Hi Pall .... it's only some of us Westerners (the greater 'unwashed'majority, Skol & Co) that need the wake up call... elsewhere Gold has continued to perform it's historical 'store of wealth & monetary' functions unabated. The Greenback's hegemony days are over... 'course, as is also historical, bribery & corruption is also rife... just that in our Western world, the (our) CB's have cornered & monopolized the AU market... Gold a pet rock... no returns... no value...??? Never has been, never will be in the real world of high finance... but at my level... I can only deal in oz's & kg's, PM miners & Spec's... but that'll do... way more than enough to keep me ahead of the 'Skol' type promoters of CB's & their 'puppet' manipulated paper confetti..... very handy 'Pet Rock'...
Turkey has been buying Iran oil with gold at least since the US embargo... if interested, follow the embedded link... of note is that since the embargo lifting, some 14 tons of Gold has gone missing from the entity specifically set up to handle the transactions, GOLD AE. Well worth the informing of oneself as to were all heading..... Globally....
"To see one of Iran's financial lifelines at work, pay a visit to Istanbul's Ataturk International Airport and find a gate for a flight to Dubai. Couriers carrying millions of dollars worth of gold bullion in their luggage have been flying from Istanbul to Dubai, where the gold is shipped on to Iran, according to industry sources with knowledge of the business.
The sums involved are enormous. Official Turkish trade data suggests nearly $2 billion worth of gold was sent to Dubai on behalf of Iranian buyers in August. The shipments help Tehran manage its finances in the face of Western financial sanctions.
The sanctions, imposed over Iran's disputed nuclear program, have largely frozen it out of the global banking system, making it hard for it to conduct international money transfers. By using physical gold, Iran can continue to move its wealth across borders.
"Every currency in the world has an identity, but gold means value without identity. The value is absolute wherever you go," said a trader in Dubai with knowledge of the gold trade between Turkey and Iran.
The identity of the ultimate destination of the gold in Iran is not known. But the scale of the operation through Dubai and its sudden growth suggest the Iranian government plays a role.
The Dubai trader and other sources familiar with the business spoke to Reuters on condition of anonymity, because of the political and commercial sensitivity of the matter.
Iran sells oil and gas to Turkey, with payments made to state Iranian institutions. U.S. and European banking sanctions ban payments in U.S. dollars or euros so Iran gets paid in Turkish lira. Lira are of limited value for buying goods on international markets but ideal for a gold buying spree in Turkey."
