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Currency Wars - Iran Banned From Trading Gold and Silver

Tyler Durden's picture


From GoldCore

Currency Wars - Iran Banned From Trading Gold and Silver

Gold’s London AM fix this morning was USD 1,675.00, GBP 1,076.55, and EUR 1,294.94 per ounce.

Friday's AM fix was USD 1,646.00, GBP 1,064.68, and EUR 1,274.29 per ounce.

Cross Currency Table - Bloomberg

Gold has risen in all currencies today and bullion up nearly 1 % to $1,675/oz. Gold rose 1.7% last week has risen more than 6% so far this year.

Gold jumped to its highest in more than a month as result of the uncertainty over of the Greek debt outcome and the growing geopolitical tensions with Iran and the US and Nato countries. 

The Iranian geopolitical tension is supporting gold as Britain, America and France have delivered a clear message to Iran, sending six warships led by a 100,000 ton aircraft carrier through the highly sensitive Strait of Hormuz.

Reuters report that the EU has agreed to freeze the assets of the Iranian central bank and ban all trade in gold and other precious metals with the Iranian Central Bank and other public bodies in Iran.

According to IMF data, at the last official count (in 1996), Iran had reserves of just over 168 tonnes of gold. The FT reported in March 2011 that Iran has bought large amounts of bullion on the international market to diversify away from the dollar, citing a senior Bank of England official.

Currency wars continue and are deepening.

Many Asian markets are closed for the Lunar New Year holiday which has led to lower volumes. 

Of note was there was an unusual burst of gold futures buying on the TOCOM in Japan, which has helped the cash market to breach resistance at $1,666 an ounce. 

Investors are also waiting for euro zone finance ministers to decide the terms of a Greek debt restructuring later today.  This would be the second bailout package for Greece.

The risk of contagion in Eurozone debt and wider markets is leading to continued safe haven demand for gold.

Reuters Global Gold Forum

Silver surged 8% last week and is up nearly 20% so far in 2012 – thereby outperforming the other precious metals and nearly all assets. 

Silver cut through resistance at $31 like knife through butter on Friday. Next resistance is $33 then and $35 and then the big $50.

Increasing speculation that the Fed will soon embark on another round of quantitative easing or QE3 is also supporting the precious metals and confirmation of QE3 could see gold reach $1,700/oz in short order.

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

Gold hits 6-week high on TOCOM, eyes on Greece‎

Gold, silver futures add to gains

(Wall Street Journal)
EU to Adopt New Iran Sanctions

Iran Said to Seek Yen Oil Payments From India Amid Sanctions

Video: Gold price hike devastates gold market in protest-hit Syria

Gold's Happy New Year‎

Keiser Report: Sinking Ship In Credit Sea

Mauldin: Eurozone - Staring into the Abyss

Willie: Inflation - The Only Tool Left

Rickards: Intervention in Libya was Largely About Gold

North: Auditing the FED's Gold

Evans-Pritchard: Greek Debt Talks Stall Over Interest Rate On Bonds

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Mon, 01/23/2012 - 09:08 | 2088220 Manthong
Manthong's picture

Good thing Russia, China or Venezuela wouldn't trade in gold with Iran.

Mon, 01/23/2012 - 09:10 | 2088232 Oh regional Indian
Oh regional Indian's picture

Or India, don't forget India......

And this, is a shot that IS going to be heard around the world. Because it is the most GROUNDLESS sanction.... that...or it puts le metal moniterie front and center.

Especially silver. ;-)



Mon, 01/23/2012 - 09:41 | 2088282 Pladizow
Pladizow's picture

But I thought gold was a barbarous relic, why even bother imposing a ban upon it - Desperate Western Fuckers!

Mon, 01/23/2012 - 09:52 | 2088322 Manthong
Manthong's picture

My bad on the India miss.. considering recent India-Iran rupee trade announcement.

.. and if I was Iran, I would be giving discounts on oil for purchases paid with barbarous relics.

Mon, 01/23/2012 - 10:39 | 2088466 JPM Hater001
JPM Hater001's picture

Kaddafi tried that didn't he? And didn't carter cut off Iranian assets? That worked perfectly... /sarc.

Mon, 01/23/2012 - 11:28 | 2088627 Harlequin001
Harlequin001's picture

But Iran doesn't NEED to trade gold and silver. Why would it even want tio? It simply needs to hold it in its central bank and issue currency against it...

Talk about a self hack. If the US invades it needs only store it in China...

and then what?

Mon, 01/23/2012 - 11:29 | 2088637 Hugh_Jorgan
Hugh_Jorgan's picture

Only one way out of this untenable global banking mess a big ol' mo-honkin' war. The devils in power are trying to make sure that as soon as Ahmadinejihad has a nuke he will use it.

Mon, 01/23/2012 - 11:13 | 2088578 trav7777
trav7777's picture

because of just how barbarous it is...was necessary to save freedom

Mon, 01/23/2012 - 12:12 | 2088898 Harlequin001
Harlequin001's picture

Freedom's been saved then?

Mon, 01/23/2012 - 12:37 | 2089053 Temporalist
Temporalist's picture

Sure, your still free to continue digging your own grave.

Mon, 01/23/2012 - 15:01 | 2089761 Triggernometry
Triggernometry's picture

Freedom costs a buck 'o five...

Mon, 01/23/2012 - 17:07 | 2090257 NewThor
NewThor's picture

Freedoms just another word for nothing left to lose....

don't mean nothing honey if it ain't free.

Mon, 01/23/2012 - 09:43 | 2088299 Chief KnocAHoma
Chief KnocAHoma's picture

US to Iran - "Are you sure you won't accept our paper for your oil? You know we have an air craft carrier in your pond."

Iran to US - "No we want gold or silver, not useless ass wipe paper. We are the proud people of a great nation of brutal laws."

US to Iran - "So how is that atomic bomb coming along?" (Whispering to the carrier group - "Fuel up the fighters."

Mon, 01/23/2012 - 10:16 | 2088385 buckethead
buckethead's picture

Until recently, I had no clue that these wars of US aggression might be due to Central Bankers attempting to keep the herds in line.

I've seen plenty of varios conspiracy theories, but the truth could be so much simpler.

It's about the money.... literally.

What is money? it is what we agree it is, and if we don't agree with the Fed, it is what the fed says it is (and we die).

Mon, 01/23/2012 - 10:27 | 2088423 francis_sawyer
francis_sawyer's picture

Britain, America and France have delivered a clear message to Iran, sending six warships led by a 100,000 ton aircraft carrier through the highly sensitive Strait of Hormuz.

The French are just there to surrender...

Mon, 01/23/2012 - 10:46 | 2088487 i-dog
i-dog's picture

..... or collaborate.

Mon, 01/23/2012 - 12:14 | 2088911 Harlequin001
Harlequin001's picture

and the Italians can't make up their minds... again...

Mon, 01/23/2012 - 11:08 | 2088535 falak pema
falak pema's picture

but, but but, they have nothing to surrender! Except Camembert cheese, as those Iranians dont drink chardonnay! 

Umm, Also I think that Q-daffy was counting on a french surrender in Benghazi....Not that these froggy Rambo plays are things I condone, as today in Afghanstn, becoming an ongoing and criminal collaboration with feudal warlords. It has only resulted in multiplying Afghanistan's opium production. Being a US poodle like Tony and Gordon, now "Come n run", is a shameful and sterile game. Its an insult to rule of law, to french anticolonial policy since de GAulle ended Algeria play; all the while cynically promoting under the carpet Françafrique neo colonial RM capture.  The two faces of first world-third world geo politics. 

But neo-colonial military parades in military barracks in Tartar land bases, and drone killing displays of magnanimous, oh so GWB compassionate feeling for the "free world" values, involving inordinate collateral damage, allegedly due to dirty Apache type treachery in FOrt Freedom's last frontier (these guys of MIC strain all have Hollywood spin-writers at hand); always end up badly with government money spent uselessly; and lots of corpses being sent back in "doggy bags". Tragic waste of young innocent lives. Big Oil and sheeple senseless toil go hand in hand. It has nothing to do with saving brave, impoverished Iran from being Ayatollah regime land. Keep up the facade, as really helping Iran's people is like shooting a bazooka into the bank account and vaults of the Oligarchs. No way thats gonna happen, no ways. Freedom never given, always taken.  

Tue, 01/24/2012 - 06:34 | 2091616 matrix2012
matrix2012's picture


Very well said, falak pema

After raping Libyan people and assasinating Q-dhaffi, the bunch of western sovereign banksters n gangsters are trying to do the same on Syria and Iran. Now it will depend on the wills of the prospective victims on how far will they resist, and the rest free world on how will they stand up against such naked and rampant robberies and attrocities, a kind of the new 21st century colonialism, esp. Russia and China!

well, it's right that france has little to offer... but don't forget it still has plenty of french lustful blondes under the french-style delicacy & exotism (recall abt the lead of mdm brunee) to entertain any primitive mundane desire, esp. among the cliques of haus-of-saud :D


Tue, 01/24/2012 - 06:11 | 2091695 Tompooz
Tompooz's picture

Freedom [is] never given, always taken.  


My very own motto.

Bravo F P

Mon, 01/23/2012 - 11:18 | 2088601 unununium
unununium's picture

Lighten up, Francis.

Mon, 01/23/2012 - 13:09 | 2089207 SWRichmond
SWRichmond's picture

The French are just there to surrender...

For sale: used French military rifles.  Never fired, only dropped once...

Mon, 01/23/2012 - 10:41 | 2088471 JPM Hater001
JPM Hater001's picture

When will we learn not to fuck with crazy people? I mean, I figured that out in high school.

Mon, 01/23/2012 - 10:43 | 2088479 Spastica Rex
Spastica Rex's picture

Iran will learn.

Mon, 01/23/2012 - 13:43 | 2089364 jeff montanye
jeff montanye's picture

yes.  like vietnam, afghanistan and iraq.  the u.s. is such an ass kicker.  

my favorite part is the bombing people into voting for your candidates strategy.

Mon, 01/23/2012 - 14:32 | 2089605 Spastica Rex
Spastica Rex's picture

I think I maybe misunderstandimated JPM Hater's comment.

Mon, 01/23/2012 - 16:41 | 2090177 JPM Hater001
JPM Hater001's picture

I like your refresh on the sentiment. Well played old man...well played.

Mon, 01/23/2012 - 10:53 | 2088513 tarsubil
tarsubil's picture

Funny, we have two there now. The Enterprise just took off for the ME, and the Eisenhower is somewhere out there after Navy Week at Norfolk and dumping a captain that had been known to disobey an order or two. We could have 4 of 5 operating carriers in the Persian Gulf in a month.

Mon, 01/23/2012 - 10:59 | 2088531 john39
john39's picture

the enterprise, a ship that is so old that it should have be decommissioned years ago...  smells like a great false flag target.  think of the cost savings in not having to dismantle all the nuclear reactors.

Mon, 01/23/2012 - 11:10 | 2088566 tarsubil
tarsubil's picture

It isn't about cost savings. They are imagining no budget limits. They'll replace one (that was going to be decommissioned anyways) with ten. What if the whole American Empire thing is just getting going?

Mon, 01/23/2012 - 11:29 | 2088642 Chief KnocAHoma
Chief KnocAHoma's picture

I like the way you think son. Let me buy you a Freska!

Mon, 01/23/2012 - 11:18 | 2088596 Randall Cabot
Randall Cabot's picture

Didn't FDR leave all the old ships at Pearl Harbor as sitting ducks for that other false flag?


US to send old warship to Persian Gulf

US Defense Secretary Leon Panetta has vowed to maintain a fleet of eleven warships despite budget pressures, mostly to project sea power against Iran.

On board of the oldest US aircraft carrier, the USS Enterprise, Panetta told the crowd of 1,700 sailors that the 50-year-old ship is heading to the Persian Gulf region in a direct message to Tehran.






Mon, 01/23/2012 - 13:47 | 2089387 jeff montanye
jeff montanye's picture

kind of doubt the zeroes weren't japanese, but it sure was the (obsolete) battleships that were in port with the (going to decide the war in the pacific) aircraft carriers at sea.  just when did they break the japanese naval code?

Mon, 01/30/2012 - 05:33 | 2108903 Mauibrad
Mon, 01/23/2012 - 12:42 | 2089091 Temporalist
Temporalist's picture

So they are trying to kill Iranians with asbestos? Sneaky...and really slow. 

Mon, 01/23/2012 - 14:57 | 2089738 palmereldritch
palmereldritch's picture

No, the comment was meant to suggest the potential confluence of a false flag attack and asbestos disposal...again


Mon, 01/23/2012 - 12:22 | 2088955 prole
prole's picture

Why should the Big E be decommissioned at all? She could sail for another hundred years. Sort of like the B-52s. They last forever so have to literally chop them in half for an excuse to make new ones. No new money in a fat cat's pocket for something built 50 years ago.

Mon, 01/30/2012 - 05:32 | 2108900 Mauibrad
Mon, 01/23/2012 - 12:02 | 2088813 JOYFUL
JOYFUL's picture

Excuse me for asking, but Who is this We you speak of...?

Day by day, more of we are choosing to be with "They," if only because they are increasingly more recognizable as We used to be[before the real They(which is actually a totally fake We the corrupt MSM pushes upon er, "US" ) decided  they wanted everybody to forget that once pon at time, we&they were part of a big, happy family that didn't need no pharisees to guide us in the direction of a land of milk 'n honey] which was folks who just wanted to get on with bein alive an grateful to some kind of supreme creator* for the privilege - what used to be our birthright fore somebody sold us out for a mess o pottage...or something equally ridiculous.

I know it sounds kind of complicated, but just turn everything you thought you already knew upside down and it will all make sense...kind of. Alternately, if you are so inclined, just go and make friends with some people who you thought were supposed to be your in.ex.tric.able enemies.  It's kinda kool!

*(a totally ecumenical reference...PLEASE...MR FALAK, SIR> no spurious "jesus-luving" bashing...wrestling with thy demons needs be an entirely private matter!>!>?!)

nb...tarubil...not directed in any way at yurself...just using your comment as handy reference to leverage with![ok, I'll admit to taking a slight dig at yur assumption that only Mericans communicate via ZH....its actually become kind of a global network of communication!]

Mon, 01/30/2012 - 05:31 | 2108899 Mauibrad
Mon, 01/30/2012 - 05:33 | 2108902 Mauibrad
Mon, 04/16/2012 - 02:17 | 2347933 jaffa
jaffa's picture

Trade sanctions against a specific country are sometimes imposed, in order to punish that country for some action. An embargo, a severe form of externally imposed isolation, is a blockade of all trade by one country on another. For example, the United States has had an embargo against Cuba for over forty years. Thanks.
credit card debt consolidation

Mon, 01/23/2012 - 09:46 | 2088310 slaughterer
slaughterer's picture

Surprised Crude is still under $100 on this Iran ban report. 

Mon, 01/23/2012 - 10:39 | 2088464 blindfaith
blindfaith's picture

"Good thing Russia, China or Venezuela wouldn't trade in gold with Iran."

SO......Who the hell wants radioactive gold? 

It would be detected for sure in those diplomatic pouches.  YES????

Mon, 01/23/2012 - 09:06 | 2088223 GeneMarchbanks
GeneMarchbanks's picture

Intense headline. Bats, but you got me to click on it. Kudos.

Mon, 01/23/2012 - 09:12 | 2088238 Oh regional Indian
Oh regional Indian's picture

Clever, very clever.

But Gene, you would have clicked it anyways, nein?


Mon, 01/23/2012 - 09:24 | 2088251 GeneMarchbanks
GeneMarchbanks's picture

I recognize Goldcore posts from literally miles away. Crazy Irishman.

Check out that 3Y BDIY and tell me that this ain't some Cold war type antics? You can't nosedive from these levels and pretend things are geo-politically stable...

Mon, 01/23/2012 - 09:29 | 2088269 Oh regional Indian
Oh regional Indian's picture

Holy Hemlock Herman! 

BDIY = 826...

Its' in three digits.... should be a story, it was THE canary in the coalmine in 2008. 


Mon, 01/23/2012 - 11:22 | 2088498 Money 4 Nothing
Money 4 Nothing's picture

The "Truth" indicators I use are Baltic Dry, (taking a nose dive) and the bond market, everything else is just peripheral and or broken fukin charts. Iran threw up the middle finger to the Western DXY 3 weeks ago. They have heir own oil bourge trading in a chosen basket of currencies along with Gold and PM's till now?

This has nothing to do with "WMD's" of the nuclear airborne nature, it has to do with WMD's of the financial nature. BDIY will always be the global barometer of world financial health, very difficult to fudge the numbers, the freight and destination are registered in port globally which sets the index. 

Yes, a lower BDI could indicate lower shipping cost just by proxey of trying to stimulate the global economy, but the rise of oil kinda counter acts that theory. War is inevitable IMHO. WWII got us out of the last "depression", History repeats, over and over. 

IMHO, the Bull's will be on Parade till SHTF, like I said last night. Dow 12,800 (defying gravity and all reality) then bust. It's all priced in kids.

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