1 second. You seem to be a great big picture thinker. If you are trying to rationalize what just happened and are trying to explain it away that does not fly. Sorry.

If the dow drops 300 pts in the next 2 seconds and I tell you that is because we put the highs in for the dow in 2008 does that make sense?

Wed, 11/28/2012 - 09:39 | 3017051 Quinvarius
Quinvarius's picture

You can't talk sense into someone who doesn't understand the fiat currency system is collapsing.

Wed, 11/28/2012 - 09:45 | 3017080 AlaricBalth
AlaricBalth's picture

More and more regular folks are beginning to wake up to the realization that their currency is "just paper".

Wed, 11/28/2012 - 09:51 | 3017108 GMadScientist
GMadScientist's picture

Now if they could just make that final leap to money is "just a concept"...

Wed, 11/28/2012 - 10:01 | 3017142 Snidley Whipsnae
Snidley Whipsnae's picture

James Turk has some interesting comments about the timing of collapse... over at KWNews.

hint... soon

Wed, 11/28/2012 - 11:11 | 3017389 e-recep
e-recep's picture

well, how soon?

Wed, 11/28/2012 - 09:48 | 3017097 chubbar
chubbar's picture

I think Turd came out with a study on some recent past drops that had unknown traders doing a coordinated dumping of something like 1/3 of a years production in 10 minutes or so. I'm not aware of any trading strategy that calls for dumping trades like that in an effort to get the absolute worst price for your gold.

 A poster on another thread pointed out that options expiry is Friday and they need gold down to bring the calls out of the money. Just the usual shit that the bankers pull with the acquiessence of Bart Chilton and the CFTC. It works until it doesn't. One of these days the COMEX will find everyone standing for their gold regardless of how badly they beat down the price prior to expiry.

Wed, 11/28/2012 - 10:25 | 3017227 Orly
Orly's picture

I am not trying to rationalise anything, nor am I trying to "explain it away."

I am saying:

  • The move was in paper, which will affect the price of "phyzz."
  • The market is so thin as to be easily manipulated.  Much more so than say, the Euro.  This would imply that once they say it's over and you're on the toilet, you're toast.
  • It was a 1.1% move.  That's not huge but it is certainly concerning because it was done so easily...and because, last but not least:
  • You seem quite upset by the fact that the rug can be taken out from under you on a whim.  Maybe next time, for good.  My advice would be that if those moves upset you so, then you should get out now while the getting is good and sleep much better at night.

Believe me, I am not trying to justify anything, nor am I trying to tell you what to do.  It is just unsettling to see you upset after all you've been through so far this year alone.

The charts don't lie: gold will fade down from here.  There's not going to be any apocalypse, despite the fact that a lot of guys on this board would like nothing more than to play Mad Max with their guns, gold and ground theories.  They don't realise that if that scenario were to unfold, the last thing you're going to need is a heavy hunk of metal that people would kill to steal.

Okay, man.  I've said my peace.  You know where I stand, so I'll leave it at that and say simply good luck to you all!


Wed, 11/28/2012 - 11:53 | 3017499 fonzannoon
fonzannoon's picture

I admit it still chaps my ass to see a market that I full well know is manipulated....get manipulated. That is on me. But that is all it was, manipulation. I am not even denying your point about what your chart tells you. Gold may in fact be heading down right now. But that particular move this am was nothing but manipulation. If gold was a risk trade then why is it still down 30 bucks as the rest of the market just erased all it's losses? This move today reeks of something.

I know full well you are not a gold bug. Neither am I. I do think that the plan is to kill the dollar. Maybe not armageddon, but they are going to inflate our way out and it's going to hurt. So when you say that I should get out so I sleep at night, you are saying I should get back into the dollar. I struggle with doing that. I have a bit of both. But I hear you.

What is interesting to me is how you freely admit that there is manipulation taking place and yet still would rely on a chart. If there are bigger forces at work which we seem to both admit, it kind of renders the chart somewher less useful.

I also agree with you about there being no apocalypse. I think this is just flat out financial repression, and it will go on and on. People will go broke one at a time.

Either way I was not trying to pick a fight or just bitch and moan. That move this morning was undeniable though, it was not fundamentals at all.

Wed, 11/28/2012 - 12:15 | 3017588 negative rates
negative rates's picture

You could convert your holdings to diamonds (do your homework real well) and diamond Rolex watches. You can wear 20 watches and pocket the remaining diamonds and cash as you walk out the door. Now you ARE, good to go.

Wed, 11/28/2012 - 12:52 | 3017683 ParkAveFlasher
ParkAveFlasher's picture

Diamonds, watches, llamas, Bolivian dirt farmer militias, private cliffside retreats powered by cold fusion reactors.  I'm high on all five, per Simon Black.

jk ... we few, we proud ...

Wed, 11/28/2012 - 15:36 | 3018220 negative rates
negative rates's picture

Personally, I never carry more $50 on me at one time. I find I spend less that way. Plus the 30 lbs of basil and greek oregano I carry on my back, can be used with any local tomato farmer at any time in history. At least where you can grow maters.

Wed, 11/28/2012 - 12:20 | 3017609 pocomotion
pocomotion's picture

If u believe in cycles, like me, you know that this is a normal move in gold. 

Wed, 11/28/2012 - 09:39 | 3017050 mick_richfield
mick_richfield's picture

Because gold at these levels is a threat to the criminal financial cartel that now controls many governments and most markets around the globe, and they are so frightened that they no longer care if their actions are dead obvious.

Their blatantly criminal worldwide fiat currency and central banking system is so nearly nonfunctional that they can no longer afford subtlety, depending instead on their control of the media, including the use of paid shills (and unpaid fools) on boards like these, in hopes of confusing the issue for a little longer.

Wed, 11/28/2012 - 10:49 | 3017299 Ignatius
Ignatius's picture

Right.  We're playing a game of 'Who's the criminal?'

"Turkey's game of gold for natural gas." 

Perhaps they're just cold being November and all, or maybe their toasters work better with electricity?  Naw, can't be that, they're just playing a "game".


Wed, 11/28/2012 - 12:27 | 3017390 DaveyJones
DaveyJones's picture

Dead on. All criminals behave this way as they get cornered.  Still the bigger criminal is the government.  We expect this from bankers.  The government has let itself get taken over.  This is not a burglary, it's a conspiracy

Wed, 11/28/2012 - 09:30 | 3016986 negative rates
negative rates's picture

That paper mkt can gyrate from calls alone. Look at how much it cost to buy physcial, it can go up just as fast as paper goes down. you will sleep better at night too.

Wed, 11/28/2012 - 09:29 | 3016988 Quinvarius
Quinvarius's picture

Load up and be happy about it.

Wed, 11/28/2012 - 10:35 | 3017273 darteaus
darteaus's picture

1)  Win $500M lottery.

2)  Buy gold, ammo, Zimbabwe.

Wed, 11/28/2012 - 14:26 | 3017659 Anasteus
Anasteus's picture

Exactly, the cartel has been doing its best to help the gold bugs load up as long as possible until it's definitely late. One should send them a buck instead of complaining.

Keep in mind that as long as the price is artificially suppressed gold cannot enter a bubble phase and the upward drift is therefore guaranteed. Whatever the cartel is doing is, in the end, positive for gold. Gold (and silver) is an outstanding asset when viewed from any aspect; that's perhaps because it's not an asset at all but sound money.

To be a gold bug is a thrilling adventure. One is demonstrably cut off from sheeple pursuing its own way towards individual liberty. Gold materializes the effort of gradual development of self-esteem, discipline, patience, independence and responsibility. One has to resist the panic when things go temporarily wrong and to bear the consequences practically alone on one side as well as to keep calm when things go excessively well on the other side, which helps build up stronger and balanced personality. Going against the herd mentality requires relying on one's own knowledge, thinking and experiments that is somewhat comparable to pioneer exploration of a new land with all associated dangers and pitfalls one can possibly come across. Gold is much more than just piling up more wealth. I see it a way of transforming manipulable and dependent herd mentality into valuable mature personality.

Wed, 11/28/2012 - 15:01 | 3018091 hawk nation
hawk nation's picture

I like the way you think

Wed, 11/28/2012 - 09:32 | 3017005 merizobeach
merizobeach's picture

Still dropping...

Wed, 11/28/2012 - 09:39 | 3017047 Offthebeach
Offthebeach's picture

As if anyone who knew, if anyone could know, they would tell? Right?

Wed, 11/28/2012 - 10:34 | 3017268 darteaus
darteaus's picture

Because I want it to!

Wed, 11/28/2012 - 09:24 | 3016962 crusty curmudgeon
crusty curmudgeon's picture

"the realisation that the Greek bailout deal may not be the success it was hailed to be"

This just never gets old.

Wed, 11/28/2012 - 10:51 | 3017333 MachoMan
MachoMan's picture

Apparently the algos don't have a "credibility" meter...

Wed, 11/28/2012 - 09:24 | 3016963 Quinvarius
Quinvarius's picture

Is this going to be the double secret embargo?  LOLZ

Wed, 11/28/2012 - 10:08 | 3016966 BlueCollaredOne
BlueCollaredOne's picture

Economic sanctions are an act of war that hurt citizens more than the corrupt elite of any given country.  

One only has to look at Saddam era Iraq, and present day North Korea to see who is really effected.  

Wed, 11/28/2012 - 10:10 | 3017175 knukles
knukles's picture


Under international law/treaties, economic sanctions that deny access to international funds transfer mechanisms are defined as an "act of war."

(I don't remember where I'd read/researched that but it was from a recognized, proper legal source.  Is a fact.  Real fact as in truth, not conspiracy fact.  Sorry, I do not have the citation handy nor am I going to dig about for it...)

Wed, 11/28/2012 - 09:26 | 3016970 koaj
koaj's picture


Currency wars are set to intensify as the US Senate is considering new sanctions against Iran that would prevent Iran getting paid for its natural resource exports in gold bullion.


this defines US foreign policy since 1973...FU Kissinger! FU petrodollar...1m deaths to keep the dollar as the reserve currency...what a fucking waste


Wed, 11/28/2012 - 09:26 | 3016972 negative rates
negative rates's picture

America the evil.

Wed, 11/28/2012 - 09:39 | 3017045 Chump
Chump's picture

Our government's arrogance knows no bounds.

Wed, 11/28/2012 - 10:33 | 3017265 darteaus
darteaus's picture

Yeah!  How I wish we could have a government like the Chinese or the Russians or the Greeks!

Wed, 11/28/2012 - 10:42 | 3017296 Chump
Chump's picture

Is this the "my guy is less shitty than your guy" argument scaled up or something?

Wed, 11/28/2012 - 11:01 | 3017365 Acet
Acet's picture

"Sure, in America we don't really get to vote in the man we want, only the TPTB-anointed puppets, our markets are manipulated up the wazzoo, people can be arrested and held without warrant, habeas corpus has been suspended for anybody tagged as a "terrorist", the government eavesdrops on pretty much anybody without judicial oversight, the media is in the hands of a couple of people who use it for propaganda, millions of people are on food stamps but .... at least we're not North Korea!"

Wed, 11/28/2012 - 11:16 | 3017403 darteaus
darteaus's picture


Wed, 11/28/2012 - 12:35 | 3017656 DaveyJones
DaveyJones's picture

we're going to have to hold you without bail for that comment.

Wed, 11/28/2012 - 09:42 | 3017067 mick_richfield
mick_richfield's picture

I prefer to distinguish between America, and the United States.

America is the land, and its people.  The United States is the government that decided, starting a century and a half ago, to enslave Americans.


Wed, 11/28/2012 - 10:58 | 3017353 Abitdodgie
Abitdodgie's picture

Did you know the United States has not had a Government since 1871 , when the UNITED STATES OF AMERICA a corporation started inpersonating the Government. Go ahead chalenge them to demonstrate that todays Gov't is the same one as establised at the inception of this country , and not a Corporation. They cannot do it .

Wed, 11/28/2012 - 11:13 | 3017394 venturen
venturen's picture

Is that when goldman was founded?

Wed, 11/28/2012 - 09:26 | 3016975 PUD
PUD's picture

This is good! Keep backing the rat into the corner. What could go wrong? After all, America and Christianity are morally superior...and we can have the nukes and no one else...cept the racist S Africans who are also white. Amen

Wed, 11/28/2012 - 09:35 | 3017027 darteaus
darteaus's picture

Too many acid trips.

Wed, 11/28/2012 - 09:41 | 3017059 LongSoupLine
LongSoupLine's picture

or too much time in front of Rush Limbaugh radio.

Wed, 11/28/2012 - 09:54 | 3017105 GetZeeGold
GetZeeGold's picture



Laura Ingraham just surrendered.....perhaps Rush will follow her lead soon.


Can't way I blame her......the place is crawling with zombies wielding EBT cards.

Wed, 11/28/2012 - 10:32 | 3017260 darteaus
darteaus's picture

She's just bunkering up.

Wed, 11/28/2012 - 11:27 | 3017429 Harbanger
Harbanger's picture

Last time I backed a rat into the corner I smashed his guts open with a broom stick.  He'll never come around here again.

Wed, 11/28/2012 - 09:27 | 3016978 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Pathetic move by an empire in decline. Petrodollar is going down. Good riddance.

Wed, 11/28/2012 - 09:33 | 3017017 Quinvarius
Quinvarius's picture

This is all getting very embarrassing for the USA.

Wed, 11/28/2012 - 09:28 | 3016980 mayhem_korner
mayhem_korner's picture



Gives new meaning to the phrase "currency war"...Will need to pop extra corn for the coming scrum.

Wed, 11/28/2012 - 09:32 | 3017006 youngman
youngman's picture

I changed over to deep fried pig skins....popcorn just wasn´t doing it anymore...

Wed, 11/28/2012 - 09:42 | 3017061 kralizec
kralizec's picture

War, it's the bomb!

Fire up the fryer and get me a cold one!

Wed, 11/28/2012 - 12:09 | 3017576 marathonman
marathonman's picture

Pig skins are delicious, plus it disgusts the Islamists.  A true win/win in my book.

Wed, 11/28/2012 - 14:17 | 3017972 Moronicgenius
Moronicgenius's picture

Don't forget the Frank's red hot sauce, "I put that shit on everything!"

Wed, 11/28/2012 - 09:31 | 3017000 Mr Kurtz
Mr Kurtz's picture

"Currency wars are set to intensify as the US Senate is considering new sanctions against Iran that would prevent Iran getting paid for its natural resource exports in gold bullion."

Sanction threat solved. From now on the Iranians should exchange natural gas for Israeli shekels.

Wed, 11/28/2012 - 09:34 | 3017022 darteaus
darteaus's picture

"Gold is too dangerous of a weapon, and it must be controlled."

Wed, 11/28/2012 - 09:35 | 3017026 jmcadg
jmcadg's picture

At what point do Turkey tell the US to go fuck themselves?

Wed, 11/28/2012 - 09:48 | 3017053 Orly
Orly's picture

As soon as they have their NATO bags packed...


Wed, 11/28/2012 - 11:14 | 3017397 darteaus
darteaus's picture

As soon as the Muslim Brotherhood tells them to.

Wed, 11/28/2012 - 13:04 | 3017722 ParkAveFlasher
ParkAveFlasher's picture

With 200 miles of border and ancient settlement and commerce between Iran and Turkey, "GFY" is already priced in.

Wed, 11/28/2012 - 12:19 | 3017602 epwpixieq-1
epwpixieq-1's picture

No such chance in the near future, as 95% of the Turkish high ranking military officers are US indoctrinated/"educated", unless of course there is a revolution inside if the army and all of the high ranking officers are swept out. And, in Turkey, the Military is the hidden hand controlling everything. In addition most of the Turkish military is with US hardware, so they heavily entrenched, and can not easily turn back of the Big brother. This takes decades in planning, but, of course, there is always the possibility of of military or social movements with no forethought calculated outcomes.

Wed, 11/28/2012 - 09:36 | 3017032 Dre4dwolf
Dre4dwolf's picture

Obama wants to cut out his competition, he has been sitting on natural gas permits for almost his entire term, time to sell those permits to his insiders for private profit!!! can't have anyone budding in on his action!

Wed, 11/28/2012 - 09:36 | 3017036 jmcadg
jmcadg's picture

Is Obama Senator Palpatine?

Who is Jar Jar Binks in this?

Wed, 11/28/2012 - 09:38 | 3017044 Orly
Orly's picture

Lindsey Graham.

Wed, 11/28/2012 - 09:42 | 3017065 kralizec
kralizec's picture

LOL!  Too good!

Wed, 11/28/2012 - 09:48 | 3017095 Offthebeach
Offthebeach's picture

IT'S .....Linthy Grawam you swishy goosey-poosey!

Wed, 11/28/2012 - 10:17 | 3017206 negative rates
negative rates's picture

Another cesspool sewer senator.

Wed, 11/28/2012 - 11:16 | 3017405 Harbanger
Harbanger's picture

Graham is more like Queen Amidala.

Wed, 11/28/2012 - 09:58 | 3017126 GMadScientist
GMadScientist's picture

You're thinking of that famous "independent" Joe LIEberman.

Separated at birth?

Wed, 11/28/2012 - 09:43 | 3017048 THE DORK OF CORK
THE DORK OF CORK's picture

Turkey has a very fragile domestic energy system.

Much of its tax system taxes oil as income is hard to tax

It does have some simple effective transport systems such as the Dolmus bus/ taxis but it looks like a great capital boom / bust ? from where I am looking.

Wed, 11/28/2012 - 09:42 | 3017063 cranky-old-geezer
cranky-old-geezer's picture



Just exactly how would congress enforce such a ban?

Wed, 11/28/2012 - 09:48 | 3017098 d edwards
d edwards's picture

Threaten to send that ugly biotch Hilary over to bitch at them?? :-D

Wed, 11/28/2012 - 09:50 | 3017102 NotApplicable
NotApplicable's picture

Hopefully by holding their breath until they turn blue.

Wed, 11/28/2012 - 10:18 | 3017212 negative rates
negative rates's picture

With a hammer and forty nails.

Wed, 11/28/2012 - 10:22 | 3017221 Chump
Chump's picture

Find a reason to bomb the everloving shit out of them?  Oh wait, they're brown people that we call allies, and they're a nuclear power.  This may take some more thought.

We could always go the UN route, I guess.


Wed, 11/28/2012 - 09:46 | 3017082 myptofvu
myptofvu's picture

Yeah pass a Bill that will stop them...."but why aren't they stopping we passed a law"

Wed, 11/28/2012 - 09:54 | 3017117 GMadScientist
GMadScientist's picture

Does Turkey need Iran's gold more or less than we need Turkey's airspace?


Wed, 11/28/2012 - 10:04 | 3017157 Snidley Whipsnae
Snidley Whipsnae's picture

The US (or US proxy) will simply use Turkey's airspace and ask forgiveness afterward... based on the principal that it's always easier to get forgiveness than permission.

Wed, 11/28/2012 - 10:22 | 3017219 shovelhead
shovelhead's picture


The nub of the matter.

"Quit doing that"


"Okay, but we're very unhappy."

"So what?"

Indistinct grumbling.

Wed, 11/28/2012 - 10:08 | 3017168 zilverreiger
zilverreiger's picture

Fuck off USA scourge of freedom and trade

Wed, 11/28/2012 - 10:09 | 3017170 Mentalic
Mentalic's picture

The legislation "would bring economic sanctions on Iran near de facto trade embargo levels with the hope of speeding up the date by which Iran's economy will collapse," the aide said.

We now know who the real terrorist state is....

Wed, 11/28/2012 - 10:13 | 3017193 LikeClockwork
LikeClockwork's picture

All I ask is that WWIII be quick and painless and at least let me finish my cappuccino before the big flash.

Wed, 11/28/2012 - 10:22 | 3017222 negative rates
negative rates's picture

That's not for quite a while yet, though I do like the ending, the only question was which side would the ashes fall on. It was the right I believe. Enjoy that coffee.

Wed, 11/28/2012 - 10:43 | 3017301 bunnyswanson
bunnyswanson's picture

Drink up and dont' worry soft American.  The new leaders of your pitiful empty self absorbed life won't rip the heart out of your chest just yet.  They rightfully have their finger on the pulse of American citizens, even in their state of rapid and decrepid decline.  Public opinion can set the masses into a frenzy (they last thing "they" want") and so will placade you each step of your fucking pathetic way, stick a nipple in your suckling mouth, place an orificice in your manically erect dick, until they are in a position where what you say will mean nothing at all.  Ini the mean, shop.  Shop until you fucking DROP.

Wed, 11/28/2012 - 10:49 | 3017328 LikeClockwork
LikeClockwork's picture

What the fuck? Are you trolling me? I'm not even Northern Hemisphere let alone United Statesian.

Wed, 11/28/2012 - 15:49 | 3018254 negative rates
negative rates's picture

You let the wrong word slip, while kissing persuasive lips, if that's trolling, then yes, I am guilty of that.

Wed, 11/28/2012 - 10:36 | 3017275 Global Hunter
Global Hunter's picture

The Senate of the USA is considering banning tradition.  Is there anything these thug gangsters can't do with legislative fiat?

Wed, 11/28/2012 - 10:49 | 3017327 otto skorzeny
otto skorzeny's picture

you no pay-you no getta da gas

Wed, 11/28/2012 - 11:07 | 3017376 Omen IV
Omen IV's picture

this action against iran and turkey coupled with the ruling on argentine bonds by US court of appeals signals to the world that they are being coerced and attacked by the USA in new ways  - countries large and small are going on defense  -  they know the USA is the world's aggressor

Wed, 11/28/2012 - 11:11 | 3017384 jesusonline
jesusonline's picture

Turkey says US can eat cake:

Economy minister: U.S. sanctions against Iran oblige Turkey to do nothing
Turkey, Ignoring U.S. Sanctions on Iran, Will Continue Sending Iran Gasoline


Wed, 11/28/2012 - 11:18 | 3017407 Forsaker
Forsaker's picture

Turkey is trying to increase its rating so they have to increase their export numbers.

Right now this getting crude from Iran and selling it back after refining it is one of the biggest export item

I think they continue to do it until US press START BLACKOPS button 

Wed, 11/28/2012 - 11:20 | 3017414 larz
larz's picture

"Turkey's game of gold for natural gas," Game???? our esteemed leaders have NO idea how pompous and ridiculous they are - arrogance without back up.  The "game" is debt as money backed up by what? does this blog entry put me on a watch list? well NSA?

Wed, 11/28/2012 - 11:35 | 3017455 The Proletariat
The Proletariat's picture

"The law of unintended consequences may apply here and should the Iranian currency and economy collapse there is likely to be a war with Israel...."  What about the inverse?  Their economy will probably do the opposite of collapse, since their exchanging goods and services for real money.....

Wed, 11/28/2012 - 11:37 | 3017464 JOYFUL
JOYFUL's picture

///The law of unintended consequences may apply here and should the Iranian currency and economy collapse there is likely to be a war with Israel and turbulence in the Middle East akin to, if not worse, than that seen in the 1970’s.///

For a Turkish official source to come right out and openly announce the mechanics of the oil\gold swap deal means that the die is cast...

and that we have entered the warp-drive phase of the western collapse. Turkey has by necessity been Janus-faced in it's international relations -at time  obsequiese to the ZATO-ZOG behemoth, at other times slyly disobedient...but never as bold as this...

like the gesture of the Cambodian PM's wife, this is a signal that the shift Eastwards is a fait accompli...unfortunately for Turkey, their double-timing of every partner will leave them in the ultimate jeopardy...playing host and paymaster to State's rent-a-jihadi goons at the same time that the curtain drops on the whole MENA\PNAC enterprise is likely to prove one of history's major faux pas'. Unless we get really lucky, the stolen poison gases from Syria's five major depots are going to spread panic and destruction throughout the formerly first world...with Ankara to blame.

Wed, 11/28/2012 - 13:36 | 3017850 AnAnonymous
AnAnonymous's picture

Let Iran fail. Let them fail.

Another country that is on the path to fail all by its own just because it did not adopt 'americanism'.

A good thing is that after destroying the iranian economy, invade Iran, 'americans' might be able to claim they are going to better the situation in Iran on actual grounds.

Knowing 'americans' though, they will have to mess the iranian situation a lot more to even hope to add something benefitial to the indigenous there.

Wed, 11/28/2012 - 14:10 | 3017947 JLee2027
JLee2027's picture

Absolutely totally unenforceable.

Wed, 11/28/2012 - 14:52 | 3018039 SmittyinLA
SmittyinLA's picture

Turkey has to go, they're being "dismantled" as we comment and "new" states are being carved up out of Turkey and Syria as we speak.


Wed, 01/02/2013 - 19:16 | 3116741 Gas Cooktop
Gas Cooktop's picture

Natural gas can be used in gas cooktop but gold can not!
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