Iran evades US sanctions by paying with gold
Iran bought 200,000 tons of Australian, and possibly US, wheat last week with gold. Commodities traders say Iran is also pitching oil barter deals for grains.
By Valerie Parent and Michael Hogan, Reuters / The Christian Science Monitor
February 9, 2012
Mature wheat grows in a field near Chinchilla, Australia. Iran is buying wheat with
gold and oil, say commodities traders.
Paris and Hamburg, Germany
Iran is seeking to close grain purchases using gold and oil as payment, and has paid in yen for a large volume of wheat in its first deal since Western sanctions against Tehran started choking imports of food staples, European wheat exporters said.
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Iran, which is still in the market to buy additional wheat supplies, is also considering barter deals to feed its 74 million people weeks before a presidential election, they said.
Grain ships are stuck outside Iranian ports and exports of staples to Iran such as maize, sugar, palm oil and rice are being hindered as collecting payment from buyers gets harder.
"Grain deals are being paid for in gold bullion and barter deals involving oil are being offered," one trader said. "Some of the major trading houses are involved," he added.
Full story: http://www.csmonitor.com/World/Latest-News-Wires/2012/0209/Iran-evades-US-sanctions-by-paying-with-gold
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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