Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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Iran scolds world powers over gold sanctions ‘offer’ - FAST NEWS - Mineweb.com Mineweb

Iran scolds world powers over gold sanctions ‘offer’ - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

DUBAI (REUTERS) - 

Iran criticised on Monday a reported plan by major powers to demand the closure of a uranium enrichment plant in return for an easing of sanctions on Tehran’s trade in gold and other precious metals, Iranian media reported.

The Islamic Republic, which says its nuclear programme is peaceful, started building the Fordow plant inside a mountain in secret as early as 2006, to protect it from air strikes.

Last week Reuters reported world powers were planning to offer to ease sanctions barring trade in gold and other precious metals with Iran in return for steps to shut down Fordow.

Hal's insight:

It's a financial war.

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Iran again invites Russia to join its oil and gas projects — RT

Iran again invites Russia to join its oil and gas projects — RT | Gold and What Moves it. | Scoop.it
Iran has offered Russian companies another chance to develop a number of its domestic oil and gas fields. The offer comes after several previous joint projects collapsed due to various reasons.
Hal's insight:

Keep in mind that Russia is a big gold holder. LOL

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Turkey sees no immediate end to Iran Gold flow

Turkey sees no immediate end to Iran Gold flow | Gold and What Moves it. | Scoop.it
Iranians buy gold in Turkey, and couriers carry bullion worth millions of dollars in hand luggage to Dubai, where it can be sold for foreign currency or shipped to Iran.

 

ANKARA(BullionStreet): Turkey denied any direct gold exports to Iran but said private firms were responsible for gold flow to the Islamic Republic.

 

According to Turkish Economy minister Zafer Cagalyan, US sanctions is not applicable to Turkey and to Turkish private firms. He said private firms from even the US and UK were involved in gold trade to Iran.

 

US continued it's efforts to block gold sale to Iran and persuaded the UAE last month to end providing safe routes to Iran.

 

Since then, trade in Turkish gold bars to Iran via Dubai is drying up as banks and dealers increasingly refuse to buy the bullion to avoid ...

Hal's insight:

Effects of the on going currency war.

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Iranians shun own currency for Gold

Worries about the declining buying power of the rial and doubts over the currency's stability are the main drivers behind the flight to gold.

 

TEHRAN(BullionStreet): Iranians continued to purchase gold from every available centers on fears about it's economy, particularly the risk of soaring inflation and a wobbly currency.

 

According to latest reports, one Azadi gold coin sold for 15.3 million rials at Iran's free market last Sunday, which is a new record.

 

Analysts said ever dipping rial, Iran's currency, forced even those people who already have coins in large numbers to buy again rather than cashing in for a profit.

 

Worries about the declining buying power of the rial and doubts over the currency’s stability are the main drivers behind the flight to gold. ...

Hal's insight:

Does anyone esle find that surprising? Of course they would prefer gold over there currency. 

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LBMA,IGE urged to end Iran-Turkey Gold trade

The trade of Turkish gold for Iranian crude oil is enabling the Iranian regime to evade sanctions and continue funding its nuclear program.

 

NEW YORK(BullionStreet): Turkey is facing more pressure from global communities to end it's gold-for-gas dealings with Iran.

 

The latest to join the fray is United Against Nuclear Iran (UANI), which launched its Turkey gold campaign, and called on both the London Bullion Market Association (LBMA) and Istanbul Gold Exchange (IGE) to enact new measures to combat illicit barter agreements, where Iranian crude oil is being exchanged for Turkish gold.

 

Specifically, UANI is calling for the LBMA to require all of its members, particularly the IGE, to certify that the recipient of their gold products is not Iran. The LBMA should revoke the membership of any member that is unable to do so. ...

Hal's insight:

The battle continues.

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Iran to phase out dollar, euro, to add more Gold

Iran to phase out dollar, euro, to add more Gold | Gold and What Moves it. | Scoop.it
The Iranian minister noted that a change in trade model would reduce the country's need to vehicle currencies, including dollar and euro.

 

TEHRAN(BullionStreet): Sanctions hit Iran announced plans to phase out dollar and euro in it's trade exchanges and to add more gold to reserves.

 

According to country's economic affairs and finance minister Shamseddin Hosseini, Iran plans to phase out dollar and euro in its future international transactions after the US and the European Union imposed sanctions on Iran.

 

Talking to newsmen here, he said after the imposition of sanctions on Iran by the US and the EU, the Central Bank of Iran immediately moved to change the country's hard currencies reserves into euro and gold which “was beneficial to the country. ...

Hal's insight:

No surprise.

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Ghana again denies official involvement in Iran Gold deal

Ghana again denied any involvement in transferring 1.5 tons of gold to Iran.

 

ACCRA(BullionStreet): Ghana again denied any involvement in transferring 1.5 tons of gold to Iran.

 

A statement by country's Information ministry said preliminary findings from an on-going investigations has absolved the government from playing any role in the transfer of 1.5 tonnes of gold to Iran.

 

However, the reports said two Ghanaians,operating under the corporate identity of Omanye Gold Mining Ltd were involved in a transaction to supply gold to one Iranian national.

 

It said the cargo departed Accra on 31st December 2012 with the goods which was destined for Dubai but was detained in Ataturk International Airport in Istanbul, Turkey on 1st January, 2013 because of claims of questionable documentation. ...

Hal's insight:

Deny it. Well, Duh! There is some international agreements making it a negative thing to trade with them. What you would expect them to do. Not only that but if they use gold for money that is like a double negative against them. Of course they would deny it. Don't want the central bankers mad at them. That would really be bad.

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Iran may use Revolutionary Guards to smuggle Gold

The Islamic republic began to demand gold in exchange for oil after it was ejected from the SWIFT international electronic banking system last year.

 

TEHRAN(BullionStreet): Iran has formed a large network of private front companies to engage in gold trade for the nation after US led economic sanctions blocked all legal routes.

 

According to reports, the Iranian regime even recruited members of it's elite Revolutionary Guards for the purpose to circumvent the economic sanctions.

 

As per the new plan, members of the RG flew to different destinations of the world to physically carry gold back to Iran.

 

Iran is not known to release any official statements about ...

Hal's insight:

LOL Which is to say, they are moving a lot of gold.

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India unlikely to offer Gold for oil scheme to Iran again

Though Gold is a highly unlikely payment option, India categorically stated that it would continue to purchase Iranian oil, which is imperative for the country's energy security.

 

NEW DELHI(BullionStreet): India is unlikely to use gold as a payment option for it's Iranian oil import after the country stopped money transfers to Iran through Turkey's Halkbank because of U.S pressure.

 

Many analysts said India is in the process of cutting gold imports and cannot afford to take up any official dealing involving gold even for oil purchase.

 

India annually buys oil worth $ 11 billion ...

Hal's insight:

How are those sanctions working now? And does anyone really believe they won't use their gold as a payment?

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Ghana officially denies Iran Gold deal

Ghana officially denies Iran Gold deal | Gold and What Moves it. | Scoop.it
For the first time after the controversy over gold transactions with Iran, Ghanaian government officially denied any involvement in the deal.

 

ACCRA(BullionStreet): For the first time after the controversy over gold transactions with Iran, Ghanaian government officially denied any involvement in the deal.

 

An official Ghana government statement denied claims that it was engaged in transaction with Iran that requires the discharge of financial commitments to the country in gold. ...

Hal's insight:

Do you believe it? I'm not so sure I do. But I will give them the benefit of the doubt.

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Iran arrests 40 people over Gold markets manipulation

According to country's Judiciary spokesman, indictments have been issued against the suspects and 20 other suspects are being held in custody.

 

TEHRAN(BullionStreet): Sanctions hit Iran arrested 40 persons on charges of manipulating the country's foreign exchange and gold markets.

 

According to country's Judiciary spokesman, indictments have been issued against the suspects and 20 other suspects are being held in custody.

 

Iranian officials had previously said ...

Hal's insight:

Manipulate? Is that possible? LOL

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People fights [sic] for Gold in Iran

People are virtually fighting for gold after the central bank opened several special counters across the nation to sell Bahar-e Azadi coins to citizens.

 

TEHRAN(BullionStreet): Gold prices in sanctions hit Iran reached historic heights as each Azadi gold coin was sold at the price of 13.05 million rials at the free market here Sunday.

 

Analysts said Iranians still opt for gold as they have traditionally saved in the precious metal, especially in coin forms as it is easy to hide and easy to trade during trouble.

 

They added that many people in Tehran started to invest in gold coins as the value climbed almost 100 percent in two years. ...

Hal's insight:

More evidence of the currency war going on with Iran and the rest of the Western world.

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