Despite official denials by the Indian government, rumours are spreading that India and China are planning to use gold to pay for future purchases of Iranian crude oil. According to unconfirmed speculation, the Indian government is planning a swap agreement with Iran which will assure future deliveries of Iranian crude oil to be paid in gold and Indian rupees. At the end of 2011 the US imposed an embargo on Iran, which was endorsed by the European Union last week. India and China are two major Iranian crude oil importers. Both states purchase roughly 30% of yearly Iranian production, amounting to a total of US$30 billion. Should these persistent rumours be true, gold could experience a renaissance as a global currency. It would also undermine the sanctions imposed by the US and the European Union. Continue reading on www.goldsilverwebsites.com
GoldMoney: Buy safely gold & silver online
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