Friday, November 30, 2012

Iran's Swiss Loophole

Turkish gold exports to Switzerland surged 4-fold in October to $500 million. Switzerland isn't signatory to EU sanctions on gold trading with Iran.

Turkey has been buying oil and gas from Iran and paying in gold, since sanctions have made it impossible to pay cash via the banking system.

11 comments:

  1. Hooray for Turkey. Who made the US God to decide what Turkey can and cannot do?

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  2. But, but...I thought WE were running the Monopoly game? You can't just start using outside money! Mommy!! Pentagon!!!

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  3. Realpolitik is such a Mad Hatter thing. Iran and Turkey aren't exactly the best of buddies (look no further than Turkey's overt support for the NATO-backed rebels undermining Iran's ally Syria) but when it comes to trade, strange bedfellows are made.

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  4. That makes no sense. Why would Turkey export gold to Switzerland when Turkey also pays Iran for oil in gold... maybe a typo?

    Also, why blaming Switzerland if it is Turkey that buys the oil?

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    1. @Anonymous: Those cunning Iranians likely have a strong box with their name on it in Switzerland. When Turkey makes a gold deposit into it, Iran deposits oil into a Turkey-bound ship. Makes sense to me.

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  5. That's a beautiful proof that the markets works.

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  6. Expect the Neocons to label Turkey as a terrorist helping nation if they haven't done it already.

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    1. You can bet on it dude! Nevermind that the biggest terrorists are in The Imperial City.

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  7. Bob, is this physical or paper gold?

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  8. Wish that reporters would do some fact checking on this (and lots of other reports as well, actually). If you try to track the money and the gold, you find that its all much more complicated than "paying gold for oil."

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