Monday, January 10, 2011

India, Iran mull over gold-for-oil for now

What does the anti-gold crowd have to say now?  Do they still believe gold is a "barbaric relic"?  Do they still not believe gold is money--in fact, the soundest form of money?

NEW DELHI: India is determined to ensure steady crude oil supplies from Iran and is even considering settling payments with gold in the short term before the two countries agree on a mutually accepted currency and a bank to clear the transactions. 

Another official said India could settle crude oil import transaction using gold in the short term, while efforts to resolve the deadlock continue. An Indian delegation, including officials from ministries of external affairs, finance and petroleum, will visit Tehran next week to thrash out the payment issue, officials said.

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