Turkey’s gold sales to Iran (used as currency purchasing sweet Iranian crude) soared 30 FOLD in March to 9 tonnes, compared to 30kg in February.
US economic sanctions of Iran by locking them out of the SWIFT payment system is backfiring, as it is serving only to hasten the reserve currency shift from dollars to gold.

Reuters- Turkish gold sales to Iran in March soared over 30 times and gold companies said Iranians were turning to gold for savings and possibly trade as Western sanctions tighten.

Sanctions to force Iran to curb its nuclear programme have targeted its energy and banking sectors and new measures from both the United States and European Union take effect in July, aimed at strangling Tehran’s foreign earnings.

The sanctions have made neighbouring Turkey an ever more important channel for the Islamic republic.

Data from Turkey’s Statistics Institute on Thursday showed gold exports to Iran rose to nine tonnes, worth $480 million, in March, from 286 kg a year earlier and compared to just 30 kg in February this year.

They were the highest monthly exports to Iran since records started in 2010. Total gold exports were 11.1 tonnes in March.

“It wouldn’t be wrong to say Iran chooses Turkey for gold imports because of embargoes,” said Gokhan Aksu, vice chairman of Istanbul Gold Refinery, one of Turkey’s biggest gold firms.

“Iranians prefer jewels and precious stones to protect the value of their money and escape instability,” he told Reuters.

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  1. This is big.  100 plus tons of gold a year is a large transfer, nearly 5% of total gold mined in a year (2,200 tons) Supposedly Turkey possesses 5,000 tons of gold between central bank and held by the Turkish people. 

     It explains why the Turkish government was suggesting/recommending that their people turn over personal gold to be held by the government   Aside from the fact that this gold transfer is taking a permanent resource, gold, and buying a disposable non-renewable  resource, oil, putting gold in the hands of the government is a really bad idea.   That trade will not work well for the Turks. 

     As for the  Iranians, their Petro Gold system is lining up pretty nicely.  India and China are spending several hundreds of tons of gold for Iranian oil.  This development is going to get reeeeeaaaaly interesting as some of the main economies of the world, particularly the BRICS with 45% of the population, 20% of the world GDP and 75% of the world’s currency reserves line up to buy oil with gold.   This sort of thing does not end well when the US/UK decides that gold will not be used for oil and other natural resource purchases.  But with Russia (and China) have threatened WWIII if we declare war through Israel or our military. 

    With Iraq pretty much done with, we have a large and very expensive military/financial/industrial complex  that should prove very useful  as the government finds itself in need of serious distractions while  our economy and banking system implode.  War is the very best distraction as it can rely on the people to support it and agree to provide the financial  and human resources to fight it. 

  2. The above post may be a bridge to far but the hypothesis developed by connecting dots has some possibilities.  We really should stop stepping in these geopolitical meadow muffins.  They tend to explode without notice.

  3. Iran takes the gold for their oil, and buys goods from Turkey with it. (And any other countries who decide to make the same trade.)

    I’m no fan of Iran, but this is the kind of thing that brings the wrath of banksters down on a country.

  4. I think we are all missing the point here. They are trading with Gold and not the Almighty Dollar which is supposed to be the World Currency and before long the Almighty Dollar will be Devalued then a thing of the past forgotten in history. Stack, Stack, Stack we’re going to need it.

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    There is no stoping the BRICS nations now, they
    have turned their back on the soon to be fascist/ communist USSA. All the USSA
    can do now is print to infinity then devalue then default. There are
    lots of other countries (Japan
    ,Pakistan etc)coming
    to terms with the bully boy American petro dollars demise. Lets hope its sooner
    than later so that the rest of the world can get back to normal without the constant interferance of the USSA.

  6. I’m feeling this is a good thing bad thing…. It’s good cause it will show the non believers that this process will work… It’s bad cause Iran with all that gold will make them very wealthy… With wealth comes power… They are already very shady in there ways and with “money” being no object so to speak it could spell a very gloomy future for there non allies…

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