India Ignores Washington and Continues to Buy Iranian Oil

ArticleEnergyJune 29, 2018 - 5:43:23 AM

Indian government refuses to submit to the United States and still continues to buy Iranian oil; Bitcoin keeps falling below $ 6000; Russia Turkey and China continue to accumulate Physical Gold.

Indian government refuses to submit to the U.S and continues to buy Iranian oil

India does not recognize US sanctions so the country will not comply with the US request to stop oil imports from Iran.

The White House demands that countries stop all Iranian oil imports, with no exemptions. Washington has announced its intention to pressure its allies to stop funding Iran.

India only recognizes UN sanctions, not those taken unilaterally by the White House," said Sunjay Sudhir of India's Ministry of Petroleum.

India is one of the largest oil buyers of Iran, buying more Iranian crude oil than any other country except China. Iran is the country's third oil supplier after Iraq and Saudi Arabia, according to RT

India currently buys 700,000 barrels of Iranian oil a day, Iran is a major and strategic source of supply to meet the country's growing demand for energy. India cannot afford to end its trade relations with Iran simply at the request of US President Donald Trump.

Bitcoin Continues its fall below 6000 US Dollars

The virtual currency has fallen below the $6,000 mark, worrying investors who fear the Bitcoin will continue to fall.

The situation is critical and many Bitcoin miners wonder "whether it is really worth keeping the machines on," according to CNBC.

The crypto-currency market has been very disrupted<:strong> lately. Pressure from US regulators has increased on major virtual currency exchanges such as Coinbase, itBit or Kraken.

A significant loss of confidence in virtual currencies has recently been felt following the hacking of Bithumb, a major exchange in South Korea that suffered a loss of more than 30 million dollars.

In December 2017 the price of Bitcoin was around $19,500. Now traded at $5,915, investors are reviewing their strategies and are increasingly turning away from virtual currencies.

Some follow the strategic decisions of many European countries and invest in physical gold to protect their capital from a financial crisis, a critical devaluation of Bitcoin, or the negative consequences of trade war.

Russia Turkey and China Continue To Accumulate Physical Gold

The United States continues to keep the price of gold artificially to prevent the devaluation of the dollar. This has allowed Russia, China and other countries to buy gold at a very competitive price and thus increase their already considerable reserves.

President Trump inherited a colossal debt of $20 trillion, a debt that increased by $1.6 trillion in a year and a half. If the trade war continues, these numbers could skyrocket and increase the risk of inflation.

The United States is beginning to show initial signs of concern as governments and central banks increasingly turn away from US debt, preferring to take refuge in physical gold.

Like Russia, Turkey has recently reduced its share of US treasury bills, reducing its holdings by almost 38% to $38.2 billion.

If the trade war continues to escalate, everyone could suffer losses. All world currencies will be affected. The countries and investors that have a lot of gold will be the big winners in this trade dispute.


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