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Shariah Gold Standard Approved for $2 Trillion Islamic Finance Market

Discussion in 'Gold Silver (All things Metal)' started by searcher, Dec 6, 2016.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Shariah Gold Standard Approved for $2 Trillion Islamic Finance Market


    -- Published: Tuesday, 6 December 2016

    By Jan Skoyles, Editor Mark O’Byrne

    The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Gold Council have made an important decision which was announced yesterday at the World Islamic Banking Conference in Bahrain.

    This decision is about one of the most important markets in the world: the gold market, an invest-able market worth an estimated $2.4 trillion and is also of significance for the world of Islamic finance.

    [​IMG]

    The AAOIFI, in collaboration with the World Gold Council (WGC) and Amanie Advisors, has approved what will become known as the Shariah Gold Standard. This is a set of guidelines that will expand the variety and use of gold-based products in Islamic Finance.

    As many as 1.6 billion Muslims in the world, 25 per cent of the population, will have far greater access to the gold market than they have since the birth of modern finance, which has been primarily structured towards Western ideals.

    More details were announced at the World Islamic Banking Conference including details of the gold products that are likely to be permissible.

    The sharia gold standard announced yesterday allows the over 110 million investors in the Islamic world to invest in

    a) vaulted gold

    b) gold savings plans (such as GoldCore’s GoldSaver)

    c) gold certificates

    d) physical gold ETFs including “probably” the SPDR Gold Trust, the biggest exchange-traded gold (GLD)

    e) gold mining shares (within certain Shari’ah parameters)

    We know three things that the new Shariah gold-standard will achieve:

    a) Increase diversity in the number of available Shariah gold compliant investment products
    b) Greater emphasis on the role of physical gold in gold transactions
    c) Islamic finance will have greater say in the setting of the gold price

    To some, this may appear to be an unnecessary formality taken by the body whose guidelines are followed by Islamic finance institutions across the world. After all, physical gold is Shariah-compliant and holds a unique status for Muslims.

    AAIOFI states, “From the perspective of Islamic Fiqh and the Islamic economic system, gold has its specific significance. This significance arises from the specific principles provided for gold and silver as Thaman in Shari’ah.”

    According to Islamic texts, gold is a ribawi item, which means that it must be sold on weight and measure, and cannot be traded for future value or for speculation. In order for a gold instrument to be Shariah-compliant, the precious metal must be the underlying asset in related transactions.

    However there has been a need for clarification for how gold bullion can be used for investment purposes by Muslims, for a long time.

    This uncertainty has kept Shariah-compliant offerings at a minimum and many investors restricted by the type of gold bullion transactions they are able to partake in, with most focused on jewellery and coin offerings. Daud Bakar, chairman of Amanie Advisors, agrees, “.the existing Islamic standards for gold are fragmented, hampering product development and market demand.”

    Currently in the gold market, the majority of activity regarding gold financial instruments is based almost entirely on speculation. This is due to the overwhelming size of both the London and COMEX (Chicago Mercantile Exchange) gold markets, which together have the greatest influence on the spot price of gold.

    Whilst Islamic investors have always had access to the gold market through jewellery and coins, this guidance will vastly increase the number and diversity of investment products available. There are very few Shari’ah-compliant gold offerings today. Using its deep sector knowledge, GoldCore, and its Islamic partners, have been working on a comprehensive solution for two years and will provide the solution to qualifying Islamic financial institutions in early 2017.

    With gold investment platforms such as GoldCore able to offer segregated, allocated gold bullion accounts with the option of physical delivery, Muslims are now able to invest in gold bars and coins.

    The new ‘gold standard’ will affect the gold market globally as 1.6 billion people will be able for the first time to use gold bullion products and platforms that offer physical delivery, allocated and segregated gold ownership.

    “For a number of years we have been working on an institutional gold platform and indeed a Sharia compliant gold bullion solution for the institutional market. As a market leader in precious metal storage, we have been consulting with major institutions and our strong partners to deliver allocated and segregated gold storage services to investors throughout the world”, said GoldCore CEO, Stephen Flood.

    If Islamic Finance institutions were to allocate just one per cent of assets into new gold products then we would expect to see demand climb by about 500-1000 tonnes, per annum. Given that recent demand and supply figures showed a surplus of just 172 tonnes of gold in the market, we could begin to see some tightening with the increase of Shariah-compliant gold instruments, which will have a positive impact on the price.

    It is not unreasonable to expect a minimum one per cent move of Islamic finance assets into gold, especially when you look at how it has performed. WGC data shows that in the last eight years the major Islamic asset classes (including REITs, the Takaful index, the Dow Jones Islamic Equities Index and the Dow Jones Sukuk Index) have all underperformed compared to gold, as have the major currencies used in the Islamic world.

    Few appreciate that the launch of a Shari’ah gold or Islamic gold standard signals a changing dynamic in the gold market. Gold bullion will be additionally appealing to Islamic banks due to Basel III rules that require banks own high liquidity and quality, low counter party risk assets such as physical gold in allocated and segregated storage.

    Until now, no group as influential as the AAOIFI has issued guidelines stating that gold must be the underlying asset in all gold transactions as we suspect they will do shortly.

    Whilst the likes of the COMEX gold market are able to grow to multiple times the size of the underlying physical market, with little impact on physical demand or price, this will no longer be case.

    Jan Skoyles is a research executive at GoldCore, a gold investment platform and this is a version of an article that first appeared in the Khaleej Times, the UAE’s best selling English newspaper and highest circulated English language newspaper in the Gulf

    Gold and Silver Bullion – News and Commentary

    Gold nudges up after falling to 10-month lows (Business-Standard.com)

    Gold at 10-month low on higher shares (Reuters.com)

    Asian markets pick up speed, put Italy vote in rear-view mirror (MarketWatch.com)

    3 more gold coins found in Salvation Army red kettles (ValleyNewsLive.com)

    New Islamic finance guidance on gold emphasises “physical gold” (Reuters.com)

    [​IMG]

    Gold Double-Slammed As ‘Traders’ Puke $3.5 Billion Notional Through Futures Markets (ZeroHedge.com)

    FT: Fears Rise over Future Supply of Gold (Gata.org)

    A pensions time bomb spells disaster for the US economy (BusinessInsider.com)

    Another battle between insiders and outsiders (DavidMCWilliams)

    What happens next, now that Italy has voted ‘no’ (MoneyWeek.com)


    Gold Prices (LBMA AM)

    06 Dec: USD 1,171.15, GBP 918.18 & EUR 1,086.94 per ounce
    05 Dec: USD 1,164.90, GBP 915.84 & EUR 1,095.36 per ounce
    02 Dec: USD 1,171.65, GBP 929.00 & EUR 1,100.88 per ounce
    01 Dec: USD 1,168.75, GBP 930.09 & EUR 1,099.68 per ounce
    30 Nov: USD 1,187.40, GBP 952.06 & EUR 1,115.44 per ounce
    29 Nov: USD 1,187.30, GBP 952.45 & EUR 1,119.98 per ounce
    28 Nov: USD 1,189.10, GBP 956.51 & EUR 1,117.99 per ounce

    Silver Prices (LBMA)

    06 Dec: USD 16.79, GBP 13.17 & EUR 15.63 per ounce
    05 Dec: USD 16.62, GBP 13.05 & EUR 15.54 per ounce
    02 Dec: USD 16.35, GBP 12.95 & EUR 15.36 per ounce
    01 Dec: USD 16.30, GBP 12.91 & EUR 15.35 per ounce
    30 Nov: USD 16.67, GBP 13.39 & EUR 15.66 per ounce
    29 Nov: USD 16.54, GBP 13.26 & EUR 15.61 per ounce
    28 Nov: USD 16.68, GBP 13.45 & EUR 15.73 per ounce

    http://www.goldcore.com/us/

    http://news.goldseek.com/GoldSeek/1481034116.php
     
    917601 and andial like this.
  2. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Gold Demand: Grand Slam For Islam

    -- Published: Tuesday, 6 December 2016

    1. Institutional money managers move gargantuan amounts of gold market liquidity. Their fundamentally-based actions create the chart patterns that technical analysts use to try to project the next rally or decline in the gold price.

    2. On that note, please click here now. Double-click to enlarge this key daily bars gold chart.

    3. Note the three big fundamental events that I highlighted on the chart. The Brexit, US election/Indian fiat call-in, and the Italian referendum were all predicted by most analysts to boost the price of gold. The sad reality is that gold went nowhere or tumbled after each of those events.

    4. On the eve of the US election, I warned the world gold community that gold was very vulnerable to a major sell-off, partly because it traded near major sell-side resistance at $1320. What happened?

    5. Gold promptly stunned the gold community and tanked from there, as the Indian fiat call-in overwhelmed the US election news.

    6. So, what now? Well, another major fundamental event is now in play, as of Monday December 5, 2016. Please click here now. The Shariah Gold Standard was just approved!

    7. Please click here now. Details of the standard are being released at this week’s annual World Islamic Banking Conference in Bahrain.

    8. The bottom line is that gold is set to get a major boost in demand from 25% of the world’s population who are part of the Islamic faith.

    9. The world gold council estimates the boost could be as much as 500 to 1000 tons, which would make the Islam religion a major factor in gold price discovery for decades to come.

    10.Champions adapt. They prosper by adapting. So, gold community citizens need to adapt to the new gold market normal. That means they need to move, somewhat, from mainly a fear trade focus to both a fear trade and love trade focus.

    11.To repeat: champions adapt. On that note, please click here now. In regards to gold demand, I think that most analysts are understating the positive events taking place in India, and overstating the negative ones.

    12.Top Goldman economists are predicting that India not only rebounds from the current downturn caused by the fiat call-in, but prospers from it. Goldman is predicting India will grow at a mind-boggling 8.6% GDP growth rate through March 2018.

    13.I think it’s important that all world gold community citizens understand that the actions of the Indian government will make gold less of an overall percentage of income spending than it is now, but overall gold demand will still grow.

    14.Higher gold demand, from the Sharia Gold Standard, China, and India should boost the price of gold stocks… in a major way.

    15.To view the daily bars GDX chart, please click here now. Double-click to enlarge.

    16.In the short term, the upcoming Fed meeting is likely going to the be the catalyst for a nice rally towards my $1230 - $1245 target zone for gold, and to $25 for GDX.

    17.In my professional opinion, most gold investors are making far too much effort to put bull market and bear market labels on gold. In the big wealth building picture, it’s fundamental news that creates major support and resistance zones that matters, not bull or bear market labels. In the new world of gold, bull and bear market labels are about as useful as a rotary phone.

    18.Support created by key news must be bought, and resistance must be sold. I sold into $1320 because it was major resistance created by major fundamental news. It’s that simple.

    19.The current price area of $1160 - $1170 is a modest buy zone, and nothing more. In time the Sharia Gold Standard will define the next key support zone of size. It may be here, or at some other price. Investors need the patience to let Sharia-oriented fundamentals create the next major technical buy zone.

    20.The world is transitioning from deflation to inflation, and the key to vastly higher gold stock prices is a combination of increased love trade demand and a reversal in global money velocity.

    21.To ramp up money velocity, bank loan activity must increase substantially, and that’s starting to happen. Please click here now. I’ve argued that the world’s most important charts are monthly gold charts that show major support and resistance zones.

    22.In the shorter term, the most important charts are money velocity and bank loans. This Asian bank loans chart shows a fabulous bull wedge pattern. Morgan Stanley just upgraded HSBC from an “underweight” holding to “overweight”, based mainly on loan growth prospects.

    23.Where there’s a loan growth spark, there’s a money velocity upside flame. Where there’s a money velocity flame, there soon follows an inflationary fire!

    24.Attention US dollar watchers, please click here now. Heavyweight Wells Fargo analyst Jim Paulsen notes that five out of five major rate hikes have resulted in a lower dollar. I’ve noted that rates rose throughout the 1970s and inflation and gold soared as that happened. Last year’s rate hike was followed by a collapse in the dollar against both the yen and gold. Please click here now. Double-click to enlarge this dollar-yen daily chart. The dollar is quickly approaching major resistance at 116. The upcoming Fed meeting could be the catalyst that launches the next gold price rally, and does so as Sharia and Chinese New Year buying come into play. The 2017 calendar year is looking very good indeed, for the entire precious metal sector!


    Thanks!

    Cheers

    St


    Stewart Thomson

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    Risks, Disclaimers, Legal

    Stewart Thomson is no longer an investment advisor. The information provided by Stewart and Graceland Updates is for general information purposes only. Before taking any action on any investment, it is imperative that you consult with multiple properly licensed, experienced and qualified investment advisors and get numerous opinions before taking any action. Your minimum risk on any investment in the world is: 100% loss of all your money. You may be taking or preparing to take leveraged positions in investments and not know it, exposing yourself to unlimited risks. This is highly concerning if you are an investor in any derivatives products. There is an approx $700 trillion OTC Derivatives Iceberg with a tiny portion written off officially. The bottom line:

    Are You Prepared?

    http://news.goldseek.com/GoldSeek/1481037388.php
     
    andial likes this.
  3. southfork

    southfork Mother Lode Found Mother Lode

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    so how much physical will they absorb, means nothing if they buy paper
     
  4. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Shariah Gold Standard Is “Revolutionary” – Mobius
    By: GoldCore
    One of the world’s leading investors, Mark Mobius told a gold conference in Dubai that the new ‘Shariah Gold Standard’ is both “innovative and revolutionary” and importantly will bring “transparency” to the physical gold market which suffers from a lack of trust.
     
  5. Ensoniq

    Ensoniq Non-Black Member Midas Member Site Supporter ++

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    They might be evil fuckers that randomly explode but they have the right idea here'll

    Now I can say that I have at least one good thing to say about Islam
     
    searcher and anywoundedduck like this.
  6. SilverCity

    SilverCity Gold Member Gold Chaser

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    Gold? Hmmm maybe them muzzies are on to something...

    SC
     
    Last edited: Dec 16, 2016
  7. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    A Whole New World of Gold Demand Is Opening Up... Muslims


    -- Published: Wednesday, 8 March 2017

    By Stefan Gleason

    Most analysis of gold and silver markets tends to be U.S.-centric. However, the next secular trend in precious metals markets may have less to do with U.S. debt, U.S. politics, the U.S. central bank, and the U.S. dollar and more to do with a gigantic new source of demand.

    It’s not the 1970s anymore. Back then, big moves in the metals markets were centered on United States. The great gold and silver mania of the late 1970s was driven by inflation fears and a rush of speculative demand. Although coin dealers struggled to keep up, there was no actual global shortage of physical metal, and spot prices crashed after manic buying peaked in January 1980.

    Today, it’s a whole new world when it comes to sources of gold demand. Gold prices are still quoted in dollars, but international buying and selling now figures much more prominently in determining those prices.

    Over the past four decades, the populations and buying power of Asian countries have soared. As they have become wealthier, they have bought more gold. India is now the world’s number one consumer of gold. India and China together now make up more than half of all world gold demand, according to the World Gold Council.

    The recently launched Shanghai Gold Exchange will make China one of the leading players in physically settled gold contracts. No longer does the global gold trade have to go through the New York or London paper markets.

    Fast-Growing Muslim World Can Now Turn to Gold as an Investment
    Going forward, the fastest growing source of gold demand could come from the Islamic world. Iron-fisted Islamic law imposes strict rules on the types of financial instruments that can be held in compliant accounts. Among the assets that are now permitted are physical precious metals.

    The Accounting and Auditing Organization for Islamic Financial Institutions recently approved a new Shariah Standard on Gold. This new standard is expected to be widely adopted this year by Islamic banks, brokerages, and other financial institutions. It will enable gold to be held as an investment asset within Shariah-compliant accounts.

    [​IMG]

    The upshot is that investment demand for gold among Muslims could surge by several hundred tons amounting to tens of billions of dollars. Total Shariah-compliant assets under management are estimated by the Islamic Finance Stability Board to grow to $6.5 trillion by 2020. If clients opted for just a 1% allocation to gold, that would translate into $65 billion – or more than half of annual worldwide gold production.

    While the fertility rate of most Western cultures has been declining at an alarming rate, the Muslim population itself is rapidly growing worldwide. According to a report by the Pew Research Center, “if current demographic trends continue, the number of Muslims is expected to exceed the number of Christians by the end of this century.” That would make Islam the world’s biggest religion.

    Muslim immigration is obviously a hot-button issue in the United States and Europe. But regardless of whether the West finally decides that enough is enough and puts a cap on Muslim inflows, the worldwide Muslim population will keep expanding. That’s ensured by the comparatively high rates of Muslim fertility.

    Higher numbers of Muslims, plus rising standards of living in Asia, means non-Western demand for gold and silver can be expected to go up for the foreseeable future.

    Supply Will Struggle to Keep Up with Rising Global Gold Demand
    Supply, meanwhile, will be difficult to expand. Higher prices could cause new mines and new mining technologies to come online down the road. But for now, the tough economics of the mining industry point toward the likelihood of reduced output over the next few years.

    All the gold dug out of all of the mines around the world in a year would amount to an 18-foot cube. That would be enough gold to make one person insanely wealthy! But it wouldn’t be anywhere near enough for each of the world’s 7.4 billion people to have so much as an ounce of gold... or even half an ounce... or even a tenth of an ounce. In fact, total world gold production amounts to less than 1/70th of an ounce per person.

    [​IMG]

    Of course, there remains large above-ground gold stockpiles that could theoretically be sold into the market to meet rising demand for things like jewelry, coins, and gold-backed investment products. The largest gold stockpiles belong to governments and central banks. And lately, they’ve been more inclined to accumulate bullion than to sell it.

    It would likely take much higher prices to incentivize major gold holders to sell. In the meantime, rising Asian and Islamic demand for precious metals is a major long-term trend that will continue to play out regardless of where the U.S. economy heads. The impact on prices may not be immediate or even detectable on any given day, but over time it will be significant.

    Stefan Gleason is President of Money Metals Exchange, the national precious metals company named 2015 "Dealer of the Year" in the United States by an independent global ratings group. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist. Gleason has frequently appeared on national television networks such as CNN, FoxNews, and CNBC, and his writings have appeared in hundreds of publications such as the Wall Street Journal, Detroit News, Washington Times, and National Review.

    http://news.goldseek.com/GoldSeek/1488997781.php
     
  8. southfork

    southfork Mother Lode Found Mother Lode

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    Still waiting for the pop that wasnt, they will sell them printed gold, wont do anything for the markets, only a default on delivery will do anything anywhere and maybe not then, they will continue the paper fraud. Kind of looks hopeless for silver and gold
     
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  9. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Why Sharia Gold and Bitcoin Point to a Change in Views


    -- Published: Tuesday, 30 May 2017

    • New gold-backed currency OneGram launched
    • Backed by one-gram of gold, uses blockchain technology
    • OneGram is first in wave of new Shariah, tech-savvy gold products
    • 2017 sees big changes for gold thanks to Shariah gold and blockchain
    • Gold investors should prepare for tightening in supply
    • Bitcoin and shariah gold demand suggest change in retail investor thinking


    Technology, shariah gold and bitcoin point to changing views


    Ramadan Kareem rang out across Dubai and the rest of the Muslim World this weekend as the holiest month in the Islamic calendar began. For 29-30 days over a billion Muslims around the world practice sawm (fasting), charity (zakat) and salat (prayer). This period is a time of spiritual reflection, increased devotion and worship as well as a time to come together with loved ones for both the break fast meal (Iftar) and pre-fast meal (Suhur).

    Ramadan is obviously observed in different ways around the Muslim world. Here in Dubai a non-Muslim will experience a place full of both celebration and reflection, with events happening every evening that are there to welcome everybody. The month also sees a number of companies launching Ramadan promotions ranging from bank accounts (free banking for six months, anyone?) to spa treatments (2-for-1 massage?) to huge packs of dates (the first food to break the fast).

    As part of the celebrations, a new gold-backed currency has been launched, here in Dubai. It is a new currency known as OneGram (OGC) backed by one gram of gold and can be used for digital payments. There is a fixed number of OGCs and digital transaction fees (minus admin costs) will be reinvested to buy more gold. According to the managers, “the amount of gold backing each OGC will increase with time.”

    OneGram has been launched by a private company of the same name. The company claims to offer a proof-of-stake blockchain that is ‘’further anonymized’ than Bitcoin. Reports state that ‘developers employ zero-knowledge dual-key stealth addresses and ring signature protocols toward ‘instant, untraceable, unlinkable, trustless transactions.’

    Shariah Gold Standard

    In December we witnessed the launch of the Shariah Gold Standard. Announced in Bahrain by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Gold Council, the Standard is the first ever set of guidelines for the 2 billion Muslims looking to invest in gold-based financial products.

    As we explained in December:

    According to Islamic texts, gold is a ribawi item, which means that it must be sold on weight and measure, and cannot be traded for future value or for speculation. In order for a gold instrument to be Shariah-compliant, the precious metal must be the underlying asset in related transactions.

    [​IMG]

    When the Shariah Gold Standard was launched, one of the world’s leading investors Mark Mobius labelled it as a “godsend” that was both “innovative and revolutionary”. Currently the Islamic Finance market accounts for 1% of the global GDP, and is growing at nearly 20% per year. The new AAOIFI issued guidelines are expected to propel demand for gold as more companies (such as GoldCore) launch Shariah-compliant gold investment products. The combined use of both innovative Shariah gold investment standards and new technology could boost demand by around 500-1000 tonnes per annum.

    The launch of OneGram is part of the new wave of gold financial products that we are beginning to see as a result of the Shariah Gold Standard. Muslims have long looked for more gold products to be made available to them in the $2 trillion Islamic financial markets.

    A gold-backed cryptocurrency is not just a positive sign for Muslim investors, it is also a positive sign for those who are looking to invest outside of the financial system. Of course, investing in physical gold has long been available for both Muslims and non-Muslims for many years, but this recent announcement says a lot more about the demands for safe-haven investing than previous changes in financial markets have.

    [​IMG]

    A new safe-money standard?

    Right now it seems the world is paying attention to a financial and geopolitical situation that is proving to have one too many cracks to fix and fill. But, in the background, there is a growing awareness of how we can protect ourselves when those cracks turn into canyons.

    There is something in the air that suggests we might be seeing a turn in the way savers and investors are beginning to view their money. The launch of technologically advanced, shariah compliant gold-products is an early indication of this. But when one also considers the recent performance of bitcoin, then we see that the desire to hold money outside of the financial system with reduced counterparties is growing.

    The size of the bitcoin market might be minuscule compared to gold, and gold’s market size minuscule compared to that of the dollar, but times are changing. The increased accessibility to these sound-money, safe-haven assets is a sign that the most powerful financial group in the world – the people on the street – are harnessing ways to gain control of their investment portfolios.

    Ultimately we believe bitcoin is a complementary asset to gold, but time will tell. Whilst watching and waiting on bitcoin, gold investors should feel assured that launches of gold-backed products such as OneGram are not only validation of the modern approach to investing in gold, but also validation of their decision to invest in gold.

    This is good news for gold investors who have chosen to invest in not only the ultimate form of financial insurance but also one that is finite and physical. As awareness and demand grow, it is not unreasonable to expect to see some tightening in the availability of physical gold, which will have a positive impact on the price.

    News and Commentary

    North Korea warns of ‘bigger gift package’ for U.S. after latest test (Reuters)

    Gold firm near one-month highs as geopolitical concerns support (Reuters)
    Gold little changed near 4-week highs in holiday-thinned trade (Investing.com)
    How Much Gold Would Buy You a Home in Toronto? (Bloomberg)
    Stocks Meander, Pound Rises in Holiday-Hit Trading (Bloomberg)
    Will The Crazy Global Debt Bubble Ever End? (ZeroHedge)
    Op-Ed: Bitcoin is more akin to the Nasdaq than gold and is not a safe haven asset (CNBC)
    Gold Demand Could Plunge As India Considers New Tax Policy (OilPrice.com)
    The Story Behind Continuing Strong Gold Bullion Coin Demand (Market Oracle)
    ECB’s Draghi: Extraordinary Monetary Support Still Needed (Economic Calendar)

    Gold Prices (LBMA AM)

    29 May: USD 1,265.00, GBP 983.41 & EUR 1,127.87 per ounce
    26 May: USD 1,265.00, GBP 983.41 & EUR 1,127.87 per ounce
    25 May: USD 1,257.10, GBP 969.48 & EUR 1,119.57 per ounce
    24 May: USD 1,251.35, GBP 963.29 & EUR 1,119.58 per ounce
    23 May: USD 1,259.90, GBP 969.62 & EUR 1,119.17 per ounce
    22 May: USD 1,255.25, GBP 967.17 & EUR 1,123.07 per ounce
    19 May: USD 1,251.85, GBP 962.17 & EUR 1,122.03 per ounce

    Silver Prices (LBMA)

    29 May: USD 17.29, GBP 13.45 & EUR 15.41 per ounce
    26 May: USD 17.29, GBP 13.45 & EUR 15.41 per ounce
    25 May: USD 17.15, GBP 13.23 & EUR 15.29 per ounce
    24 May: USD 17.03, GBP 13.14 & EUR 15.22 per ounce
    23 May: USD 17.14, GBP 13.22 & EUR 15.25 per ounce
    22 May: USD 16.95, GBP 13.04 & EUR 15.10 per ounce
    19 May: USD 16.77, GBP 12.90 & EUR 15.02 per ounce

    http://www.goldcore.com/us/

    http://news.goldseek.com/GoldSeek/1496149200.php
     
  10. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    Where can I get me some of that Islamic gold??
     
  11. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    It's a good idea. Will see how long it takes until the governments steal each other's gold. Did you ever see some of those women from the Middle East with beautifully refined exotic looks?
     
  12. Cigarlover

    Cigarlover Gold Member Gold Chaser

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    Why would they want to invest in gold when they can buy tbill? :):). :belly laugh:
     

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