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Obama Likely To Approve Gold Sanctions on Iran As Currency Wars Escalate

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From GoldCore Gold Bullion

Obama Likely To Approve Gold Sanctions on Iran As Currency Wars Escalate

Today’s AM fix was USD 1,712.50, EUR 1,315.59 and GBP 1,061.69 per ounce. 
Yesterday’s AM fix was USD 1,709.75, EUR 1,318.23 and GBP 1,063.41 per ounce.

Silver is trading at $33.14/oz, €25.54/oz and £20.51/oz. Platinum is trading at $1,643.00/oz, palladium at $693.00/oz and rhodium at $1,070/oz.


Cross Currency Table – (Bloomberg)

Gold was down $1.60 or 0.09% in New York yesterday and closed at $1,710.00/oz. Silver finished down 24 cents to $32.95/oz for a loss of 0.72%.

Gold is hovering unchanged ahead of the U.S. FOMC policy statement that takes place at 1730 GMT and Ben Bernanke’s news conference is at 1915 GMT.  Investors believe that the Fed will reveal more bond purchases and a continued loose monetary stance which will favour gold and silver’s appeal as hedges against inflation.

U.S. President, Barack Obama and John Boehner, Speaker of the House of Representatives, spoke by phone on Tuesday after exchanging new proposals on the fiscal cliff. Fiscal cliff concerns are likely affecting U.S. consumer and business confidence in the run up to Christmas and this will likely impact an already vulnerable U.S. economy.

Gold-backed ETF’s climbed again to a new record at 76.178 million ounces on Dec. 10th, after dropping off a record high in the prior session, due to robust demand – particularly from the institutional sector.

Gold should reach a new record again in 2013 according to UBS in their daily note today.

Gold reached a record nominal high of $1,921.15/oz (12% below today’s price of $1,714/oz) 15 months ago in September 2011.

Gold analyst Edel Tully said “we remain gold bulls” and maintains an average gold estimate of $1,900/oz for 2013 – 11% above today’s price.

 She cited continuing loose central-bank monetary policies as a key driver of new record high prices.

 

Turkey’s trade balance may turn on whether President Barack Obama vetoes more stringent sanctions against Iran after the U.S. Senate passed a measure targeting loopholes in gold exports to the Islamic Republic.

Turkey’s gold trade with neighbouring Iran has helped shrink its trade deficit over the past year according to Bloomberg.

Incredibly, precious metals accounted for about half of the almost $21 billion decline.

That’s calmed investor concern over its current-account gap, and helped persuade Fitch Ratings to give Turkey its first investment-grade rating since 1994. 

The U.S. Senate voted 94-0 on Nov. 30 to approve new sanctions against Iran, closing gaps from previous measures, including trade in precious metals. Obama, who opposes the move on the grounds it may undercut existing efforts to rein in the nation’s nuclear ambitions, signed an executive order in July restricting gold payments to Iranian state institutions.

Turkey exported $11.9 billion of gold in the first 10 months of the year, according to the Ankara-based statistics agency’s website.

A very large 85% of the shipments went to Iran and the United Arab Emirates.

Iran is buying the gold with payments Turkey makes for natural gas it purchases in liras, Turkish Deputy Prime Minister Ali Babacan told a parliamentary committee in Ankara on Nov. 23.

Iran provides Turkey with between 21% and 25% of its gas, data from the Energy Market Regulatory Authority and Energy Minister Taner Yildiz showed.

The current-account deficit may fall to $57.3 billion by year-end, according to a bi-weekly survey of economists by the central bank published on Dec. 6. That compares with $77.1 billion last year, when Turkey had the second-biggest deficit in the world, behind the U.S.

The U.S. and the European Union say Iran is secretly pursuing a nuclear weapons capability. Iran says its nuclear program is strictly for civilian energy and medical research.

The trade with Iran is a strategic necessity for Turkey, and the government will view any new U.S. sanctions according to its own interests, Prime Minister Recep Tayyip Erdogan said in Istanbul on Dec. 3. Turkey isn’t concerned with how it pays for the gas it buys from Iran and would pay in “potatoes” if necessary, Yildiz said two days later.

The proposed U.S. amendment introduced by senators Robert Menendez and Mark Kirk is confusing and inconsistent in applying sanctions, according to an e-mail from the White House on Nov. 29 that was obtained by Bloomberg News.

The Menendez-Kirk amendment would allow purchases of Iranian natural gas if payments are made in local currencies into an account that Iran could only use for approved trade.

The State Department said Dec. 7 that nine oil-importing nations, including Turkey, will continue to be exempt from the sanctions aimed at Iran, according to an e-mailed statement. A spokeswoman at the U.S. embassy in Ankara, who asked not to be identified in line with policy, declined to comment the next day.

The gold debate poses a dilemma for Turkey, and the nation’s finances may be affected by the outcome, according to Nilufer Sezgin, chief economist at Erste Securities in Istanbul.

The Turkey Iran gold for energy trade shows the benefits of gold. 

While not a productive asset, it can create much employment, preserve wealth and has important monetary uses – especially in times of crisis.

Gold is becoming an essential means of payment again in the Middle East again. We expect to see this trend continue in the coming months as competitive currency devaluations are pursued by nations globally in order to prevent deep recessions and depression.

In time other large energy exporters such as Russia and Venezuela may take payment for their oil exports in gold.

Those continuing to simplistically call gold “a bubble” have yet to realise how gold is becoming money again. 

As doubts grow about the euro, the dollar, the pound and fiat currencies internationally we expect currency devaluations and currency and gold wars to intensify.

Gold is going from a fringe investment asset to a mainstream store of wealth held by prudent individuals, institutions, banks and nations.

NEWSWIRE
(Bloomberg) -- BofA Favors Gold, Copper for 2013 as Commodities Outlook Neutral
Gold, copper, silver, platinum and palladium will outperform other commodities next year on easing by the U.S. Federal Reserve and supply constraints, according to Bank of America Corp.

 

Global economic growth will average 3.2 percent in 2013, “modestly” supporting demand for raw materials, analysts led by Francisco Blanch said in a report today. The so-called fiscal cliff of automatic tax increases and budget cuts could tip the U.S. economy into recession and “abrupt policy changes” in Europe may cause “large commodity price swings,” the analysts wrote. The bank is neutral on commodities, John Bilton, European investment strategist, told reporters in London today.

“We expect large-scale policy easing by the Fed and the ECB should push gold prices higher,” the analysts wrote, forecasting gold prices at $2,000 an ounce for 2013 and $2,400 for the end of 2014. “A stronger Chinese economy will likely lend support to supply constrained metals next year, and we expect copper prices to average $7,750 a ton in the fourth quarter of 2013.”

Commodities as tracked by the Standard & Poor’s GSCI Spot Index are down 2 percent this year, led by declines in coffee, sugar and cotton. The gauge almost doubled in the three years to 2011 as central banks and governments around the world took action to boost their economies hurt by the global financial crisis in 2008.

Spot gold, up 9.2 percent in 2012, is rallying for a 12th year as central banks join investors buying bullion to diversify assets. Holdings in exchange-traded products are at a record, data compiled by Bloomberg show, and central banks are also adding to their holdings. Silver has “scope” for a 20 percent rally from the current levels, the bank said.

Bank of America expects grain prices to ease gradually into 2013, while “precariously low inventories” can drive prices higher at the start of the year, it said.

(Bloomberg) -- China Oct. Gold Output 34.6 Tons, MIIT Says
China Oct. gold output was 34.6 tons, according to a statement from the Ministry of Industry and Information Technology on its website today.

Jan.-Oct. output rose 11% to 322.8 tons, the statement says.

(Bloomberg) -- Gold Prices Set to Climb in 2013 as India, China Boost Demand
Gold prices may gain 4.2 percent next year as an improving economic outlook for India and China, the biggest buyers, increases demand, Australia’s Bureau of Resources and Energy Economics said.

Prices may average about $1,740 an ounce in 2013 from $1,670 in 2012, the Canberra-based bureau said in a report today. That compares with a September forecast for $1,560 in 2013.

Fabrication consumption, which includes use in jewelry, electronics and coins, may gain 2.6 percent to 2,715 metric tons in 2013, the report said. Central banks may purchase 450 tons of gold next year from 475 tons in 2012, it said.

COMMENTARY
 
Calling a peak for gold price could be premature – The Telegraph Italy has only one serious economic problem. It is in the wrong currency – The Telegraph Keiser Report: BIS Warning Of Global Credit Bubble – Max Keiser

SILVER - The People's Metal
– You Tube For breaking news and commentary on financial markets and gold, follow us on Twitter.

 

 

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Wed, 12/12/2012 - 08:58 | 3055214 GetZeeGold
GetZeeGold's picture

 

 

Gold is outlawed.....bitchez!!!

Wed, 12/12/2012 - 09:01 | 3055221 Aegelis
Aegelis's picture

If gold is outlawed then only outlaws will own gold?

Wed, 12/12/2012 - 09:04 | 3055230 GetZeeGold
Wed, 12/12/2012 - 09:08 | 3055237 Badabing
Badabing's picture

Can't .....let....anyone.....use.....gold.....as....money....

Wed, 12/12/2012 - 09:29 | 3055299 merizobeach
merizobeach's picture

Gas for liras, liras for gold...  The gold for guns and food?  If I recall, there used to be a place for things called dollars in these sorts of transactions.  Well, nothing lasts forever.

Wed, 12/12/2012 - 09:49 | 3055372 disabledvet
disabledvet's picture

My understanding is that Turkey produces F-15 fighter jets as well. "gas for gold for fighter jets" sounds more like it to me.

Wed, 12/12/2012 - 10:41 | 3055609 Enslavethechild...
EnslavethechildrenforBen's picture

The Author incorrectly stated that the GLD is backed by Gold. Its backed by Tungsten, if it's backed by anything at all.

Wed, 12/12/2012 - 10:42 | 3055610 Manthong
Manthong's picture

Well, you know..  ol’ Barry’s got his bases covered.

http://www.youtube.com/watch?v=XsFR8DbSRQE

Wed, 12/12/2012 - 10:56 | 3055680 killallthefiat
killallthefiat's picture

WTF...it is not money.  Might as well have banned trading in teddy bears

Wed, 12/12/2012 - 15:41 | 3056924 Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

good news for bitcoin

Wed, 12/12/2012 - 11:46 | 3055909 ParkAveFlasher
ParkAveFlasher's picture

"My understanding is that Turkey produces F-15 fighter jets as well. "gas for gold for fighter jets" sounds more like it to me."

Does that mean that fighter jets are also a "money substitute"?

Wed, 12/12/2012 - 13:00 | 3056200 boogerbently
boogerbently's picture

Remember that cartoon where the "firing squad" is in a circle around the prisoner?

Wed, 12/12/2012 - 10:35 | 3055570 crusty curmudgeon
crusty curmudgeon's picture

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. . . .  This is the shabby secret of the welfare statists' tirades against gold.  Deficit spending is simply a scheme for the confiscation of wealth.  Gold stands in the way of this insidious process.  It stands as a protector of property rights.  If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.”  Alan Greenspan

Wed, 12/12/2012 - 10:50 | 3055656 Antifaschistische
Antifaschistische's picture

I can't wait for Obama to figure out our $50 US Gold Eagle Coins are legal.  You can buy a good used car with four of these coins.   That's $200.00.   Plus $16 for sales tax.  And the used car dealer takes a loss (and saves on income tax) because he paid $4,000 for the car.

Obama coin sanctions coming to a country near you!

Wed, 12/12/2012 - 11:39 | 3055877 blunderdog
blunderdog's picture

That's not actually going to help, anyway.  If your bill of sale for a car worth $7000 says the price was $200, the State will come after you for sales-tax.

They're not THAT stupid.

 

Wed, 12/12/2012 - 09:41 | 3055342 smlbizman
smlbizman's picture

did anyone else see the 27 second pod cast from isrealnation news..were the clip alledgedly proved assad was gasing his people....i think i picked it up in a link in an article i just cant remember whether kieaser or brother john...but i fully exspected to see it all over the headlines but not a mention.....than i couldnt find it again.....it seemed like such a blatant false flag...anybody else?

Wed, 12/12/2012 - 10:25 | 3055517 otto skorzeny
otto skorzeny's picture

will probably be as cheesy as that anti-Mohammed movie that "caused" Bengazi- alot of Jew-y looking girls in Buhrkas (really from IDF) going into convulsions from a "gas attack" caused by a smoke machine.

Wed, 12/12/2012 - 09:15 | 3055255 Snidley Whipsnae
Snidley Whipsnae's picture

My inlaws certainly don't own nothin...

Wed, 12/12/2012 - 10:28 | 3055527 SubjectivObject
SubjectivObject's picture

.... don't ..... own ..... not...........

! I got i..........t.........shhhhhhhhhhhhhh ................

(sorry)

Wed, 12/12/2012 - 09:17 | 3055259 moriarty
moriarty's picture

Free trade with a medium of exchange of your choice?

Can’t have that now can we there would be anarchy.

Wed, 12/12/2012 - 09:23 | 3055283 CPL
CPL's picture

We're now on the hand jive standard now.

 

5 hand jives equals a thumbs up.

5 thumbs up equals a high five.

5 high fives is a handjob.

Wed, 12/12/2012 - 10:30 | 3055548 AGuy
AGuy's picture

Waiting for the headline:

"Obama  To Approve Gold Sanctions on US Citiizens aa Americana seek wealth preservation from a collapsing dollar"

 

Wed, 12/12/2012 - 11:06 | 3055728 SpanishGoop
SpanishGoop's picture

Solution.

Send your gold to me and i will hold it here abroad for you.

Ps.

Inspections not allowed.

 

Wed, 12/12/2012 - 08:58 | 3055215 trav777
trav777's picture

fuck obama

Wed, 12/12/2012 - 09:01 | 3055223 Mae Kadoodie
Mae Kadoodie's picture

Tradition bitchez.

Wed, 12/12/2012 - 15:44 | 3056936 Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

fuck the green party, we have to make the gold party

Wed, 12/12/2012 - 09:31 | 3055303 Chump
Chump's picture

Let's keep some fucks handy for Congress as well.  See, they're bi-partisan and stuff when it really matters.

Wed, 12/12/2012 - 10:05 | 3055436 machineh
machineh's picture

fuck obama's boss: AIPAC

Wed, 12/12/2012 - 10:26 | 3055520 buckethead
buckethead's picture

Simple and forward. 

Listening to NPR yesterday during some commute time, I heard a piece about Iran and the need to toughen/enforce sanctions which were being flouted. The sanctions exist, (of course) because Iran is a terrorist (turrist according to the previous admin) state.

What acts of terroism has Iran committed? Short answer: None. Long answer: Not fucking one.

Wed, 12/12/2012 - 10:41 | 3055605 Taint Boil
Taint Boil's picture

 

 

Trav777 [Trav7777] is back!

Smear my ears with jam and tie me to an ant hill …… wait, not the real one?????? Now I am confused.

Wed, 12/12/2012 - 10:51 | 3055658 Element
Element's picture

Hey dude, good to see you back in here.

Wed, 12/12/2012 - 11:03 | 3055714 stormsailor
stormsailor's picture

trav, i remember you from tickerforum.  good to have you back.

 

baltic dry index is probably down because santa clause goods are already shipped and delivered, no business knows exactly what to expect in january so they are holding off on the new spring line.

 

 

Wed, 12/12/2012 - 09:05 | 3055217 Aegelis
Aegelis's picture

Oh I get it, we force Iran into a situation where they have to get as much gold as possible, then we sack 'em and take it.  Verrrry clever Mr. Shadow-String-Puller with his hand in the back of the puppet president.  It is our Manifest Destiny. *nods*

Wed, 12/12/2012 - 09:01 | 3055220 fonzannoon
fonzannoon's picture

the night time ideological crowd here jumped the shark last night. I am sticking to the morning market crowd.

Wed, 12/12/2012 - 09:04 | 3055228 PaperBear
PaperBear's picture

Round and round and round we go with WMD lie 3.0

Wed, 12/12/2012 - 10:50 | 3055655 pods
pods's picture

I heard the Hildabeast yapping yesterday that Iran has spread trrrism from Mexico to Thailand.  If that shrieking banshee is after you it means business.

I would say that forcing your private bank's currency on the rest of the world is trrrrism, but since I live here, most are too dumb to think that deep about an issue.

I just hope that the rest of the world can see through our charade.

pods

Wed, 12/12/2012 - 09:05 | 3055231 midtowng
midtowng's picture

Do the sanctions even matter? Do they really think they can stop an easily hid commodity moving over a common border?

Wed, 12/12/2012 - 09:10 | 3055238 Aegelis
Aegelis's picture

Nono, we don't actually stop them from getting the gold.  We tell them they're not supposed to, then as policemen of the world, bust them and confiscate.  Cha-CHING! $_$  There's no easier way to get Turkish gold than 'free' by force.

Wed, 12/12/2012 - 09:06 | 3055232 mayhem_korner
mayhem_korner's picture

 

 

If gold is just a barbaric relic and not really money, why the need for the sanctions? 

Seems Iran has smoked out the Bernank.

Wed, 12/12/2012 - 09:13 | 3055245 GetZeeGold
GetZeeGold's picture

 

 

Word is Ben Shalom was on the phone early this morning to the President.......dude, what the hell are you doing?

Wed, 12/12/2012 - 11:19 | 3055537 Opinionated Ass
Opinionated Ass's picture

The (Bernanke) Menendez-Kirk amendment would allow purchases of Iranian natural gas if payments are made in (any crap fiat money instead of fucking gold) local currencies into an account that Iran could only use for (anything but yellow metal) approved trade.

Wed, 12/12/2012 - 10:44 | 3055627 trav777
trav777's picture

Gold isn't money in the absolute, but it sure does have value to trade.

A lot of people want to argue over gold, but let's look at the dollar...it's a freaking weapon.

Wed, 12/12/2012 - 11:17 | 3055772 Opinionated Ass
Opinionated Ass's picture

And look at the emperor's clothes...freaking awesome, right?

Wed, 12/12/2012 - 09:08 | 3055235 q99x2
q99x2's picture

The US is losing its grip. The traitors won't go down easily.

Wed, 12/12/2012 - 09:47 | 3055360 toomanyfakecons...
toomanyfakeconservatives's picture

The traitorous pussies in Washington and certain other power centers will go out crying and sniveling when the U.S. Marshalls and the military finally does it's job and throws these pricks in prison by the busload... http://www.youtube.com/watch?feature=player_detailpage&v=4s24QXWdo6o#t=3...

Wed, 12/12/2012 - 10:26 | 3055523 otto skorzeny
otto skorzeny's picture

ATTENTION:the military and cops will do as ordered as they will be the last .gov employees getting paychecks

Wed, 12/12/2012 - 10:35 | 3055575 AGuy
AGuy's picture

"the military and cops will do as ordered as they will be the last .gov employees getting paychecks"

That doesn't seem to be the case, as the Gov't is cutting benefits for US soldiers and states and local gov'ts are downsizing their police forces. However, it appears that the politicians themselves are still getting their paycheck and many are getting raises as the rest brave austerity.

 

Wed, 12/12/2012 - 10:49 | 3055646 otto skorzeny
otto skorzeny's picture

maybe a few cop layoffs here and there but it is very easy to pull in 6 figures as a cop-even podunk town cops pull in 80K . that's what happens with automatic  4% cost of living raises every year-compounded interest don't ya know.

Wed, 12/12/2012 - 11:34 | 3055857 GetZeeGold
GetZeeGold's picture

 

 

Had to lay off the cops....we needed a new bronze statue in the public library.

Wed, 12/12/2012 - 13:52 | 3056448 SilverRhino
SilverRhino's picture

The cops I know pull in about $40K a year in podunk towns.  

Wed, 12/12/2012 - 16:07 | 3057047 NidStyles
NidStyles's picture

NY State Troopers pull in $120K.

Even AZ State Troopers are pulling in $80+K.

 

 

Wed, 12/12/2012 - 09:09 | 3055236 Quinvarius
Quinvarius's picture

Gresham's Law would have ended gold trade with Iran anyway.  Better to let nature take its course than to humilate yourself with another embargo for everyone to laugh at.  Good to see the US government still doesn't understand a thing about economics.  Maybe they should have passed a law against hurricanes.

Wed, 12/12/2012 - 09:12 | 3055248 unrulian
unrulian's picture

as soon as HAARP is ready they will

Wed, 12/12/2012 - 09:08 | 3055240 Roandavid
Roandavid's picture

What's most laughable here is that these banal twits believe that their purvey extends to foreign nations.  

Wed, 12/12/2012 - 09:32 | 3055301 kill switch
kill switch's picture

Thank you!!!

Wed, 12/12/2012 - 10:36 | 3055581 darteaus
darteaus's picture

Uh, it does.  Same way Swiss banks caved and surrendered the names of US clients.

It ultimately comes down to the threat of: "If you want to do business in the US, then you will do what the regulators want."

Wed, 12/12/2012 - 11:23 | 3055807 pirea
pirea's picture

doing business with US mens giving away goods for paper, no thanks

Wed, 12/12/2012 - 19:35 | 3057734 Tompooz
Tompooz's picture

This "policing on behalf of the US" is likely to get a lot worse once the PPT (Pacific Parnership Treaty) is signed.

And even without it, the Kim Dotcom case shows how subservient small countries can be even when there is no direct fear of trade consequences.

Wed, 12/12/2012 - 10:43 | 3055616 Roandavid
Roandavid's picture

That would be purview.  

Wed, 12/12/2012 - 10:54 | 3055675 MachoMan
MachoMan's picture

Not sure what planet you've been on for the last many decades, but on this one, Merika is cock of the walk.  It's been proven time and time again that their purview (and that of their predecessors) extends to foreign nations...  whether it's military bases, cold wars, hot wars, world governing bodies at their disposal and control, reserve currency, or even the shaping of popular culture...  welcome to the party.

Wed, 12/12/2012 - 09:09 | 3055241 AgShaman
AgShaman's picture

Tier One Axis of Evil

Wed, 12/12/2012 - 09:10 | 3055242 zilverreiger
zilverreiger's picture

Yanky go home leave the 95% alone

Wed, 12/12/2012 - 09:34 | 3055308 GetZeeGold
GetZeeGold's picture

 

 

...but the rest of you Yankees can stay. Even if you're from Dixie.

 

You almost need a scorecard to figure out who's in what percentage anymore.

Wed, 12/12/2012 - 09:15 | 3055251 overmedicatedun...
overmedicatedundersexed's picture

gold for goods, why thats crazy, paper for goods is normal..we gotta remove gold from anyone foolish enough to want to buy and sell it. to protect their health, because gold causes insanity. and they begin to think it is real money.

Wed, 12/12/2012 - 09:12 | 3055252 ZeroAvatar
ZeroAvatar's picture

According to some 'predictions', Turkey (currently a NATO member) is supposed to be one of the major players AGAINST Israel during the upcoming 'Har-Meggido'.

 

Turkey is already snubbing its nose at U.S. re: Iran sanctions.  Turkey will not be America's ally sometime in the near future.

Wed, 12/12/2012 - 09:22 | 3055277 cossack55
cossack55's picture

Cutting strings to US, no wonder its credit rating is improving.

Wed, 12/12/2012 - 09:54 | 3055383 Chief KnocAHoma
Chief KnocAHoma's picture

True this... the Turks are smart tough people. They have been keeping their head down while everyone else in that part of the World is self destructing. They will emerge as a major player soon, and not one friendly... nor openly hostile to the USA. 

I am reminded of a story told to me by a former Marine who served in Vietnam. His unit was at an outpost and charged with protecting the northern and western boundaries mostly from hungry slopes trying to steal supplies.

The Turks were in charge of protecting the southern and eastern boundaries from the same threat. When the US would catch a scanvenger, he was imprisoned for a few days then released.

When the Turks caught one of the little yellow bastards, they cut off his arm and immediately released him.

It didn't take long for the thiefs to figure out - don't fuck with those Turks.

Wed, 12/12/2012 - 10:35 | 3055578 SubjectivObject
SubjectivObject's picture

You may be confusing Turks and Islam here.

Wed, 12/12/2012 - 09:18 | 3055264 Samsonov
Samsonov's picture

Things have spun out of control for the Iranians before:

In 1219, members of a Mongol trade caravan were murdered by the forces of Shah Muhammad II of the Khwarazmian Empire of Eastern Iran, Genghis Khan was prompted to leave the eastern wars to a trusted general and move west.

Khwarazm was, at the time, the most powerful of the Iranian principalities, having gained independence from the Seljuks and expanded lands from its traditional power base in Uzbekistan and Tajikistan to the Caspian coast in the west and Samarkand and Bukhara in the east.

The Mongols encountered resistance in both Bukhara and Samarkand and consequently sacked them both in 1220, decimating their populations, only sparing the artisans that they considered useful. Balkh, Merv and Nishapur followed in 1221.

From there the Mongols swept across the Iranian interior, leaving a trail of destruction in their wake. Whole cities were put to the torch and mass killings of women and children as well as fighting men were common.

Wed, 12/12/2012 - 10:52 | 3055666 JOYFUL
JOYFUL's picture

Another, equally interesting vignette from history is that of Valerian, the Emperor captured circa 260 AD by the Persians after they routed the Roman Army at Carrhae...

not only did this destroy Valerians' imperial pretensions, but his subsequent fate would be instructive education for the phony pharoah currently living it up in the White House... Shapur used the former emperor as a human stepping-stool while mounting his horse, and his body was later skinned and stuffed with manure to produce a trophy of Roman submission preserved in a Persian temple...

Suggestion box: no repeats of flying visits to see the troops stationed on the peripheries of your Empire Barry; and certainly do not attempt to pilot a plane onto one of your mammoth maritime monuments, in imitation of George II...those Iranians don't play around like your gaybathhouse buddies!

Wed, 12/12/2012 - 11:28 | 3055835 Opinionated Ass
Opinionated Ass's picture

This story smells. Why would you put manure in your own temple?

Please tell it a better way, "They stuffed the Roman emperor's skin with New York Times editorials"...

Wed, 12/12/2012 - 12:00 | 3055965 ParkAveFlasher
ParkAveFlasher's picture

Are the Americans being compared to the Mongols? 

If so, will the next logical conclusion be that billions of future Asians will claim Bill Clinton as their sire?

Wed, 12/12/2012 - 09:19 | 3055268 Snidley Whipsnae
Snidley Whipsnae's picture

It appears that Turkey is Europes largest gold producer... "The nation which produced nearly 80 tons of gold in the last ten years has also increased its gold reserves during this year."

Interesting...

http://www.bullionstreet.com/tag/Turkey-gold-production

Wed, 12/12/2012 - 09:19 | 3055271 Vendetta
Vendetta's picture

but its okay for India, our dear ally, to trade gold for oil with Iran.

Wed, 12/12/2012 - 09:23 | 3055272 Acet
Acet's picture

So how exactly are these sanctions supposed to work?

There's no international organisation that has cornered international Gold transfers and Turkey, China, Russia, India and most others are not exactly going starve themselves of energy just to follow the say so of American politicians.

Physical Gold markets are not exactly controlled by the US or it's lapdogs (I refuse to call them allies) - the barbarous relic has been a store of value for far longer than the US has existed as a nation - so there are countless ways for Iran to trade in Gold.

Do they think it's actually a punishement for Iran to not be able to trade in the (heavilly manipulated) Gold futures and options markets in the US!?

Wed, 12/12/2012 - 09:38 | 3055322 insanelysane
insanelysane's picture

The IRS has an elite team that is training in Gitmo and have something called the "waterboarding audit."  Up until now has only been used on US citizens in the 2%.

Wed, 12/12/2012 - 10:54 | 3055676 otto skorzeny
otto skorzeny's picture

American hubris at its finest

Wed, 12/12/2012 - 09:22 | 3055280 FubarNation
FubarNation's picture

Gold to become the 'Terrorists currency'.  A 'Weapon of Mass Economic Destruction'.

 

Executive order here we come.

Wed, 12/12/2012 - 10:16 | 3055478 Jendrzejczyk
Jendrzejczyk's picture

Bingo! +10

Wed, 12/12/2012 - 10:33 | 3055560 darteaus
darteaus's picture

It is simply too dangerous to leave in the hands of private citizens.

Wed, 12/12/2012 - 09:24 | 3055284 Rathmullan
Rathmullan's picture

The statist fascists states get nervous when upstart self determining states use gold outise of its role of "tradition".

Wed, 12/12/2012 - 09:25 | 3055290 caimen garou
caimen garou's picture

Turkey to the U.S., I hear what you are saying but I don't know what you are talking about. Turkey to Iran,I have something for you, do you have something for me? and be very very quiet about it!

Wed, 12/12/2012 - 09:47 | 3055359 shovelhead
shovelhead's picture

Turkey better be careful.

Very likely to catch Assad-itis.

The US might have to 'save' it from an Al Qaida insurgency very soon.

Wed, 12/12/2012 - 09:49 | 3055371 toomanyfakecons...
toomanyfakeconservatives's picture

You may have a point there. The U.S. has been arming Turkey since the army retired it's Winchester repeating rifles and shipped tens of thousands of them over there. Turkey used those rather advanced rifles to kick the Russian asses and murder the Armenians.

Wed, 12/12/2012 - 09:47 | 3055362 BrigstockBoy
BrigstockBoy's picture

"Think now, if you are a person of "great worth" is it not better to acquire gold over years, at better prices? If you are one of "small worth", can you not follow in the footsteps of giants? I tell you, it is an easy path to follow!" - Another 1/10/1998

Wed, 12/12/2012 - 10:13 | 3055464 MajorWoody
MajorWoody's picture

Shrimps, the lot of you

Wed, 12/12/2012 - 10:21 | 3055505 backhandtopspin...
backhandtopspinslicer's picture

The arrogance of a bankrupt nation is truely extra-ordinary!! If WWIII starts please don't be a fool and wonder why! Would be surprised if strategic strikes are not made against us

Wed, 12/12/2012 - 10:24 | 3055518 Dr. Gonzo
Dr. Gonzo's picture

Will his majesty allow them to use silver to trade with?

Wed, 12/12/2012 - 10:34 | 3055566 Taint Boil
Taint Boil's picture

 

 

Economic sanctions are an act of war. Do as we say not as we do.

Wed, 12/12/2012 - 10:36 | 3055573 GMadScientist
GMadScientist's picture

Remember: we're fighting for "freedom".

 

Wed, 12/12/2012 - 10:51 | 3055659 tradewithdave
tradewithdave's picture

It's possible that Goldman Sachs didn't know about this when they made their recent gold call.  Can they have a do-over?  Then again, maybe it was their idea in the first place.  Only those at the highest levels should be allowed to decide what electronic/paper gold is truly worth.  Leave it to the little people to price paper dollars in physical gold while they are still allowed to possess paper dollars. 

www.tradewithdave.com

Wed, 12/12/2012 - 10:54 | 3055670 supersajin
supersajin's picture

What about India, they are also trading w/Iran with gold?

Wed, 12/12/2012 - 10:54 | 3055674 Fix It Again Timmy
Fix It Again Timmy's picture

Why all the fuss over a barbaric relic; oh, and by the way, Russian has delivered Iskander missiles to Syria - Tel Aviv is about 60 seconds away.  Our collection of 535 imbeciles will certainly find a way to muck this up...

Wed, 12/12/2012 - 11:08 | 3055739 NewAmericaNow
NewAmericaNow's picture

Who does the US government think they are? They are the ones that are the true terrorists of this world.

Wed, 12/12/2012 - 18:53 | 3055770 Lucius Corneliu...
Lucius Cornelius Sulla's picture

The Turks have bowed to their masters.  All hail the USA!

 

Disclaimer: The USA is a wholly owned subsidiary of Goldman Sachs.  As such, the use of "USA" or "United States of America" are trademarks of Goldman Sachs, Inc.  Prior permission to use said trademarks was granted by The Department of Homeland Security.  The necessary funding for the use of said trademark was provisioned and deposited in the "K" street account as per DHS guidelines.  Account information is strictly protected by The Department of Defense National Security policy guidelines.

Wed, 12/12/2012 - 12:22 | 3056049 Bansters-in-my-...
Bansters-in-my- feces's picture

I see gold has allready got its morning bitch slap.

Fuck yous Ben and Timmy.
Oh ya, you too Obama.

Wed, 12/12/2012 - 12:39 | 3056126 ChacoFunFact
ChacoFunFact's picture

This makes absolutely no sense if you assume the US or one of its proxies is due to invade Iran in the near future.  Let 'em rip, get all the gold in one place, then invade.  Oh wait, someone won the peace prize... never mind.

 

 

Wed, 12/12/2012 - 14:08 | 3056533 Mad Mohel
Mad Mohel's picture

Why would they sanction it? Not like it's money or anything, just ask professor Ben Shalom.

Wed, 12/12/2012 - 16:02 | 3057018 NidStyles
NidStyles's picture

Gold is going to explode.

Wed, 12/12/2012 - 17:52 | 3057437 MeelionDollerBogus
MeelionDollerBogus's picture

http://flic.kr/p/dvDHf2 - 2400 gold 2013 september, 2000 in march/april

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