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Currency Wars - Iran Banned From Trading Gold and Silver
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.
NEWS
(Reuters)
Gold hits 6-week high on TOCOM, eyes on Greece
(MarketWatch)
Gold, silver futures add to gains
(Wall Street Journal)
EU to Adopt New Iran Sanctions
(Bloomberg)
Iran Said to Seek Yen Oil Payments From India Amid Sanctions
(Reuters)
Video: Gold price hike devastates gold market in protest-hit Syria
COMMENTARY
(MarketWatch)
Gold's Happy New Year
(MaxKeiser)
Keiser Report: Sinking Ship In Credit Sea
(GoldSeek)
Mauldin: Eurozone - Staring into the Abyss
(24HGold)
Willie: Inflation - The Only Tool Left
(FutureMoneyTrends)
Rickards: Intervention in Libya was Largely About Gold
(GoldSeek)
North: Auditing the FED's Gold
(Telegraph)
Evans-Pritchard: Greek Debt Talks Stall Over Interest Rate On Bonds
»
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the debka link has this: http://www.debka.com/article/21673/
The EU decision of Monday banned the signing of new oil contracts with Iran at once, while phasing out existing transactions by July 1, 2012, when the European embargo, like the measure enforced by the United States, becomes total. The European foreign ministers also approved a freeze on the assets of the Central Bank of Iran which handles all the country's oil transactions
there is no news source for this info from debka, tho
i don't do the wsj for "news"l solly
maybe bloomie's got this? Oil Rises for First Time in Four Days After EU Agrees to Ban Iranian Oil - Bloomberg
this is great! less than an hour old! jeeeez! no mention of the EU finiMinis or other hoitytoitz! as i have maintained for well over a week now, everything is proceeding peacefully around the new international order, and according to this article the warships are just there to insure and display that the straits are open to international shipping. again: whytf shouldnt they be? the warships & the straits
take a picture, BiCheZ! this IS the NWO! and it appears designed for at least a few years of relative peace for the world in general, which i would say is most welcome from my perspective!
i see where gene_m also commented on getting sucked into clicking goldCore's "news" again! and ORI just commented m/l on how EZ it is to get zeroHeads to click on links! un-fuking-believable!
good morning, swami salami!
aaand..,.i think i'll just put a little permanent marker above to indicate where ori's 1st spammy would be if he hadn't jumped the string for spamming effectiveness for the n-thousandth time
interesting that no one else did anything but try to interpret what this must mean: "they must be scared of iran" and so on. war & death! but, again, this is an 0PEC producer, and indicates a m/l peaceful bifurcation of supply if these recent events continue to advance logically and peacefully
if iran wants to sell the goo to india for new turbans, or to japan for radioactive tea, they have slewie's permission...just stand back from the launch console, ok, commander balzoff? ...goood! thank you, commander!
First they came for Afganistan,
then they came for Iraq,
then they came for Libya,
then they came for Syria,
then they came for ...
If I was Russia, China, Pakistan, DPRK or a central Asian Republic I would not be waiting for further confirmation of their targeting position in this conquest
India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned, 23 January 2012, (DEBKAfile) http://www.debka.com/article/21673/
History has this little thing called repeating itself.
Starting from 1925, when the freshly formed USSR declared a course on total revamping and upgrading of the country's production capacities, it's Western counterparts (USA, UK, France) declared that they will continue selling equipment to USSR for wood, grain and oil, but not gold. In 1930 this list came down to only grain - what is important is that this came after the Russian drought of 1929 (oh, those humanitarian capitalists!). With USSR having vast reserves of gold this didn't make sense from an economic perspective, but it made complete sense from a geopolitical one - bring the country to it's knees to come begging and agreeing to their terms. Stalin, whatever may be said of him, had the balls to pave his own way and retain independence of the new State. He initiated collectivization of the land and grains to continue exporting grain but continue the industrialization of what was mostly an agrarian country. The result was Golodomor (4 million people died from hunger/malnutrition). Some time later the 'civilized West' lifted the Gold embargo, seeing that the Soviets weren't going to back down - all along proving the viability of J.F. Dunning 'Capital hates the absence of profits…if the profit is suitable, capital is game… 20% profit gets it excited; 50% profit causes a demented recklessness; 100% results in the trampling of every human law; and at 300% profit there is no crime they wouldn’t dare commit'. So trying to cower the Soviets into submission by fear of hunger to come to their terms, but after realizing that this won't happen they decided that this is a losing game and the might as well cash in on Soviet gold. Aw, shucks!
Fast forward to 2012. We have Gold embargo for Iran, soon to be followed by an oil embargo. Anyone see a pattern here?
I prefer the term 'rhyme' instead of 'repeat' because altough it looks the same from a distant it's always twisted just a little different. So, history rhymes.
The Eurasian Triple Entente: Touch Iran in a War, You Will Hear Russia and China
By Mahdi Darius NAZEMROAYA
January 23, 2012 "SCF" -- Despite the areas of difference and the rivalries between Moscow and Tehran, Russian and Iranian ties are increasing. Both Russia and Iran share many commonalities. They are both major energy exporters, have deeply seated interests in the South Caucasus, oppose NATO’s missile shield, and want to keep the U.S. and E.U. from controlling the energy corridors around the Caspian Sea Basin. Moscow and Tehran also share many of the same allies, from Armenia, Tajikistan, and Belarus to Syria and Venezuela. Yet, above all things, both republics are also two of Washington’s main geo-strategic targets.
The Eurasian Triple Entente and Iran’s Significance for Russia and China
With the inclusion of the Chinese, the Russian Federation and Iran are widely considered to be allies and partners. Together the Russia Federation, the People’s Republic of China, and the Islamic Republic of Iran form a barrier against the United States. The three form this through a triple alliance that is the core of a Eurasian coalition resisting Washington’s encroachment into Eurasia and America’s quest for global hegemony. The Chinese primarily face U.S. encroachment from East Asia and the Pacific, the Iranians primarily face U.S. encroachment in Southwest Asia, and the Russians primarily face U.S. encroachment in Eastern Europe. All three states also face U.S. encroachment in Central Asia and are wary of the U.S. and NATO military presence in Afghanistan.
Iran can be characterized as a geo-strategic pivot. The entire geo-political equation in Eurasia will change on the basis of Iran’s political orbit. Should Iran ally with the United States and become hostile to Beijing and Moscow, it could seriously destabilize Russia and China and wreak havoc on both nations. This would be due to its ethno-cultural, linguistic, economic, religious, and geo-political links to the Caucasus and Central Asia.
Iran could also become the greatest conduit for U.S. influence and expansion in the Caucasus and Central Asia, because Iran is the gateway to Russia’s soft southern underbelly (or “Near Abroad”) in the Caucasus and Central Asia. In such a scenario, Russia as an energy corridor would effectively be upset and challenged as Washington would unlock Iran’s potential as the primal energy corridor for the Caspian Sea Basin and advocate for Iranian pipelines. Part of Russia’s success as an energy transit route has been due to American efforts to weaken Iran by preventing energy from transiting through Iranian territory.
If Iran changed camps, the Chinese economy and China’s national security would also be held hostage on two counts. Chinese energy security would be threatened directly because Iranian energy reserves would no longer be secure and subject to U.S. geo-political interests. Additionally, Central Asia could also re-orient its orbit should Washington open a direct and enforced conduit from the open seas via Iran.
Thus, both Russia and China want a strategic alliance with Iran as a means of screening them from the geo-political encroachment of Washington. “Fortress Eurasia” would be left exposed without Iran. This is why neither Russia nor China could ever accept a war against Iran. Should Washington transform Iran into a client then Russia and China would be under threat.
Misreading the Support of China and Russia for U.N. Security Council Sanctions
There is a major misreading of past Russian and Chinese support of U.N. sanctions against Iran. Even though Beijing and Moscow allowed U.N. Security Council sanctions to be passed against their Iranian ally, they did it for strategic reasons that intended to keep Iran outside of Washington’s orbit. In reality, the United States would much rather co-opt Tehran as a satellite or junior partner than take the unnecessary risk and gamble of an all-out war with the Iranians. What Russian and Chinese support for past sanctions did is allow for a wider rift to emerge between Iran and Washington. In this regard realpolitik is at work. As American-Iranian tensions broaden, Iranian relations with Russia and China become closer and Iran becomes more and more entrenched in its camp with Moscow and Beijing.
Russia and China would never support crippling sanctions or any form of economic embargo that would threaten Iranian national security. This is why both China and Russia have refused to be coerced by Washington into joining its new 2012 unilateral sanctions. The Russians have also warned the European Union to stop being Washington’s pawns, because they are hurting themselves by playing along with the schemes of the United States. In this regard Russia commented on the impractical and virtually unworkable E.U. plans for an oil embargo against Iran. Tehran has also made similar warnings and has dismissed the E.U. oil embargo as a psychological tactic that is bound to fail.
Russo-Iranian Security Cooperation and Strategic Coordination
In August 2011, the head o the Supreme National Security Council of Iran, Secretary-General Saaed (Said) Jalili, and the head of National Security Council of the Russian Federation, Secretary Nikolai Platonovich Patrushev, meet in Tehran to speak about the Iranian nuclear energy program and bilateral cooperation. Russia wanted to help Iran rebuff the new accusations Washington was preparing to attack Iran with. Soon after Patrushev and his Russian team arrived in Tehran, the Iranian Foreign Minister, Ali Akbar Salehi, would fly to Moscow.
In September 2011 both Jalili and Patrushev would meet again, but this time in Russia. Jalili would go to Moscow first and then cross the Urals to the Russian city of Yekaterinburg. The Yekaterinburg meeting between the two took place at the sidelines of an international security summit and was important because it was announced that both the highest bodies of national security in Moscow and Tehran would coordinate henceforth by holding regular meetings and a protocol was signed by both men in support of this. At Yekaterinburg, both Jalili and Patrushev would also hold meetings with their Chinese counter-part, Meng Jianzhu. The outcome of one meeting would be that Jalili and Jianzhu would call for similar steps to be taken by the national security councils of Iran and China. They would also make Chinese and Iranian calls for the establishment of a supranational security council within the Shanghai Cooperation Council to confront joint threats faced by Beijing, Tehran, Moscow, and the rest of the Eurasian organization.
Also in September 2011, Dmitry Rogozin, the Russian envoy to NATO, announced that he would be visiting Tehran in the near future to speak about the NATO missile shield project, which both the Kremlin and Iran oppose Reports claiming that Russia, Iran, and China were planning on creating a joint missile shield would quickly start to surface. Rogozin, who had warned in August 2011 that Syria and Yemen would be attacked as stepping stones to confront Tehran, would respond to the reports by publicly refuting plans for the establishment of a joint Sino-Russo-Iranian missile shield project.
The following month, in October 2011, both the foreign ministries in Russia and Iran announced that they would be expanding ties in all fields. Soon after, in November 2011, Iran and Russia signed a strategic cooperation and partnership agreement between their highest security bodies covering economics, politics, security, and intelligence ties and coordination. This was a long anticipated document that both the Russian and Iranian sides were working on for a long time. The agreement was signed in Moscow by the Deputy Secretary-General of the Supreme Security Council of Iran, Ali Bagheri (Baqeri), and the Under-Secretary of the National Security Council of Russia, Yevgeny Lukyanov.
In November 2011, the head of the Committee for International Affairs in the Russian Duma, Konstantin Kosachev, also announced that Russia must do everything it can to prevent an attack on neighbouring Iran. At the end of November 2011 it was also announced again that Dmitry Rogozin would definitely visit both Tehran and Beijing in 2012. It was disclosed that Rogozin and a team of Russian officials would be going to both Iran and China to hold strategic discussions on collective strategies against common threats.
Russian National Security and Iranian National Security are Attached
. . .
FULL article:
The Eurasian Triple Entente: Touch Iran in a War, You Will Hear Russia and China
Excellent post. Thank You.
So many ways for iran to get around this..
Andrew Maguire Gold Trading Service
http://mlatrader.com/andrew-maguires-gold-trading-service/