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gold trade

U.S. to block sale of gold to Iran in sanctions clampdown

Source : Al Arabiya and Reuters | 15 May 2013

The United States is to rigorously enforce a ban on gold sales to Iran from July 1, in a further tightening of sanctions over Tehran's disputed nuclear activities.

David S. Cohen, the U.S. Treasury Department's undersecretary for terrorism and financial intelligence, told lawmakers in testimony there had been an increase in gold sales to Iran in response to the sharp depreciation in Iran's currency, the rial.

Kyrgyz protesters try to storm govt buildings

Row over gold venture with Canada sparks nationalist unrest, protest leader calls for toppling of Kyrgyz government.

Source : Agencies | 04 Oct 2012

Kyrgyz police fired tear gas on Wednesday to stop protesters storming government headquarters in what their leader called a coup bid after the new premier rejected demands to nationalise a gold-mining venture with a Canadian company.

Iran to accept gold payment in trade

Source : Agencies | 28 Feb 2012

Iran will take payment from its trading partners in gold instead of dollars, the Iranian state news agency IRNA quoted the central bank governor as saying on Tuesday.

Iranian financial institutions have been hit by sanctions imposed by the United States and the European Union in an attempt to force Tehran to halt its nuclear programme.

Significant difficulties in making dollar payments to Iranian banks have forced Iran's trading partners to look for alternative ways to settle transactions, including direct barter deals.

India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned

Source : FrontLine | 25 Jan 2012

India is the first buyer of Iranian oil to agree to pay for its purchases in gold instead of the US dollar, debkafile's intelligence and Iranian sources report exclusively. Those sources expect China to follow suit. India and China take about one million barrels per day, or 40 percent of Iran's total exports of 2.5 million bpd. Both are superpowers in terms of gold assets.

Turkish banks to electronically transfer gold

Source | World Bulletin
Friday | 14 Jan 2011

İstanbul Gold Exchange (İAB) Chairman Osman Saraç has said they are working on a project enabling Turkish banks to transfer gold between accounts.

Saraç, the head of İAB, told the Anatolia news agency on Friday that they are working on a system where people can transfer gold, similar to how they send money with the Electronic Fund Transfer (EFT) system. The amount of gold transferred will then appear in their accounts and they will be able to physically withdraw their gold from the İAB.

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