Iran Moves Further To End Petrodollar, Announces Will Accept Payment In Gold Instead Of Dollars

Tyler Durden's picture

Much has been spun in recent weeks to indicate that as a result of collapsing trade, Iran's economy is in shambles and that the financial embargo hoisted upon the country by the insolvent, pardon, developed world is working. We had a totally different perspective on things "A Very Different Take On The "Iran Barters Gold For Food" Story" in which we essentially said that Iran, with the complicity of major trading partners like China, India and Russia is preparing to phase out the petrodollar: a move which would be impossible if key bilateral trade partners would not agree to it. Gradually it appears this is increasingly the case following a just released Reuters report that "Iran will take payment from its trading partners in gold instead of dollars, the Iranian state news agency IRNA quoted the central bank governor as saying on Tuesday."

Via Reuters:

Iranian financial institutions have been hit by sanctions imposed by the United States and the European Union in an effort to force Tehran to halt its nuclear programme.


Significant difficulties in making dollar payments to Iranian banks have forced Iran's trading partners to look for alternative ways to settle transactions, including direct barter deals.


"In its trade transactions with other countries, Iran does not limit itself to the U.S. dollar, and the country can pay using its own currency," central bank governor Mahmoud Bahmani was quoted as saying. "If a country should so choose, it can pay in gold and we would accept that without any reservation."


The sanctions include a phased ban on importing oil from Iran, which EU member states are to implement by July.


China and India, two of the largest consumers of Iranian oil, have said they will continue imports, but Japan and Korea have announced cuts to quotas following pressure from the United States. As a result the value of Iran's rial has plummeted, pushing the price of goods sharply higher across the country.

And from the souce:

Governor of the Central Bank of Iran Mahmoud Bahmani says the country can trade in currencies other than the American dollar in its foreign transactions.


“Iran does not just work with the dollar in trade transactions and every country can pay in its own currency,” said Mahmoud Bahmani on Tuesday.


Bahmani added that Tehran could receive gold in its transactions instead of currency transfers.


In case a country is willing to pay for the price of its imports from Iran in gold, there is no problem in this respect, he noted.


According to Bahmani, Iran imports commodities from China and India in exchange for the countries’ currencies. Tehran’s move is aimed at bypassing the upcoming freeze on CBI’s assets and the oil embargo, which the European Union's foreign ministers agreed to impose on the Islamic Republic.

Now this would be great news for Greece which as previously reported had at times relied for more than 50% of its crude imports on Iran. There is just one problem: very soon the country will no longer have said gold in its possession, as part of the preapproved Greek bailout of Europe, the country's constitution would be changed to reflect that even its gold now is part of the bailout conditions, and European banks have a lien on it. Especially if said gold is located in the basement of the NY Fed where it most likely resides.

As for other countries, such as China which we are confident has been quietly stockpiling gold in the last few years, and will make a surprise announcement any day now, as it did back in 2009... that's a different matter entirely.

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Element's picture



 Where capitalistic entrepreneurship is allowed to function freely,


Yup, that's us alright!

The Big Ching-aso's picture



I hope Immaddinninginadinnerjacket is ok with a closed body-bag burial at sea.

Treason Season's picture

Just as long as BendhernutandYahoo! does too.

knightowl77's picture

Up till now the powers that be fight proxy wars....with one side or the other waiting in the wings to pickup the pieces.....

Like VietNam or Afghanistan....

Taterboy's picture

In case of nuke war with China, forget bomb shelters. Hide in a Walmart, they'll never touch em.

zerozulu's picture

As long as Walter Sam family is alive, forget any war with China. These tycoons saw America's fate decades before we can feel and moved their investments in China. Only bimbos are left in THIS country.

TruthInSunshine's picture

Confucious say roll back price is like opium to westerner.

Troll Magnet's picture

I'll just put on a Jeremy Lin jersey and hope they "like" me.

Milestones's picture

Ya have the 5th spade in the hole? The whole thing comes down that equation. Playing poker with jewish guys late in a game they tend to bluff and go for it--all in and try weasel when they lose. 

Their entire history has been played that way.               Milestones

midtowng's picture

I have to agree. It's like sticking a finger in the eye of the neighborhood bully.

How dare they do something that isn't in the interest of the neighborhood bully?!?

Troll Magnet's picture

except we're not really in their neighborhood.  but israel is!

Chief KnocAHoma's picture

This will really become a problem if all those bags of bones collecting the social security demand their benefits in gold. 

"Here you go old geezer. Gee you don't look so good. Hope you don't get rolled on your way home!" 

Hippocratic Oaf's picture

I uptick you only for Tyler respect!

JW n FL's picture



we all should be fighting in the Information War! to Help Educate people about how Wall Street is not only robbing America Blind but destroying America's way of life!


Wall Street wants to not only rule America but the World!


We ALL! should be fighting the War Against Wall Street! and that begins with the Information War!

Wall Street owns almost ALL! the media! CNN / MSNBC / Fox.. it doesnt matter!

and the Corporate Owned Media puts Meme's.. Multi Market Tested and Approved.. Ideas in Heavy Rotation..

these ideas that are placed into heavy rotation are not even true in most cases.. but the ideas are worded in a way that People Like the Sound or the Felling they get from these (ideas) Meme's!


Fighting Lies with truth.. sounds easy.. but its not.

People like the feeling these Wall Street Lies give them..


Like "Help the Job Creators!"

or.. "Less Regulation and More Freedom for Business!"

these Meme's are LIES! but they sound good and make people feel good when they beleive that they support them.


ZeroHedge Helps to Fight the Lies!


We are ALL! part of Fight Club Here! and We ALL! should be helping get the truth out to the best of our individual abilities!

In my most humble opinion.


I hope that you see better why I push so hard the truth.. with the sourced and sited facts to go with.


God Bless You and Yours! and Good Luck Helping others to see the ugly truth!

GCT's picture

JW to be honest most people do not want to hear what you or I have to say.  Where I work all they talk about is survivor, the housewifes from where ever, kids, groceries and fuel.   I try to explain to some and they look at you like your an asshat.  Even with the look I still will never give up.

But being a realist most could care less about gaining knowledge of what is happening too them.  Hell just ask most what QE was and you get that deer in the headlight stare that ZH posts here from time to time. 

The only way this country will ever revolt is when they cut off some public union retirements or cut back on entitlements.  Most are totally brainwashed and believe the shit they are fed on TV!


Blue Horshoe Loves Annacott Steel's picture

I've worn baseball caps & a fedora, but never an asshat.  Where can I get 1?

misnomer's picture

Zerohedge on TV!

I hearby volunteer to be the bitchy, catty one on "Housewives of ZeroHedge" where we stage catfights where the victor wins $100,000 in the winner's choice of either US$, or gold bullion. Don't be surprised when some dumbass bimbo opst for the cash, Gucci doesn't accept bullion, ya know...

Or how about Survivor Hedge, where we get sent to a remote part of Canada to subsist in the frozen tundra (or as we Canadian's call it, the back forty) with campfires started with Alberta oilsands oil, trade beaver pelts and salmon for gold mined from the Yukon in the final quest to prove who can manage their tribes economy the best.  Economists and politician's would be ineligible to apply for obvious reasons.  Goldbugs and doomsdayers are preferred.


JW n FL's picture




JW to be honest most people do not want to hear what you or I have to say. Where I work all they talk about is survivor, the housewifes from where ever, kids, groceries and fuel. I try to explain to some and they look at you like your an asshat. Even with the look I still will never give up.

But being a realist most could care less about gaining knowledge of what is happening too them. Hell just ask most what QE was and you get that deer in the headlight stare that ZH posts here from time to time.

The only way this country will ever revolt is when they cut off some public union retirements or cut back on entitlements. Most are totally brainwashed and believe the shit they are fed on TV!


You are NOT! alone Brother!

You will be able to help others and lead them to safety when shit Pops off!

Do NOT! sell yourself short!

You are blessed, some would say cursed.. but they are lazy! they dont have what it takes to take care of themselves and help others.. they spend all day bitching about thier kids that hate them.


We shall over come the evil.. the people are being pushed into a stampede without any of us lifting a finger..

the powers that be want America fucked up.. the powers that be want less of us.. using their precious oil.


this was from earlier today.. but the ponts contained herein.. should speak to you none the less.


and for the Record..

I do sign some petitions that I think are worthwhile..

I do Protest, March and / or Paint (KINKO's) Picket Signs!

I want too believe that "We the People" can overcome evil thru the use of ONLY! Good in Our Hearts!

I am a Romantic I guess deep down! I want to believe that "We the People" can! be Right! be Just! and Help Each Other to Over Come the Evil (or Greedy Ignorance) that has Gutted America’s Manufacturing Base and Constitutional Rights.. with the use of our Votes!

I want to believe that "We the People" can Over Come the Wrong with Truth and Love!

I Pray for it!

I Beg for it!

I do my Best t Help Educate People so that it may happen!

But in the End, if Push Comes to Shove.. I am willing to Fight for it!

But let me be crystal clear! I would Love Nothing More than America voting people into power.. that are more concerned with the Quality of Life for those in the Country.. than the De-Population of the Country.

and for al of you out there who just tuned out because things like that don’t happen in America Government! I would remind you of a few sourced and sited facts below.

This Train Wreck is on Purpose! This was not only allowed to happen.. but encouraged to happen!

and every day more and more information is put into heavy rotation that can only upset the Herd.

The Powers That Be are pushing for a stampede! Mayhem!! And Worse!!! Every Day! In Heavy Rotation!!


Bill Gates De-Population                


Daddy Rockefeller De-Population


Sen Rockefeller: Let's Depopulate


Eugenics in America (Government Forced Sterilization)


Congressman Joseph R Pitts Exposes Eugenics Program on House Floor



So, ALL! of this New Information in Heavy Rotation that does NOTHING but upset the Herd / Masses.. that pushes “We the People” ever closer to the edge.. is Provided by Corporate Owned Media Outlets!

How much Proof or information do you need to comprehend that Corporate America has tapped you out! And the Baby Boomers that Corporate America does NOT! want to pick up the tab for! Are the some of the first that will go!

In times of true social unrest the Old and Weak are weeded out!

How much energy can be saved by getting rid of 1 American? The same as getting rid of 5 3rd world persons. We Rich Americans use 5 Times more energy that a person in the 3rd world.

Here are some numbers for you on the thought.. to help you string enough of the facts together for it to stick in your ADD / ADHD Caffeined Out Head!


I will skip sustainability!


Hang in there!

there are more of us! than either you or I know!

we will make it!

or one better!

we will take it back from them!

walküre's picture

They talk about "groceries and fuel"

That's a good start. Keep them talking. Evenutally they might want to learn how trillions of national debt are taking a bigger chunk out of their paycheques every day.

Raging Debate's picture

GCT and JW both are correct. The votes bear that out. Try to think of it as a remnant your preserving. Collectively, lets say only 5% listen now. What also is happening is planting seeds that will grow later. Perhaps another 10%. How many people in America, 300 M? So thats 5% prepared now or 15 M prepared (mental is most of it but PM's, 3 months food prep also important). Another 15 M wake up later and are at least have some mental prep.

My truth telling endeavor is about loss mitigation. History does not suggest a quiet outcome of the money games between sovereigns. Thank you to all of you for the great commentary especially the ones with supporting links. Agree with JW's sentiment, God bless you all.

Element's picture

I regularly get to speak to different people about some of these things.  Most people are oblivious, parasitic fools and blockheads, but some are very much alert to it, and are amazed and glad to speak to someone who gets it.  And I'm amazed to find ordinary people who are just itching to talk openly about it with someone, to anyone who understands, however fleeting the opportunity to do so.

It reminds me of that terrible hunger for contact and discussion, and the accompanying fear to do so that Winston in 1984 experiences, the realisation that most are blind, or asleep, or willing to be treacherous out of fear, and his longing to find someone who isn't like that, to endlessly search in the eyes of strangers. To see if there's any flicker or recognition that the other may be awake, and willing to acknowledge this deadly shared awareness in a dangerously truthful conversation.  And the realisation of Winston that they could be looking for awake people via that very mechanism, looking for that direct eye-contact, and Winston, despite the danger, still being unable to face the prospect of never making direct contact with another person.

What a story.

What a terrible reality.

I hope we don't get to that, I'm going to try to make sure we don't, but I see the beginnings of it in people.

Nevertheless, some people are desperately hungry to make sense of what's happening.  How it came to this even in the "lucky country".  We know our country's been shot in the foot, and we can even see it happening, and who's doing it.  But what most can't fathom is why anyone would want to do it.  But they still want to know, they have to know, and they will figure it out.

Like many here already have.

What a terrible process we go through!  And just to discover something so vulgar and devastating.
Something that nestles in us all and yet only some give over to.  And really, if I were so rich, so privileged, so untouchable by the usual rules of subjection and chastisement, would I have turned out any differently?

Have any of them?

Thank God for people like you lot.

JennaChick's picture

These guys are saying that we should all be selling crude oil calls short:

TheFourthStooge-ing's picture

How do you say, "fuck off, spammer," in Estonian?


johnQpublic's picture

i have gold

i would like to fill my suv please

how much gold for 20 gallons of regular do you figure?

MassDecep's picture

Alright ZH'ers, Get your heads out of your #@$'#. How could we have forgotton this little tidbit?????

BGO's picture

if this ever comes to pass, all iran will be doing is giving the crooks-in-charge another reason to manipulate aka decimate precious metals prices

nope-1004's picture

Uh oh.  Iran invasion imminent.


snakeboat's picture

don't they know this is how you really piss off the mil ind complex??

JPM Hater001's picture

Silver over 37 and gold almost over 1800.

Manthong's picture

Are the coming margin hikes priced in?

EscapeKey's picture

Now you're just being silly. Of course it isn't, that's only for equities and bonds. Bad news for precious metals are never priced in.

Troll Magnet's picture

i'd personally welcome a margin hike.  hell, i hope they raise margins everyday for like 30 days so i can buy more!

kito's picture

margin hikes to scare away the last remaining cme customers? one margin hike and you will hear crickets..........


Remember just a couple weeks ago the CME lowered margins for precious metals? So either these rotten Cocksuckerz over at the CME are geting the business they hoped they would get by lowering margins as was speculated, or we are about to see a huge and obvious flip flop as they raise them now aggressively to stomp out this momentum?

Conrad Murray's picture

Fat, Mindless Slaves of America:

As you pay your taxes like a good little sheep this year, think of the people that 30%+ of your labor will go to support bombing. As you're cheering at night vision images of your money going up in flashes of fire and smoke, murdering children by the thousands, think of them. As the collection plate at church is being passed around, ask yourself, "What Would Jesus Use to Bomb Innocents?", that is, if you can get your mind off your neighbor's wife for a few minutes.

Dr. Engali's picture

I have the same thoughts on a regular basis. My hope is with each war is that this one that goes south and puts an end to this madness. Maybe if Americans saw the images  that the only industry we have left in this country is doing to the children they would wake up and put a stop to the insanity.

Chief KnocAHoma's picture

I have the same thoughts too... oh wait... I thought we were talking about the neighbor's wife.

Dr. Engali's picture

All my neighbors wives are either old, fat or a combination of both. So those thoughts never cross my mind......unless I've been drinking.

Troll Magnet's picture

I wouldn't touch my neighbor's wife with a 10 foot pole.  One of my very hot MILF coworkers on the other well as our new, just-out-of-college employee...

catacl1sm's picture

which one of those is your avatar?

Troll Magnet's picture

that's scarlett johansson.  

my coworkers are hot but they're not that hot.

Cathartes Aura's picture

gotta love how fast you dudes can switch from "killing children" to cock talk.

TheFourthStooge-ing's picture

Cathartes Aura said:

gotta love how fast you dudes can switch from "killing children" to cock talk.

It's all for the testic-lulz.  ;)


Cathartes Aura's picture

ahahahahhhahhahahahhah - you're definitely on a roll this eve, mind working fast!

dunno if this will get a laugh, if you're into it

sooomewhat on topic, lol.

TheFourthStooge-ing's picture

Outstanding! The toy piano was a perfect touch.