Some folks in Bombay and Tehran are listening to Ron Paul. Those sneaky, oil-starved Indians of the sub-continent dislike our "sanctions" on Iran, so they've plotted with the ayatollahs. The sub-conts will get Iranian oil. The Iranians get gold.
It would be fun to turn this into a 21st Century Kipling tale. Gold-laden cargo elephants by the score lumber across the Khyber Pass to a rendezvous with Shiite camel trains at a fortified wadi in the high desert plateau of Taliban land. All is guarded with Khyber Pass Rifles, and security is further secured with golden-coin baksheesh to the Afghan war lords.
Alas, isn't that romantic, and personally I blame Obama, for whom Ben Bernanke works. His Ineptness's sanctions defy mortal understanding, but, highly simplified, they rap the knuckles of any bank looking to make a buck on Iranian oil deals. The trouble is, the sanctions work only with banks addicted to the funny money of Fed Boss Bernanke and his counterparts in the Eurosoc zone. (And of course EastAsia with whom we have always been at war.)
The maharajahs just happen to own their own bank which does quite nicely with a stiff middle finger presented to all the world's fiat money thugs of the "central banks" -- save their own, of course. It will handle the bullion transfers, and if it chooses to involve a SMLE or fake Remington rolling block, that will be just a nostalgic tip of the turban to its national history.
As the cited article notes, this gold/oil deal will chip another smidgen of value from what ever assets we peons have foolishly invested in the funny money of the West. Dollars, Euros, Pounds, etc.
Could be that Dr. Paul can digest this in time for the next debate. For years and years he has been expounding the logic of sound money -- at the very least as an alternative to to Federal Reserve Cartoons posing as actual wealth. It might occur to him to bring up the Indian-Iran transaction to illustrate that when the shit hits the fan, gold works wonders. And people smarter than our own political masters already know it.