Tehran's gold market also could not avoid the fallout, as the price of 18-carat gold climbed by 20,000 rials per gram in three days to reach 1,195,000 rials ($31.4) which, according to the data.
Just came back from a 5 week travel around Iran (the tailend of a 5 month stay), and I wanted to put up some advice in case anyone else is thinking about buying curios on their trip away. I haven't really seen this topic written about on Thorntree yet.
Firstly, absolutely do NOT buy in Esfahan! I was astounded by how awful the quality of the handicrafts around Naghshe Jahan (and even deeper into the bazaar) were. Rubbish Turkmen stuff is touted as 'tribal jewellery', the painted figurines on boxes are sloppy and heavy, and at least one seller spoke about ripping me off to my face, unaware that I could understand Persian.
We spent much of our trip shopping and this is what I would recommend instead of Esfahan:
- Tehran: If you don't have much time, I would definitely buy from Tehran- the prices have been marked up astronomically but much better quality can be found here. Iranians themselves usually buy from Tehran, and not in Esfahan as a recent post suggested. The city has the biggest variety by far. Bazaar-e Bozorg is the Harrods of Iran in a way, you can get anything you want there.
- Mashhad: especially good for beautiful boxes (khatamkari)- if you go out to Torqabeh (any taxi will take you, it's a popular relaxation spot nearby), you'll find the shops are good quality as tourists never go there
- Tabriz: mostly local stuff, but known for a particular type of carpet
- Kerman: surprisingly, had a number of good jewellery shops (as in 'old style' or 'zire khaki' jewellery, not gold)
- Shiraz: still quite touristy but not as bad as Esfahan. There is a former caravansari in the bazaar and opposite it is a 'tourist section'. We found a couple of decent boxes there, there is also a good antique shop.
The best pottery (sofalkari) is to be found in Lalehjin, where it's produced. if you're coming back to Hamedan from the Ali Sadr caves it's on your way. We saw some beautiful ones in Tehran too. For sweets, go to a proper 'shiriniforushi' (sweetshop). The best sweets we ate were in Hamedan but this might have been luck. Or buy from the airport- they have a good range there. Finally, we found the woven clothes in Kashan strangely beautiful. One of the local houses sells them if you're interested.
We didn't buy silverware or rugs (though my mother did buy 15 woven rug cushions..) but be aware that generally prices have gone up and quality has gone down. Go with someone who knows, and shop around.
Big stores (especially in Tehran... and Esfahan) accept Visa and Mastercard, so bring them if you've got them. We left our cards at home and used cash for everything, which was fine too. Hope this helps someone!
Beijing is planning to avoid U.S. financial sanctions on Iran by paying for oil with gold. China’s imports of the metal are already large, and you can guess what additional purchases are going to do to prices.
On the last day of 2011, President Obama signed the National Defense Authorization Act for Fiscal Year 2012. The NDAA, as it is called, attempts to reduce Iran’s revenue from the sale of petroleum by imposing sanctions on foreign financial institutions conducting transactions with Iranian financial institutions in connection with those sales. This provision, which essentially cuts off sanctioned institutions from the U.S. financial system, takes effect on June 28.
The NDAA gives the president the power to waive the sanctions depending on the availability and price of supplies from non-Iranian sources. He can also exempt financial institutions from countries that have significantly cut back purchases of Iranian petroleum. Last month, the State Department announced waivers for Japan and ten European countries. China, which has received American waivers in the past under other Iran legislation, is now Tehran’s largest oil customer and investor as well as its largest trading partner. Given the new mood in Washington, Beijing cannot count on getting more exceptions in the future.
As the Wall Street Journalnoted in early January, the sanctions are “an attempt to force other countries to choose between buying oil from Iran or being blocked from any dealings with the U.S. economy.” The strict measures put Chinese officials in a bind. They apparently believe their geopolitical interests align with those of Tehran, but their economy is becoming increasingly reliant on America’s.
So how can Beijing keep both Iran’s ayatollahs and President Obama happy at the same time? Simple, the Chinese can avoid the U.S. sanctions through barter. China has already been trading its produce for Iran’s petroleum, but there is only so much gai lan and bok choy the Iranians can eat. That’s why Iran is also accepting, among other goods, Chinese washing machines, refrigerators, toys, clothes, cosmetics, and toiletries.
The barter trade works, but Iran needs cash too. As it is being cut off from the global financial system, the next best thing is gold. So we should not be surprised that in late February the Iranian central bank said it would accept that metal as payment for oil. Last year, China imported $21.7 billion in Iranian oil and exported $14.8 billion in goods and services. As the NDAA goes into effect, look for Beijing to ship gold to Iran to make up the difference.
Gold bugs, however, shouldn’t get too happy about Iran’s plight. There are five principal factors that will depress anticipated demand for gold used to buy Iranian oil. First, other countries will also be bartering agricultural and manufactured goods. Russia and Pakistan, for instance, will undoubtedly continue wheat-for-petroleum arrangements.
Second, Tehran, out of apparent desperation, in February said it would also accept local currencies, thereby avoiding the U.S. financial system. As a result, the Indians announced in January that they would not request a waiver from the Obama administration, and they began opening rupee accounts to pay for as much as 45% of their oil purchases with their currency. In 2011, India exported only $2.7 billion to Iran while buying $9.5 billion in oil. Similarly, the Chinese, smelling blood in the water, will surely press the Iranians to accept the non-convertible renminbi.
Third, the result of sanctions is that Iran’s oil exports could be cut by as much as 700,000 barrels a day. China, for instance, is increasing its oil purchases from Saudi Arabia, its largest foreign supplier. The Chinese are also buying more from the Persian Gulf emirates as well as Vietnam, Russia, and Africa. Of course, every drop of other crude decreases China’s demand for Iran’s.
Fourth, China and other countries are taking advantage of Iran’s plight by negotiating large price reductions.
Fifth, if the Iranians are willing to accept wheat and non-tradable currencies in payment for oil, there is nothing to say they won’t start agreeing to silver too.
But nothing shines like gold. And there is one other reason to be bullish on the yellow metal. “This isn’t the end of the road,” noted an unnamed senior administration official to the Wall Street Journal days after the enactment of the NDAA. “There are many other sanctions we can put in place and that our multilateral partners around the world can put in place and will be.” As Washington tightens financial measures against Iran, the mullahs will have less access to hard currency and therefore more need for gold.
Unless, of course, they want to accumulate more Chinese washing machines.
I thank “straightarrow,” a reader of this column, for alerting me to this issue.
Follow me on Twitter @GordonGChang
'>
Beijing is planning to avoid U.S. financial sanctions on Iran by paying for oil with gold. China’s imports of the metal are already large, and you can guess what additional purchases are going to do to prices.
On the last day of 2011, President Obama signed the National Defense Authorization Act for Fiscal Year 2012. The NDAA, as it is called, attempts to reduce Iran’s revenue from the sale of petroleum by imposing sanctions on foreign financial institutions conducting transactions with Iranian financial institutions in connection with those sales. This provision, which essentially cuts off sanctioned institutions from the U.S. financial system, takes effect on June 28.
The NDAA gives the president the power to waive the sanctions depending on the availability and price of supplies from non-Iranian sources. He can also exempt financial institutions from countries that have significantly cut back purchases of Iranian petroleum. Last month, the State Department announced waivers for Japan and ten European countries. China, which has received American waivers in the past under other Iran legislation, is now Tehran’s largest oil customer and investor as well as its largest trading partner. Given the new mood in Washington, Beijing cannot count on getting more exceptions in the future.
As the Wall Street Journalnoted in early January, the sanctions are “an attempt to force other countries to choose between buying oil from Iran or being blocked from any dealings with the U.S. economy.” The strict measures put Chinese officials in a bind. They apparently believe their geopolitical interests align with those of Tehran, but their economy is becoming increasingly reliant on America’s.
So how can Beijing keep both Iran’s ayatollahs and President Obama happy at the same time? Simple, the Chinese can avoid the U.S. sanctions through barter. China has already been trading its produce for Iran’s petroleum, but there is only so much gai lan and bok choy the Iranians can eat. That’s why Iran is also accepting, among other goods, Chinese washing machines, refrigerators, toys, clothes, cosmetics, and toiletries.
The barter trade works, but Iran needs cash too. As it is being cut off from the global financial system, the next best thing is gold. So we should not be surprised that in late February the Iranian central bank said it would accept that metal as payment for oil. Last year, China imported $21.7 billion in Iranian oil and exported $14.8 billion in goods and services. As the NDAA goes into effect, look for Beijing to ship gold to Iran to make up the difference.
Gold bugs, however, shouldn’t get too happy about Iran’s plight. There are five principal factors that will depress anticipated demand for gold used to buy Iranian oil. First, other countries will also be bartering agricultural and manufactured goods. Russia and Pakistan, for instance, will undoubtedly continue wheat-for-petroleum arrangements.
Second, Tehran, out of apparent desperation, in February said it would also accept local currencies, thereby avoiding the U.S. financial system. As a result, the Indians announced in January that they would not request a waiver from the Obama administration, and they began opening rupee accounts to pay for as much as 45% of their oil purchases with their currency. In 2011, India exported only $2.7 billion to Iran while buying $9.5 billion in oil. Similarly, the Chinese, smelling blood in the water, will surely press the Iranians to accept the non-convertible renminbi.
Third, the result of sanctions is that Iran’s oil exports could be cut by as much as 700,000 barrels a day. China, for instance, is increasing its oil purchases from Saudi Arabia, its largest foreign supplier. The Chinese are also buying more from the Persian Gulf emirates as well as Vietnam, Russia, and Africa. Of course, every drop of other crude decreases China’s demand for Iran’s.
Fourth, China and other countries are taking advantage of Iran’s plight by negotiating large price reductions.
Fifth, if the Iranians are willing to accept wheat and non-tradable currencies in payment for oil, there is nothing to say they won’t start agreeing to silver too.
But nothing shines like gold. And there is one other reason to be bullish on the yellow metal. “This isn’t the end of the road,” noted an unnamed senior administration official to the Wall Street Journal days after the enactment of the NDAA. “There are many other sanctions we can put in place and that our multilateral partners around the world can put in place and will be.” As Washington tightens financial measures against Iran, the mullahs will have less access to hard currency and therefore more need for gold.
Unless, of course, they want to accumulate more Chinese washing machines.
Wireless remote and digital display. R501T III gives you full control over your sound. It makes sure your favourite movie, TV, music and game sounds exactly the way you like it. A multifunctional remote allows you to effortlessly adjust inputs, tracks, volume and bass and treble levels. Video do Subwoofer de 60RMS da Edifier R501 Excursionando. Edifier R501. Video da Poderosa Edifier R501. Edifier USA 2.1 Speaker System (M3200). This, despite the satellites having two drivers for extra clarity and fidelity. A wired remote control is included together with the speakers. It is connected to the subwoofer. David Chieng. It would be really appreciating if you can offer me the remote for the my home theatre Britz BR-5100T. Look forward to receive your prompt response. Have the home theatre. Edifier r501 Unfortunately I have missed it remote. The fine folks at Edifier were kind enough to send us a nice set of 5.1 speakers (R501). Here is Edifier's mission statement, taken from their website: 'All originates from the unrelenting pursuit of high sound quality' Edifier has always insisted on producing the best possible sound and product quality in a given price point. Wired remote. You may think wireless remotes are better than wired, but wait until you see Edifier’s wired remotes. Featuring unique shapes, LED indicator lights and LCD displays, you may even say they are cooler than wireless remotes. Control volume, track navigation and power.
I thank “straightarrow,” a reader of this column, for alerting me to this issue.
Follow me on Twitter @GordonGChang