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Gold/Mining/Energy : Gold & Gold Stock Analysis

GLD 387.98

+1.3%

Nov 28 4:00 PM EST

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From: bull_dozer	1/10/2011 10:44:45 PM
	1 Recommendation of 29622

India, Iran mull over gold-for-oil for now NEW DELHI: India is determined to ensure steady crude oil supplies from Iran and is even considering settling payments with gold in the short term before the two countries agree on a mutually accepted currency and a bank to clear the transactions. "We have written a letter to NIOC ( National Iranian Oil Company )) asking it to suggest a bank where US sanctions are not applicable," a government official involved in the matter said requesting anonymity. Another official said India could settle crude oil import transaction using gold in the short term, while efforts to resolve the deadlock continue. An Indian delegation, including officials from ministries of external affairs, finance and petroleum, will visit Tehran next week to thrash out the payment issue, officials said. economictimes.indiatimes.com

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