It’s no secret that Iran (and really Russia too) hates our guts here in the United States.

So I guess it’s also not a huge shocker that Iran “conveniently” decided to open up the first Oil, Gas and Petrochemical trading bourse on earth which will trade in “non-U.S. dollar” currencies.

I think we get the point.

As you probably heard, Iran’s Internet lines were cut recently. So there’s no way to tell if this new “non-dollar bourse” is officially up and running just yet.

However, on January 4th, the Iranian Finance Minister, Davoud Danesh-Jafari told reporters the bourse will open sometime between February 1st and February 11th at the latest. (However, below you’ll see they just pushed this bourse to a bit “later.)

Iran Takes a Jab at the Buck During 30-Year–Lows: How Convenient!

You think it’s a coincidence that the Iranians announced this “new bourse” just when the dollar sank to 30-year lows? I definitely don’t. In fact, I’d say they’re only doing this because the dollar is so low. Seriously, if you wanted to sucker punch the buck, then now’s the time to do it.

However, the Iranian Finance Minister has a different reason for his impressive timing. And it’s a bit more politically correct. He says they’re opening this bourse to help celebrate the 1979 Islamic Revolution in Iran. The locals call it the “Ten Day Dawn.”

However, supposedly, the Iranians delayed opening the bourse until February 17th. I say “supposedly” because I can’t confirm it 100% with Iran’s Internet cut off.

This new bourse is supposedly already trading, and yet I don’t hear anyone talking about it. So I wouldn’t recommend using this “new energy exchange” as your next reason to sell off all your dollars. So don’t buy the “new energy currency” that Iran is supposedly trading with on their bourse.

But you also don’t want to ignore something that could potentially be the first major crack in the U.S. dollar as the “world’s reserve currency.” So it’s a good idea to keep your eye on this…I know I will.

Give Us Your Euros, Rubles and even Iran’s Rial – Nearly Anything But Dollars – for Our Oil!

Interested in what currencies they’ll use to buy and sell their oil? It looks like it will be the euro (because that’s the best stab at the dollar) and possibly the Russian ruble and Iranian rial.

Russia has been “a pal” to Iran for a while now. In the latest meeting between Russia and Iran, the Iranians stated this bourse would be a great way to “free themselves from the slavery of the dollar.” Since when is the dollar slavery?

So if this bourse really kicks off and succeeds (and believe me it stands a good shot at it), then the buck could have more long-term woes.

Why does this bourse have a good shot at making it? One word: China. The Chinese could become their best customers. Now that’s a scary thought. If they were able to buy oil in anything but the greenback, it could hurt the buck in a major way over time.

Russia’s prime minister has made it clear that he’s been looking for a “platform without U.S. dollar interference” for a long time. So needless to say, he’s salivating over this deal.

The Kicker: This “Exchange” is Not Regulated, and When It Is… Can They Be Trusted?

The biggest drawback to this new “exchange” is that it’s unregulated for now. And, if and when they do regulate this bourse, will you put any faith in whoever they eventually hire to regulate this thing? That’s the biggest strike against it that I see.

Check out the chart of the U.S. dollar (USD) and the Iranian rial (IRR) below. When the Iranians announced this new bourse on Friday, January 4th the dollar started tumbling.

The Buck Takes a Tumble on the Hot Iranian News

However, here’s the good news. Even though this new non-dollar bourse is supposedly trading now, the dollar has rallied in the short-term. The buck has also made up those losses and went on into new highs against the Iranian currency, the rial.The buck has also fought back and gained some “lost ground” against the Russian ruble. Check out the U.S. dollar vs. the Russian ruble exchange rate below. Like the former chart, the strength of the U.S. dollar is the one being charted against its “competitor,” or in this case, the ruble. The Buck Fights Back Against the Ruble and Bounces Off November 07 Lows

So in the short-term, the dollar is the winner against both. But just the fact that the buck sold off against the Iranian currency and the Russian currency (and of course the euro) when this disturbing news hit the wires shows that there is a potential danger looming.Once again, just to be clear: The latest press releases claim this bourse is actually up and running. But honestly, the Iranians have been threatening to open up some version of this “non-dollar” bourse since 2005. So I wouldn’t bet on the euro or the ruble, solely on this news. But you can see where all of this is heading.This is definitely something worth keeping your eye on. I’ll keep you up-to-date, here in the A-Letter.