Iran 'to accept payment in gold for oil'

[s1962a]

http://www.bbc.co.uk/news/business-17203132

What does the PH collective think about this? Gold is priced in dollars, so surely they are trading in dollars inadvertently? Thought the whole point was to stop people buying their oil!

[CBR JGWRR]

Technically their ok...

[superkartracer]

And very smart

[joe_90]

Gold is gold.. I think they are quite savvy.

[sinizter]

s1962a said:

What does the PH collective think about this? Gold is priced in dollars, so surely they are trading in dollars inadvertently? Thought the whole point was to stop people buying their oil!

They are using Dollar value to sell the oil, but not holding any Dollars. Smart.

[Victor McDade]

An Israeli website reported an Indian/Iran 'gold for oil' deal last month.

http://m.timesofindia.com/business/india-business/...

Thought it was a bit far fetched at the time but obviously not.