rossi Saturday, 09/08/07 05:56:43 AM Re: None Post # of 1820 From the Gartman letter: Finally, and obviously quite bearish of the US dollar, we note that Nippon Oil, Japan’s largest refiner, agreed to buy oil from Iran and to pay Iran in Yen for crude loaded this month... not dollars, yen! Tehran has been hinting that it might soon chose to bill its oil clients in currencies other than the dollar. Nippon Oil is the first large customer to agree to do so. We note that Nippon Oil buys approximately 25% of total Japanese oil imports from Iran. We note two things of interest in this regard then. Firstly, we note that one or two analysts who noted this transaction said that Nippon Oil had "acquiesced" to this new Yen pricing. We suspect that Nippon Oil was more than happy to be billed in Yen rather than US dollars, for certainly it makes accounting far simpler. Secondly, we were rather surprised how little notice this was given by the forex market yesterday. We think this is "Watershed"-like in its importance.