I have been reading speculation in the comments sections of a British newspaper about these countries threatening to use gold to pay Iran for oil. That is scary.
I read a couple of articles today that said the gold for oil with Iran was a done deal but I do not believe it. Or I should say that I do not believe it at current dollar price of $1500/oz gold = 15 barrels of oil per ounce of gold. India alone would be sending 250 tons of gold per year to India now I could believe 50 barrels of oil/oz gold. But the real point is, is that the rest of the world is desperately looking for a way of getting off the US dollar as a world currency. They know as well as our leaders in D.C. that our debt is unsustainable and that at some point (soon) the dollar will collapse burning everyone holding US dollars.