This page has been archived and commenting is disabled.

From Petrodollar To Petrogold: The US Is Now Trying To Cut Off Iran's Access To Gold

Tyler Durden's picture




 

The US is moving to broaden its 'blockade' efforts of Iran to the movement of pure gold into the Islamic Republic. The US-led embargo of Iranian crude succeeded in slowing the flow of petrodollars into the nation but as Foreign Affairs committee chairman Edward Cohen remarked, there is "no question that there is gold going from Turkey to Iran." While the official line from US elite such as Bernanke remains that 'gold is not money' it appears that increasingly other nations would disagree, as Cohen admitted, "in large measure what we're seeing is private Iranian citizens buying gold as a protection against the falling value of Iran's currency." It would seem somewhat self-evident that the US is admitting, by attempting to embargo this gold flow, that outside the US, the Dollar is becoming increasingly irrelevant (see China's gold demand); and that for many countries the petrodollar no longer exists, having been replaced by 'Petrogold'.

 

Via Trend,

...

 

With Iran's currency already hit hard by European and Asian participation in the U.S.-led embargo of Iranian crude, Mr. Cohen asserted that his staff is broadening its efforts to include blocking the movement of pure gold into the Islamic republic.

 

"I can assure you that we are looking very, very carefully at any evidence that anyone outside Iran is selling gold to Iran," he said.

 

The remark came after Rep. Edward R. Royce, California Republican and the Foreign Affairs Committee's chairman, asked whether the administration was aware of recent reports indicating an uptick in the flow of gold into Iran.

 

"With its currency now in free fall, the Iranians desperately need gold," said Mr. Royce, who noted that a U.S. law authorizing the Obama administration to sanction anyone selling gold to citizens inside Iran does not take effect until July 1.

 

With existing U.S. law only allowing sanctions on the sale of gold directly to the Iranian government, Mr. Cohen told lawmakers the administration is keeping a close eye on the situation.

 

While Mr. Cohen acknowledged that U.S. authorities have "no question that there is gold going from Turkey to Iran," he said that "in large measure what we're seeing is private Iranian citizens buying gold as a protection to the falling value" of Iran's currency, the rial.

 

...

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 05/16/2013 - 11:50 | 3569360 Pladizow
Pladizow's picture

The US will do anything it takes to get a war started so that oil can be liberated!

Thu, 05/16/2013 - 11:55 | 3569384 TheFourthStooge-ing
TheFourthStooge-ing's picture

Mr. Cohen, please go fuck your face in the ass.

You too, Mr. Royce.

Thu, 05/16/2013 - 11:59 | 3569404 Divided States ...
Divided States of America's picture

Why should we typical Americans who, belch McD burgers and watch American Idol and 2 and a half fags give a shit about what others want to do with their money. If they want to accumulate gold, let them. Over here in the U S A, we love to accumulate Debt and plastic chinese junk and nobody complains.

Oh I forgot, fuckin Israel cares.

Thu, 05/16/2013 - 11:59 | 3569409 The Juggernaut
The Juggernaut's picture

@PladizowAnd central bank owned by the Rothschilds.

Thu, 05/16/2013 - 12:11 | 3569473 XitSam
XitSam's picture

Block Iran's gold? "This time, it's personal."

Thu, 05/16/2013 - 12:35 | 3569597 somecallmetimmah
somecallmetimmah's picture

"...U.S. law authorizing the Obama administration to sanction anyone selling gold to citizens inside Iran does not take effect until July 1"

Gotta practice this stuff, baby.  It's a perishable skill!

Thu, 05/16/2013 - 12:53 | 3569685 jimmytorpedo
jimmytorpedo's picture

I wonder if they wil include cowrie shells, money sticks and other barbarous relics in these sanctions?

Thu, 05/16/2013 - 13:02 | 3569715 nope-1004
nope-1004's picture

If Gold is not money, why does the US give a shit?

 

Seems to me this is an admission of a failed trade embargo against Iran, and the realization that there exists other currencies other than US paper.

And that is FUCKING FUNNY!!!!  The US is admitting their policies are failures and their money not respected.  LMAO.

Thu, 05/16/2013 - 15:01 | 3570252 giggler123
giggler123's picture

When they put the 2nd round of sanctions on Iran there was Clinton saying in public it was not sanctions against the people of Iran just their irresponsible government.  So today we find out actually it is the people of Iran...

Thu, 05/16/2013 - 17:34 | 3570865 UnpatrioticHoarder
UnpatrioticHoarder's picture

But I thought gold was only worth $42 an ounce.... WTF?

Thu, 05/16/2013 - 16:12 | 3570564 DaveyJones
DaveyJones's picture

It's both an admission and a catalyst.

The headline to the article says it all

I love how our sanctions only increase the legitimacy of gold

and the illegitmacy of fiat

 

And there's a whole nother idiocy to our approach

our reactions to peak oil, our "liberations," and petrodollar pirouettes, forget the whole world is also addicted

any trick to keep other nations from accessing it will have less and less affect as the stuff gets less available and more desired

were burning money, oil, lives and whatever pathetic trust we have left with extremely expensive wars. Some others are doing less insane things to prepare for system break downs

And Iran is not Iraq, neither Iran nor the rest of the audience will sit idly by if we try to take it 

Thu, 05/16/2013 - 12:56 | 3569702 strannick
strannick's picture

 

 

"With its currency now in free fall, ...fill in the nation.. desperately need gold," said Mr. Royce, who noted that a U.S. law authorizing the Obama administration to sanction anyone selling gold to citizens inside ...fill in the nation... does not take effect until July 1

Thu, 05/16/2013 - 14:07 | 3570014 Creepy Lurker
Creepy Lurker's picture

So I guess that means come July 1st, the US wil be sanctioning China for trading gold for oil with Iran? HA!

Thu, 05/16/2013 - 12:55 | 3569698 Maverick Enterprise
Maverick Enterprise's picture

They got to play it that way since they can't bomb Iran without the risk of a nuclear war

Thu, 05/16/2013 - 16:48 | 3570719 asteroids
asteroids's picture

Iran should allow their banks to do bitcoin exchanges for fiat currency and gold.

Thu, 05/16/2013 - 12:16 | 3569502 dryam
dryam's picture

"Tradition".........Sure, traditionally used as money.

Thu, 05/16/2013 - 12:00 | 3569419 Manthong
Manthong's picture

but why shouldn’t barbarous people at the least be entitled to barbarous relics?

Thu, 05/16/2013 - 13:14 | 3569791 Eally Ucked
Eally Ucked's picture

We should encourage them to get as much as possible of that wortless stuff, it will finish them faster. What the silly people.

Thu, 05/16/2013 - 12:01 | 3569424 otto skorzeny
otto skorzeny's picture

But Kito says WE tell the Israelis what tune to dance to-LOL

Thu, 05/16/2013 - 12:15 | 3569499 Debt Slave
Debt Slave's picture

Right. We tell them what to do while they are in charge of our foreign affairs and committing acts of war.

Geeze some people need to be hit over the head with a 2x4.

Thu, 05/16/2013 - 12:25 | 3569545 machineh
machineh's picture

The 'dancing Israelis' on 9/11 already played us their tune.

http://whatreallyhappened.com/WRHARTICLES/fiveisraelis.html

And we're still running global interference for this shitty little country? 

Thu, 05/16/2013 - 14:54 | 3570233 Cacete de Ouro
Cacete de Ouro's picture

"If I say anything about the dancing Israelis and 9-11, I might as well clear my desk". generic response of all MSM journalists across the US of A!

uSA usA usa .....us ..u •••.. .

Thu, 05/16/2013 - 12:36 | 3569603 joak
joak's picture

Kito reads too much Chomsky... 

Thu, 05/16/2013 - 13:16 | 3569800 Eally Ucked
Eally Ucked's picture

Maybe that's true, but at least they're leading dancer.

Thu, 05/16/2013 - 12:28 | 3569531 Kaiser Sousa
Kaiser Sousa's picture

hear that??? the dying gasps of the American empire grows louder with each passing moment...

as such, they must have war in attempts to avoid inevitable death...but it will not be the way they want it to be...

FUCK THIS BANKER CONTROLLED GOVERNMENT AND COUNTRY...

YOUR TIME IS NEAR........

Thu, 05/16/2013 - 12:39 | 3569621 Ignatius
Ignatius's picture

Do we need to mention that Iran has not invaded anyone in 200 years and is a signatory member of the Nuclear Non-Proliferation Treaty (unlike, say, oh Israel).  Hypocrisy knows no bounds.

Thu, 05/16/2013 - 13:09 | 3569772 Cacete de Ouro
Cacete de Ouro's picture

"I can assure you that we are looking very, very carefully at any evidence that anyone outside Iran is selling gold to Iran," he (Cohen) said.

So I just sold a Krugerrand to my local Iranian Embassy (just round the corner actually). What the fuck are you going to do about it Cohenhole?!!

Thu, 05/16/2013 - 17:28 | 3570849 Parisnights
Parisnights's picture

Hypocrisy knows no bounds  

Yeah like France, the US to name a couple of others

Thu, 05/16/2013 - 12:26 | 3569549 Go Tribe
Go Tribe's picture

I find myself increasingly rooting against the United States in many matters.

Thu, 05/16/2013 - 15:47 | 3570505 TheFourthStooge-ing
TheFourthStooge-ing's picture

Nobody likes an occupational government.

Thu, 05/16/2013 - 15:51 | 3570521 akak
akak's picture

I find myself increasingly rooting against the United States federal government in many matters.

Thu, 05/16/2013 - 14:28 | 3570132 Shizzmoney
Shizzmoney's picture

RE

Oh I forgot, fuckin Israel cares.

They should just ratify it as the 51st state already - essentially already is to the US Government (as well as being a part of the UK Crown).

Thu, 05/16/2013 - 15:20 | 3570350 thisandthat
thisandthat's picture

Israel is the US's evil midget twin - the US is the big dumb bully.

Thu, 05/16/2013 - 16:39 | 3570692 Race Car Driver
Race Car Driver's picture

They've already analogized everything in pop-culture movies and TeeVee shows. 

Israel is the Master to the retarded, lumbering US Blaster. 

Who the fuck runs planet Bartertown, indeed.

Thu, 05/16/2013 - 14:29 | 3570143 bank guy in Brussels
bank guy in Brussels's picture

Quotable:

"I love the Jews, just not the Zionists."

- Mahmoud Ahmedinajad, President of Iran

Thu, 05/16/2013 - 21:29 | 3571383 Buck Johnson
Buck Johnson's picture

Because if they allow gold to continue and other currencies be used for buying of gold eventually they will wonder why not buy or sell oil in something else than dollars.

Thu, 05/16/2013 - 12:00 | 3569417 otto skorzeny
otto skorzeny's picture

Cohen-another NWO Zionist Cheesepope.

Thu, 05/16/2013 - 12:06 | 3569452 Divided States ...
Divided States of America's picture

"FOREIGN Affairs" committee chairman Edward Cohen or he really mean "FOR OUR OWN Affairs", OWN meaning Israel.

Thu, 05/16/2013 - 12:36 | 3569606 Cacete de Ouro
Cacete de Ouro's picture

This is another sickening tactic from the bunch of thugs masquerading as UANI, a front group of bi-partisan (haha) neo-chickenshits.

They bullied the LBMA back in January to put pressure on Iran
http://www.businesswire.com/news/home/20130130006578/en/UANI-Calls-Londo...

I wouldn't usually care what happens to the LBMA but this bullying is sickening, these UANI chickenpricks are pure scum
http://en.m.wikipedia.org/wiki/United_Against_Nuclear_Iran

And the LBMA not too long ago sponsored a report on the Iranian Gold Industry called "Iran - A major gold market in hiding"
http://www.lbma.org.uk/assets/alch42_iran.pdf

The irony :)

Thu, 05/16/2013 - 12:50 | 3569670 Meat Hammer
Meat Hammer's picture

He meant "For our OWNERS affairs".

Thu, 05/16/2013 - 12:21 | 3569523 LeisureSmith
LeisureSmith's picture

I havent got the memo on what Cheesepopes are, but i have a feeling this guy is one.. http://www.youtube.com/watch?v=PfoaLbbAix0&feature=player_embedded

 

Thu, 05/16/2013 - 12:28 | 3569439 Frozen IcQb
Frozen IcQb's picture

When Canada abandons the Petrodollar it's game over for the USD as sole reserve currency.

All citizens regardless of country need to own gold now to protect their purchasing power.

Thu, 05/16/2013 - 12:45 | 3569641 Haole
Haole's picture

"When Canada abandons the Petrodollar it's game over for the USD as sole reserve currency."

 

Being Canadian and absolutely loving the idea of this happening, I can't imagine it without our neighbor to the South subsequently and immediately freeing the shit out of us.

If you have some points you can make a case with please share because I'm sure I'm not the only one who would be interested.

Is the NAU not still moving forward as an agenda?

Thu, 05/16/2013 - 13:05 | 3569700 Frozen IcQb
Frozen IcQb's picture

One by one, countries are abandoning the USD for trade where Australia being the most recent.

These countries want to trade goods for goods (not paper) and don’t want to hold a depreciating intermediary currency for settlement.

The US imports more than 2.5 mil bbls of oil per day from Canada which is more than Saud and Mexico combined. If Canada signs an agreement to trade goods for oil with China, that makes the USD irrelevant for oil priced in dollars. IMHO anyways.

 

Thu, 05/16/2013 - 13:08 | 3569764 Haole
Haole's picture

I agree this move away from $US trade could happen if the entire current global monetary structure collapses altogether.   Otherwise it is just a nice dream in the meantime IMHO.  I'd sure love to be proven wrong though... China is doing this in stealth by buying Canadian oil & gas companies, mines, etc. right now aren't they?   It is also my opinion the Northern Gateway Pipeline is part of this long-term plan and despite all the political and environmental hoopla, it is certain to happen.

Thu, 05/16/2013 - 13:16 | 3569779 Frozen IcQb
Frozen IcQb's picture

Should the USD be backed with some form of exchangeable hard tangible collateral to protect it from dilution then my opinion would be different.

 

Thu, 05/16/2013 - 13:35 | 3569877 Doña K
Doña K's picture

Canada should not  be throwing stones as when the US gets the shaft they will find an excuse to invade Canada by declaration. No need to use force or anything they are just going to walk right in. What? the mounties will stop them?

Thu, 05/16/2013 - 14:11 | 3569896 Frozen IcQb
Frozen IcQb's picture

This movement is bigger than a one country thing. The monetary system is changing and the baton is being passed along to China just as it was passed to the US by England following its monetary collapse at the end of WW2.

 

When the USD became the global reserve currency at Bretton Woods, it was making stuff other countries wanted to buy just like China is today. This is no longer the case where manufacturing only makes up 30% of US GDP.

Since US GDP includes government spending (where the net amount should be deducted instead) 30% is an overstatement.

 

Thu, 05/16/2013 - 14:54 | 3570234 Fiat Currency
Fiat Currency's picture

"No need to use force or anything they are just going to walk right in"

Really? Your gov't has you shooting each other every day, brainwashed via media, 48M on eFood stamps, gifts for Wall Street, Fed Follies, daily scandals ...

314M people with 300M+ guns. Not a single banker/oligarch has been shot, despite the vasoline-free arse-raping they repeatedly give you every single day. I sleep well at night knowing you pussies are my neighbours. Ask yourself - what ever happened to the land of the free and the home of the brave?

/sarc/sort-of

Thu, 05/16/2013 - 18:30 | 3570964 Haole
Haole's picture

I would submit that Canadians at large are still drooling, brainwashed tools who think the status quo is going to last forever too, maybe it will and I'm the idiot for being prepared for nothing, having saved and lived debt free all my life, etc...

Everyone in the U.S. needs to see Bobcat Goldthwaite's film God Bless America for starters... ;)

Yanks will still be talking tough about the constitution, regaining their liberties and fighting tyrrany, etc. blah blah blah when they're living in a dumpster or on the other side of the sign that says Welcome to Camp FEMA. 

Thu, 05/16/2013 - 18:55 | 3571047 Ocean22
Ocean22's picture

As a Canadain, sitting at work, I can attest that 97% of us are CLUELESS to the WHOLE picture.  Everyone up here is living in fantasy land with lolly pops and big bright butterflies.

Thu, 05/16/2013 - 14:28 | 3570137 Shizzmoney
Shizzmoney's picture

RE

Is the NAU not still moving forward as an agenda?

Not until they put an NHL team in Mexico.

Thu, 05/16/2013 - 14:27 | 3570130 One Ton Lady
One Ton Lady's picture

Excuse my french, but I am so sick and tired of the fucking jews trying to get us to bother the Iranians and whoever else they don't like. If they want to humbug with the Persians then they need to get their pitiful little conscript army and go over  there and start swinging, the chicken shits. These crybaby jews are only good at fighting when it is defenseless women and children in Gaza. As the comedian Doug Stanhope has said, fuck the freakin crybaby jews.

Thu, 05/16/2013 - 17:26 | 3570839 Parisnights
Parisnights's picture

Don't hold back fat as.. err I mean one ton lady-- Tell us how you really feel,  One ton of hateful spite might be a more accurate nom de geurre.  yeesh

Thu, 05/16/2013 - 11:50 | 3569361 ParkAveFlasher
ParkAveFlasher's picture

We Americans have to stop this barbaric trade for the good of these godless barbarians and our Way of Life. 

Thu, 05/16/2013 - 12:43 | 3569637 Doubleguns
Doubleguns's picture

Actually JPM is trying to get its hands on that gold to refill the warehouse. They are having no luck in the markets everyone is keeping their gold even at these ridiculously low manipulated prices. JPM just cant believe it. Soon we will se Jamie throwing a temper tantrum. 

Thu, 05/16/2013 - 13:01 | 3569734 ParkAveFlasher
ParkAveFlasher's picture

In the Iran vs. Jaime Dimon fight, I'd say Iran has time on its side.

Thu, 05/16/2013 - 14:24 | 3570110 enloe creek
enloe creek's picture

this is about over, they are out of options to hold gold down so they want to curtail a source of demand, it won't work. 

Thu, 05/16/2013 - 11:50 | 3569363 mayhem_korner
mayhem_korner's picture

 

 

Got potassium iodide?

Thu, 05/16/2013 - 11:52 | 3569367 Dr. Engali
Dr. Engali's picture

For such a barbaric relic there sure is a lot of effort going into destroying it's ifluence.

Thu, 05/16/2013 - 12:01 | 3569423 RafterManFMJ
RafterManFMJ's picture

Yup. The theater floor is heating up, there's a faint wiff of smoke, and the smart money is smiling unctuously while edging toward the exit marked 'GOLD' in shining, glowing letters.

Enjoy your show! We're just going to step outside (of the burning fiat system) for awhile...

Thu, 05/16/2013 - 12:10 | 3569470 Stuart
Stuart's picture

Trying to undermine/reduce Iran's purchasing power

Thu, 05/16/2013 - 11:51 | 3569368 SheepDog-One
SheepDog-One's picture

Golds? Why would anyone care about that? It's just an old barbaric relic after all.

Thu, 05/16/2013 - 12:11 | 3569476 BLOTTO
BLOTTO's picture

I thought Xerxes and the other King of Kings of Persia only liked USD?

.

Oh, im sorry, USD didnt exist 2,500 years ago...and neither will the USD exist in the long term...

Thu, 05/16/2013 - 12:57 | 3569705 Meat Hammer
Meat Hammer's picture

+1 Excellent

Thu, 05/16/2013 - 11:52 | 3569371 A. Magnus
A. Magnus's picture

How much you wanna bet the Iranians are stacking thanks to the LBMA, COMEX and CME shitbags orchestrating all the naked shorts lately?

Thu, 05/16/2013 - 12:21 | 3569520 ParkAveFlasher
ParkAveFlasher's picture

They could very easily be buying through fronts in China and India.  +1

Thu, 05/16/2013 - 12:23 | 3569537 malikai
malikai's picture

Who'se going to be stacking the gold after Iran is set free?

Think at least a few steps ahead. Perhaps 10 or so.

Thu, 05/16/2013 - 11:53 | 3569374 SheepDog-One
SheepDog-One's picture

There's a 'U.S. law' which allows blocking of selling gold to Iranians? Gee who signed that law into effect, Robert Mugabe or sumthin?

Thu, 05/16/2013 - 12:02 | 3569429 Ghordius
Ghordius's picture

yes. it's called an economic embargo. which interestingly was considered in earlier times an Act of War. The Dutch Republic, for example, upheld for long time the principle that trade should not stop, ever - even between combatants nations

Thu, 05/16/2013 - 12:22 | 3569525 BigJim
BigJim's picture

In those days, people recognised that the government were essentially just an occupying force... even if they were your countrymen.

Nowadays, of course, 'our government is us', so we all have to join in the fun & games.

Our 'leaders' don't like Iran? Gee, I guess that must mean I don't like them much either. 

Thu, 05/16/2013 - 12:33 | 3569547 EvlTheCat
EvlTheCat's picture

LOL. Yes the Dutch..  I am sure that "principle" came around the time they were selling slaves.

 

edited:

Thu, 05/16/2013 - 12:45 | 3569650 Overfed
Overfed's picture

TOTUS sez: "Damn straight it's an act of war. What are you gonna do about it?".

Thu, 05/16/2013 - 14:28 | 3570134 enloe creek
enloe creek's picture

the dutch had lots of ships running from here to yon and all over the place.  interesting that they harrnessedd wind and maintained a world wide fleet til coal came along and england mastered that so they had abigger empire then oil came along and we mastered that so we had a bigger empire, who will master the next energy to power an empire? there is none so there is no new empire.

Thu, 05/16/2013 - 20:20 | 3571224 Tompooz
Tompooz's picture

"that trade should not stop, ever - even between combatants nations"

 

and I believe that enabled them to finance their mercenaries for the 80-year war against Imperial  Spain through the sale of arms and gunpowder to the Spanish..

Thu, 05/16/2013 - 12:18 | 3569511 Ghordius
Ghordius's picture

UR, thank you for your explanation about the lawfulness of private armies in the US - illuminating

so the principles were set by the Trading with the Enemy Act of 1917 and expanded by the International Emergency Economic Powers Act of 1977, if I understand it properly

come on, wikipedia is often quite good. look what it's written in the Office of Foreign Assets Control article: "As part of its efforts to support the Iraq sanctions, in 2005 OFAC fined Voices in the Wilderness $20,000 for gifting medicine and other humanitarian supplies to Iraqis."

Thu, 05/16/2013 - 13:32 | 3569863 thelibcentury
Thu, 05/16/2013 - 14:17 | 3570074 Urban Redneck
Urban Redneck's picture

That's VERY troubling, but it's not the "military"- it's the office of the Secretary of Defense that is responsible for the regulations.  As long as IRS is operating unrestrained against US citizens, I might as well take advantage of the FREEDOM OF EXPRESSION protected in Switzerland...

Since the US has BUTCHERED the balance of Federalism (far beyond the President assuming authority from the State Governors over the State National Guards without their consent) the process of putting-Humpty-Dumpty-back-together-again is not a practical tactical solution to the strategic threat of the encroachment of Civil and Human Rights.  A far more practical route is to place into office law enforcement officials (e.g. sheriffs and police chiefs) who will establish large reserve constibularies.  This can be done either by direct election of sheriffs, or election of local executives who would then appoint such police chiefs.  This solution bypasses various issues related to control of the Militia as well as as Federal Firearms restrictions on small arms and other devices.  It has the added benefit of redirecting the Federal government's pork barreled practice of distributing tax dollars for military arms (M4s & billions of rounds of ammunition) and machinery (MRAPs & drones) which might be used against the citizenry, into a funding mechanism which can be leveraged to outfit and defend the law abiding citizenry against encroachment of Civil and Human Rights, while using existing legal frameworks and compliance with both the letter and spirit of the law.

 

Fight Smarter, Not Harder

Thu, 05/16/2013 - 13:37 | 3569887 Urban Redneck
Urban Redneck's picture

Ghordius, you're welcome.  Wikipedia highlights the underlying problem in the US- The government doesn't make sausage well.  In modern practice- Congress passes a law and it is added to the US Code, and the Executive branch publishes pursuant regulations in the Code of Federal Regulations.  However, Iranian sanctions largely been an issue only since 1979.   When the US Congress has a political need to be seen as taking decisive action they will insert amendments to Title 31 (or Title 12 or...) of the US Code into other, and often unrelated, legislation which allows them to claim credit for "MOAR sanctions" or whathaveyou.  The worldwide headache that is FATCA was originally part of "Jobs" bill- the Hiring Incentives to Restore Employment (HIRE) Act.  So while Wikipedia is (perhaps) a good place to start, just as the Trading with the Enemy Act & the International Emergency Economic Powers Act are starting points, it's significantly more complicated to properly document the history of US economic sanctions against Iran, or the role of the Militia...

Statutory Law - US Code - Title 31 Money & Finance (there is a disclaimer on that page about entire Titles of the US code that have not been enacted into Positive Law... which becomes a real issue when you practice or write law as opposed to debate or explain US law)

http://www.gpo.gov/fdsys/browse/collectionUScode.action?collectionCode=USCODE 

Title 31 Code of Federal Regulations Subtitle B Chapter 5 (however some regulations also fall under Chapter 10- FinCEN)

http://www.ecfr.gov/cgi-bin/text-idx?SID=7cdd9c505afe54feeed37529ee352a5...

 

Although it could be worse, there's always the EU model...

http://eur-lex.europa.eu/en/editorial/abc_c04_r1.htm#h2

 

Thu, 05/16/2013 - 17:12 | 3570800 Umh
Umh's picture

And as a precursor to WWII  " The oil embargo placed on Japan by China, the United States, Britain, and the Dutch during the Sino-Japanese War, preceding World War II".

Thu, 05/16/2013 - 12:03 | 3569434 RafterManFMJ
RafterManFMJ's picture

They wanna get my
Gold on the ceiling
I ain't blind
Just a matter of time
Before you steal it...

Thu, 05/16/2013 - 11:53 | 3569377 kralizec
kralizec's picture

HooSane Obama do squat about it?  Hilarious!

That pooch screws itself!

Thu, 05/16/2013 - 12:03 | 3569436 otto skorzeny
otto skorzeny's picture

We would could do so well as to not give a shit what happens outside of our borders.

Thu, 05/16/2013 - 12:06 | 3569451 kralizec
kralizec's picture

In/Out, Up/Down...what's the diff?

Thu, 05/16/2013 - 11:54 | 3569379 JJ McApe
JJ McApe's picture

who needs gold anyways... aapl is going to hit 2000 soon... *cough cough*

Thu, 05/16/2013 - 11:55 | 3569386 IdeasRbulletproof
IdeasRbulletproof's picture

We don't want Iran to have such barbarous relics. No matter how much we manipulate it...

Thu, 05/16/2013 - 12:08 | 3569462 astoriajoe
astoriajoe's picture

Iran: shit, you mean we could have gotten gold this whole time, but instead we've been exchanging our oil for your green f*cking paper? Dude, WTF?!

Thu, 05/16/2013 - 13:02 | 3569737 IdeasRbulletproof
IdeasRbulletproof's picture

USA: Why you bringing up old shit? - Smokey(Friday)

Thu, 05/16/2013 - 11:55 | 3569387 swmnguy
swmnguy's picture

I suppose once you've overplayed your hand, the only thing left to do is double down.

Thu, 05/16/2013 - 11:56 | 3569389 Smuckers
Smuckers's picture

But, but - it's a barbarous relic, and priced daily as if nobody actually wants the stuff!

 

/sarc

 

 

Thu, 05/16/2013 - 11:57 | 3569392 EL INDIO
EL INDIO's picture

The Iranians know that:

300 American navy gayfish, that’s all it takes.

(Seal in Iranian means gay fish)

Thu, 05/16/2013 - 12:14 | 3569490 GraveyardSpiral
GraveyardSpiral's picture

Do you think they like fish sticks?

Thu, 05/16/2013 - 12:17 | 3569509 THX 1178
THX 1178's picture

Damn you beat me to it.

Thu, 05/16/2013 - 12:21 | 3569524 TheFourthStooge-ing
TheFourthStooge-ing's picture

They think Kanye West is a seal.

http://www.youtube.com/watch?v=64ngE35xjTk

Thu, 05/16/2013 - 12:17 | 3569505 THX 1178
THX 1178's picture

So the Iranians like fishdicks?

Thu, 05/16/2013 - 11:58 | 3569394 Kreditanstalt
Kreditanstalt's picture

US government, get the FCUK OUT of other people's business!!!!!

Thu, 05/16/2013 - 13:22 | 3569832 debtor of last ...
debtor of last resort's picture

And you to, Brussels. We don't need no stinking fascists.

Thu, 05/16/2013 - 11:58 | 3569397 earnyermoney
earnyermoney's picture

We're all Iranians now, if you stack that is...

Thu, 05/16/2013 - 11:58 | 3569399 cloudybrain
cloudybrain's picture

gold really useless, its ancient

Thu, 05/16/2013 - 11:58 | 3569401 mayhem_korner
mayhem_korner's picture

 

 

Isn't this all about prodding Iran so that the planned Israeli strike appears provoked?  Nah, couldn't be that...

Thu, 05/16/2013 - 11:58 | 3569403 casaananda
casaananda's picture

Fuck Congress and the entire US government. Fuck them all. What right do they have to meddle in Iran. They ought to be telling the Israelis to dismantle their Nukes and get the fuck out of the West Bank.

Thu, 05/16/2013 - 12:10 | 3569471 Debt Slave
Debt Slave's picture

Mr. Cohen isn't going to do that. He works for Israel.

Thu, 05/16/2013 - 12:38 | 3569616 Go Tribe
Go Tribe's picture

Who is Edward Cohen in this excerpt? Should be David S. Cohen, undersecretary of Treasury. Right?

Thu, 05/16/2013 - 11:59 | 3569406 Clowns on Acid
Clowns on Acid's picture

The Obama Fed will just confiscate physical gold in US / Europe, and set "turn in" price at $1000/oz. Fema camp if you don't. Just like "guns" these left wing sociopaths will stop at nothing to massage their low self esteem.

Just like FDR did, however modern day it will be more difficult to implement their gold confiscation strategy. China and ME will demand gold for payments....be interesting to see which side the Saudis fall on. Hyperinflaiton, wars, the usual outcomes of the socialist sociopath neo Keynsian dream.

Thu, 05/16/2013 - 11:59 | 3569408 pulladan
pulladan's picture

Good luck enforcing that. 

Thu, 05/16/2013 - 12:00 | 3569415 Winston Churchill
Winston Churchill's picture

Should make for a very frosty summit today between Obozo and the Turkish prime minister.

This is an attack on gold settlement per se.Looks like Jim willie  is right about whats going on

behind the other curtain.

Thu, 05/16/2013 - 12:03 | 3569438 mayhem_korner
mayhem_korner's picture

 

 

Yep.  After they both give thanks to Allah, should go downhill pretty quickly...

Thu, 05/16/2013 - 12:05 | 3569448 otto skorzeny
otto skorzeny's picture

The wily Turks grow stronger (and richer) as the rest of the ME devours itself.

Thu, 05/16/2013 - 12:01 | 3569422 alien-IQ
alien-IQ's picture

The never ending American search for another war to fight, another country to invade.

Americans are fucked and most are just too stupid to know it. No nation can survive or be respected if their existence is based on a state of perpetual war.

Thu, 05/16/2013 - 12:02 | 3569425 Tinky
Tinky's picture

Apparently trade in barbarous relics requires barbarous interventionist policies.

Thu, 05/16/2013 - 12:02 | 3569432 toady
toady's picture

We'll be at the survival retreat for the summer in about three weeks. Just hang on until then, then bombs away!

Thu, 05/16/2013 - 12:04 | 3569446 Kirk2NCC1701
Kirk2NCC1701's picture

They can always make the Ruble or the RMB their currency of FX trade.  Or use gold as Wahala for oil.  Oil scratch you if y'oil scratch me.  ;-)

Thu, 05/16/2013 - 12:06 | 3569453 apberusdisvet
apberusdisvet's picture

You all have missed the most important part of this post:

 

"US law allowing sanctions against gold sales to  (fill in the blank)."

 

First they came after  gold sales to Iranians, and I said nothing

Thu, 05/16/2013 - 12:06 | 3569455 Sach Mahoney
Sach Mahoney's picture

Gold presents a clear and present danger to fiat currencies worldwide....hence the Gov't manipulation to keep it down and out of favor

Thu, 05/16/2013 - 12:34 | 3569590 Ignatius
Ignatius's picture

Or... the saving in gold vs saving in a constantly devaluing currency.

Thu, 05/16/2013 - 14:03 | 3569991 css1971
css1971's picture

Fractional reserve banking works fine with gold. It was designed for it. You just have to devalue every few years.

Thu, 05/16/2013 - 12:07 | 3569456 Mr. Hudson
Mr. Hudson's picture

I never understood why Iran doesn't back its currency with its oil reserves. They could create “a quarter barrel note”; “a half barrel note”, and “a barrel note”, where the holder of the note could literally pull up in his row boat and trade a barrel note for a barrel of crude oil. It's kind of like a gold standard, but with oil instead of gold.

Thu, 05/16/2013 - 12:09 | 3569466 Tinky
Tinky's picture

Slippery slope.

Thu, 05/16/2013 - 12:13 | 3569482 XitSam
XitSam's picture

Slippery for who?

Thu, 05/16/2013 - 12:51 | 3569677 Swarmee
Swarmee's picture

Slick thinking.

Thu, 05/16/2013 - 12:13 | 3569484 otto skorzeny
otto skorzeny's picture

Good idea- they already set up their own bourse a few years ago which really pissed the Western oil trading markets off.

Thu, 05/16/2013 - 19:45 | 3571140 Vic Odd
Vic Odd's picture

"I never understood why Iran doesn't back its currency with its oil reserves. They could create “a quarter barrel note”; “a half barrel note”, and “a barrel note”, where the holder of the note could literally pull up in his row boat and trade a barrel note for a barrel of crude oil. It's kind of like a gold standard, but with oil instead of gold."

"Da IMF aint gone be habbin' dat."

Thu, 05/16/2013 - 21:36 | 3571399 Mr. Hudson
Mr. Hudson's picture

Iran is already on the IMF's blacklist, so (quoting Hillary) "What difference does it make?"

Thu, 05/16/2013 - 12:08 | 3569460 buzzsaw99
buzzsaw99's picture

i wonder why this should bother :ahem: cohen :ahem: so much? [/not a conspiracy]

Thu, 05/16/2013 - 12:19 | 3569514 alien-IQ
alien-IQ's picture

Remember, this is a kinder, gentler ZH now. Offensive comments and "racial discrimination" can get you banned and have all history of your post wiped out...and "some people" are particularly "sensitive". You know?

Thu, 05/16/2013 - 12:09 | 3569465 Marley
Marley's picture

Come on Tylers, nothing on the "resignations" in the IRS?

Thu, 05/16/2013 - 12:13 | 3569488 alien-IQ
alien-IQ's picture

Rearranging the deck chairs on the Titanic is hardly news worthy.

Thu, 05/16/2013 - 12:12 | 3569480 Never One Roach
Never One Roach's picture

Evidently Eye-Ran did not get the memo, you're not supposed to let out you want the yellow metal.

Thu, 05/16/2013 - 12:18 | 3569491 Quinvarius
Quinvarius's picture

How embarrassing that we even care.  Well.  If I need gold to buy oil in the future, time to load up.  Sorry lastest crop of American politicians.  You guys with your bad decisions get unelected quite often.  I can't truck with some bizzare ideology that could change after an election when it is obvious gold always wins this fight.  Toodles. 

P.S.  Please sell me more of other people's gold.  Gold is up $20 of its daily low.  This is an inferior conversion rate from 5am.  It is your job to subsidize my gold purchases with the sovereign national wealth or stolen wealth from bank cusomers.

Thu, 05/16/2013 - 12:18 | 3569500 GCT
GCT's picture

First it was saddam in Iraq taken out not for WMD's but for floating gold as an alternative to the petro dollar as an exchange for oil.  Next the president of Libya for not accepting Euro's nor US dollars for his brent crude, he wanted gold.  He was trying to design a pan African gold backed currency.  Attacked by France and Great Briton for human rights violations, even though France presented him with the humanitarian award the year before.  This was and will continue to be all about gold replacing the US dollar for resources as countries are tired of being bullied by the USA.  Cannot believe I am typing this but during my research this is how I call it now.  Wish I took the blue pill at times.

BRIC's and other Eastern nations are tired of the game with the US dollar.  So they are setting up trade agreements in their own currencies and gold.  This is really pissing the USA off.  Nothing we can really do though as too many nations are now on board including alot of our allies.  Obama made a grave tactical error thinking he could push the world around with our military complex and enforcing the petrodollar and fucking up the swift system that was to remain neutral. Real people are starving due to this bullying.

I am sickened typing this to be honest.  A shining example for the world to follow died years ago.

Thu, 05/16/2013 - 12:29 | 3569561 sdmjake
sdmjake's picture

We have a BINGO. +1

Thu, 05/16/2013 - 13:56 | 3569959 Bastiat
Bastiat's picture

Yeah, the red pill can make you nauseous for a bit.  Thanks for your post.

Thu, 05/16/2013 - 14:00 | 3569981 css1971
css1971's picture

First it was saddam in Iraq taken out not for WMD's but for floating gold as an alternative to the petro dollar as an exchange for oil

Euros.

Thu, 05/16/2013 - 12:21 | 3569521 Z_End
Z_End's picture

Hmmm... What do the BRICs have to say about all this?

Thu, 05/16/2013 - 12:24 | 3569540 denverdolomte
denverdolomte's picture

Hilarious, but I thought gold wasn't money? "When asked whether gold is money, Bernanke flatly responded “No.” ........ "Ron Paul once again on the offensive.“Is gold money?” he asked.  Clearly bothered, Bernanke told the representative, “No. It’s a precious metal.”

 

I would say since waking up to politics in 2001 when I was 17/18 years old, I can say I can only hope people around my age or younger or a bit older coming into power positions have the slightest clue about history, comprehension skills, rudamentory mathmatical skills, understand econ 101, and push for science research. I just spoke to a person the same age as me, an Obama spouting believer of can't do anything wrong and better than Bush, I told him about all the scandals and about all politicians being paid for life from our own pockets, needless to say he shared my views and spent the night reading and learning more and more and more, but that again is the level most people are at. 

Who cares what our country does anymore to any other country, really, we can't stop them, voting does nothing, our voices me nothing, we be lucky if we could stop a city council decision in a suburb anymore. They are operating above law, without emotion, without rules, without motives. The only logical thing I have found to do is to just become smarter and smarter and smarter than it all. 

 

Rant off::

Thu, 05/16/2013 - 12:25 | 3569543 Mi Naem
Mi Naem's picture

Ooooohhh, OK.  I'm a little slow, but I finally get it. 

The bankers want to finance the various participants in the imminent escalation of WWIII on our way toward global governance. 

Soooo, they are killing paper gold in part to destroy the valuation of Iran's remnants of wealth so they'll have to fight. 

 

Gonna be a warm summer? 

 

Thu, 05/16/2013 - 12:27 | 3569557 Edward Fiatski
Edward Fiatski's picture

Them bearded barbarians.

Thu, 05/16/2013 - 12:34 | 3569560 Kastorsky
Kastorsky's picture

What kind of fucked up universe is this?

At times it feels like I'm in some global nut house with hallucinating idiots!

Two points:

1. WTF?! morgan dollar, peace dollar - buy $21 - sell $33 - $35!

But it is not the punch line. morgan dollar is 26g 90% silver

And right next to it silver philarmonic Oz - 31g 100% silver for $28!

http://www.mjpm.com/silver.cfm

 

2. About gold price raids and phys demand. 

If you are a bullion bank or a custodian of gold accounts - you would not 

worry about phys that much - if you know you won't deliver anyway.

You know you will settle in cash, So you would want to settle at the lowest price possible.

Now, since you will not deliver and settle in cash - you can sell all the paper gold you want to drive price down.

CFTC has your back.

Thu, 05/16/2013 - 12:39 | 3569622 Edward Fiatski
Edward Fiatski's picture

Good point on 2) - Settle in cash at spot price, then close up the paper margin shop and voila.

Thu, 05/16/2013 - 16:17 | 3570611 RockyRacoon
RockyRacoon's picture
2013 America the Beautiful Five Ounce Silver Uncirculated Coin™ - White Mountain National Forest, New Hampshire (NQ5)
Mintage Limit: 25,000 Product Limit: None Household Order Limit: None $179.95
Thu, 05/16/2013 - 12:30 | 3569568 MeelionDollerBogus
MeelionDollerBogus's picture

of COUUUUUURSE.

We all know a sign we can trust our fearless leaders is that gold is not money, it's only tradition, therefore it should be strictly controlled by vaults, guns and war.

I'm a believer, we're all believers now, aren't we?

Thu, 05/16/2013 - 12:32 | 3569581 dcj98gst
dcj98gst's picture

Maybe they should start stacking silver.

Thu, 05/16/2013 - 12:51 | 3569674 Papasmurf
Papasmurf's picture

If they were serious about huring Iran, they would send in the squid and the IMF to help them with their economy.

Thu, 05/16/2013 - 13:57 | 3569963 css1971
css1971's picture

Iran said "no". So theiy got sanctioned.

Thu, 05/16/2013 - 12:56 | 3569701 Zymurguy
Zymurguy's picture

Can't have Iran's financial system based on a gold standard now can we?  Certainly can't have them defying the Fiat Master AND possessing nuclear weapons to defend itself.

I don't think any of this shit going on with our ships in Isreal or Russia's ships in the Med' has anything to do with oil.  It's about fiat and control.  It's always about control.

Thu, 05/16/2013 - 12:57 | 3569709 q99x2
q99x2's picture

Central Banksters are retarded. Arrest them. 7 Billion humans against the monsters. Long live the revolution.

Thu, 05/16/2013 - 13:11 | 3569776 short screwed
short screwed's picture

I hope Turkey tells this Cohen guy to fuck off.

Thu, 05/16/2013 - 13:14 | 3569786 SmittyinLA
SmittyinLA's picture

Most of Iran's gold is in Switzerland which could be ruined with 1 nuke, fortress Switzerland doesn't exist anymore.

Thu, 05/16/2013 - 17:25 | 3570837 Umh
Umh's picture

That does sound like something US politicians would do. And then when it fails somehow the people at the State Department will continue lying.

Do NOT follow this link or you will be banned from the site!