Iranian Oil Bourse Begins March 23rd!

My friend Rob Kirby has an interesting observation: March 20,

Iran is planning to open an Iranian Oil Bourse (exchange) for the express purpose of trading oil priced exclusively in Euros a PetroEuro. This will establish a Euro based pricing mechanism, or ‘oil marker’ as it is called by traders. The three current oil markers are US dollar denominated, which include the West Texas Intermediate crude (WTI), Norway Brent Crude, and the UAE Dubai Crude. In 2003, Iran started trading with its European and Asian partners using the Euro. The Iranian Oil Bourse, however, will also establish a fourth ‘oil marker’, dominated by the Euro.

On March 23, the FED will no longer supply the financial world with M3 money supply numbers. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and Eurodollars. Kirby argues

that this is precisely where you would expect to find the ‘capture’ of any large scale monetization effort that the Fed would embark upon – should the need occur.

And the need may occur as foreigners sell their treasuries to acquire euros to purchase oil.

Kirby wonders why on the 2,110,500 ounces of a total 6.5 million ounces of gold ‘housed’ at COMEX warehouses have recently changed hands. Is someone preparing to own a lot of gold as the USD comes under pressure in preparation for the PetroEuro?

PetroEuro Rob Kirby gold Mover Mike

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