Islamic Gold Standard in December 2016

[Y_Participant 4591]

The long-awaited new Shariah Gold Standard is now set to be launched before the end of 2016 and expected to become the next big catalyst to push the precious metal to new highs

According to the World Gold Council, the new standard will also serve as an internationally recognised consensus on regular gold savings plans, gold certificates and gold mining equities.

Together with the SGX, the SGS will move gold pricing further away from the (rigged) London Exchange and US Comex.

Once the Shariah Gold Standard is introduced, many market observers expect the gold price to take off since an additional 1.6bn Muslims, dozens of Islamic Central Banks and hundreds of Arab ultra-high-net worth individuals will be eligible to invest in gold.

In addition, Muslim countries with weak currencies such as Malaysia, Indonesia and Pakistan, are expected to build up gold reserves to flatten exchange rate volatilities.

This may weaken the USD & Euro (which are inversely proportional to the gold and oil prices) and may cause the Federal Reserve to finally do the unthinkable – start trading the US Bond and Stock market equities.

http://www.gulf-times.com/story/522050/Islamic-gold-standard-to-debut-in-December-price-j

[TaxGuyParticipant]

I’ve read some commentary on this as well. Apparently it has been against Shariah law for Muslims to own gold, and that ban will be lifted later this month. Some people are expecting a massive increase in the demand for gold. Increased demand without a corresponding increase in supply for any item equals and increase in price. The first theory you learn in any economics course. Add to that Italy’s vote on staying in the EU and you have the potential for a substantial increase in the price of gold.

It will be interesting to see if that scenario plays out.

Order the good wine

[Anonymous 0]

Great work, Yumbo
Let’s see what happens in IRL

[PistolPeteParticipant 27143]

Wish I could buy some gold!

[Y_Participant 4591]

PP – buy silver it will move up much faster than gold in the crunch and easier to liquidate.
The 1 oz coins are the best buys.
Prices at http://www.goldsilver.com/buy-online

[The Laughing ManParticipant 1020]

Checked out goldsilver.com and was going to order till I reached the payment page.

Why do they have you pay a small amount then go a bank to wire transfer the rest? Makes no sense, any one know why?

I thought what I'd do was I'd pretend I was one of those deaf-mutes...or should I?

[Y_Participant 4591]

Hi Laughing Man

Sorry I do not order from them but you can message them (https://goldsilver.com/contact/) or phone them,

If you are not happy there are others that have different payment systems, but my opinion is do not leave out a small amount of gold or silver as a safety net to tide you over when the currency crisis hits.

[The Laughing ManParticipant 1020]

For sure, there is local place I can swing by and pay cash. Works and saves on shipping.

Was just curious why the weird purchasing process.

Cheers for your efforts yumbo, I don’t post much but have been following your posts on money.

I thought what I'd do was I'd pretend I was one of those deaf-mutes...or should I?

[Y_Participant 4591]

Hi Laughing Man

Thank you I hope you like the posts.

Be very careful when buying as there are a lot of China fakes in gold bars and rounds. Make sure first the store is reputable and you can redeem your gold when you need to. Store in a safe place, and DO NOT tell ANYONE you bought it. I mean ANYONE.

Take care.

[The Laughing ManParticipant 1020]

thanks for the info and heads up.

I thought what I'd do was I'd pretend I was one of those deaf-mutes...or should I?

[experiencedParticipant]

Wish the uptick will occur, but can’t hold my breath.
My pessimistic guess is that the “fed” will counter all variables – wouldn’t want people pulling out of the stock market now would they.

http://www.kitco.com/charts/livegold.html

"It seems like there's times a body gets struck down so low, there ain't a power on earth that can ever bring him up again. Seems like something inside dies so he don't even want to get up again. But he does."

[uchibenkeiParticipant 7965]

It’s “haram” for Muslim men to wear gold. Women can wear it. I don’t know if that extends to men even owning gold as an investment. Probably would for more extreme Muslims.

I bathe in the tears of single moms.

[Anonymous 0]

Hey guys,
It occurs to me that some of the expected rise in gold and silver prices due to the Sharia Gold Standard changes could be offset by the decline in gold purchases/sales in India. Your thought??

Hey PistolPete
A lot of us started out buying silver bars and coins. Just start buying with windfall money (birthday, unexpected tax return, Xmas, money saved from not spending on women, overtime) You get the idea. Know your prices though. I use kitco.com/market. And then buy from a coin dealer or somebody local.

[CatsPawParticipant 423]

I think the United States might need to bring some freedom there soon…

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