Iran accepts gold for gas

[cubical]

"The continuing trade deal offers the most striking example of how Iran is using creative ways to sidestep Western sanctions over its disputed nuclear program, which have largely frozen it out of the global banking system.

....

Turkey sold $6.4 billion of gold to Iran in the first nine months of this year, up from just $54 million in 2011, according to official data, tripling Ankara's exports to its eastern neighbor and almost evening the trade balance that historically has been dramatically in Tehran's favor. Iran accounts for 60% of Turkey's gold exports this year, followed by the United Arab Emirates with 30% of the total.

....

"This is a statement of what until now has seemed obvious, but was officially kept under wraps," said Robert O'Daly, a Turkey analyst at Economist Intelligence Unit in London. "As long as Turkey is importing gas from Iran, the gold exports will continue to be substantial." "



http://online.wsj.com/article/SB1000...602198776.html


In other news, the US goes to war with Iran.