Stumbled across this
blog entry, which if there is any semblence of truth in it, could make the situation even more 'interesting'.
The world became a far more dangerous place last night after reports surfaced of a gold-for-oil deal between Iran and its second biggest oil exporting market, India.
According to an Israeli-based news website, New Delhi has agreed to purchase Iranian oil in gold while Tehran’s second largest export market, China, is poised to do the same. By cutting out Wall Street and The City of London, the gold-for-oil deal allows New Delhi (and Beijing if it follows suit) to ensure a steady flow of energy while circumventing US and EU sanctions punishing financial institutions that do business with Tehran. The biggest beneficiary of this new oil pricing model though is undoubtedly Iran. Not only does it make a laughing stock out of US-led sanctions; it has the power to severely curtail America’s death grip on the global economy.
Click the link to read more about this potential scenario.