http://www.bloomberg.com/news/artic...r-islamic-finance-opening-new-market-iwbytkoj This story is going cause some mixed feelings among some stackers. Caliphs going back as far as 5th Century CE have been copying the design of the Byzantine solidus (the well-known Gold Bezant). That's the origin of the 'Dinar' coin, which closely resembles the Byzantine solidus except they replaced images of crosses and Jesus with passages from the Koran. So, yeah, what was old is new again. Expect the private mints to start making rounds/coins with designs made to appeal to this market.
Owning physical gold was never in doubt by Muslims as being Shariah compliant, this isn't going to suddenly result in a huge surge in physical cash and carry demand. You missed the key bit "We fully expect to announce imminently that GLD does qualify," - that was the WGC's angle all along in supporting getting this standard up.
For a muslim, owning gold has never been an issue. The issue, however, is the love of heaped gold.....this is not encouraged.
Bron, good to see you on here again! I was aware of the WGC's likely true agenda; I was 'playing to the crowd' here. Seeing if I could make certain members squirm; the resulting cognitive dissonance would have been fun.
Hey, it's not nice to bait the poor oppressed intolerant 'majority'. Aren't their little lives miserable enough already?
I see this morning that it is being pumped by the promoters, suddenly the evil WGC who doesn't stand up again manipulation and runs that paper gold ETF is their best friend. Thank you WGC for providing the promoters a new meme to fil the loss of "buy gold cause President Hillary gonna drive America to ruin"
Bron if you haven't worked it out yet America (and the West) is ruined, with or without Hillary. With unpayable debt,overwhelming social security and military force as the only answer, it is no different to Rome of the 5th Century - as follows: Please take note of the last paragraph which says it all. The WGC is no different from any of the promoters or pumpers, they push their own book. In the terminal collapse of the Roman Empire, there was perhaps no greater burden to the average citizen than the extreme taxes they were forced to pay. The tax reforms of Emperor Diocletian in the 3rd century were so rigid and unwavering that many people were driven to starvation and bankruptcy. The state went so far as to chase around widows and children to collect taxes owed. By the 4th century, the Roman economy and tax structure were so dismal that many farmers abandoned their lands in order to receive public entitlements. At this point, the imperial government was spending the majority of the funds it collected on either the military or public entitlements. For a time, according to historian Joseph Tainter, "those who lived off the treasury were more numerous than those paying into it". In the 5th century, tax riots and all-out rebellion were commonplace in the countryside among the few farmers who remained. The Roman government routinely had to dispatch its legions to stamp out peasant tax revolts. But this did not stop their taxes from rising. Valentinian III, who remarked in 444 AD that new taxes on landowners and merchants would be catastrophic, still imposed an additional 4% sales tax and further decreed that all transactions be conducted in the presence of a tax collector. Under such a debilitating regime, both rich and poor wished dearly that the barbarian hordes would deliver them from the burden of Roman taxation. Zosimus, a late 5th century writer, quipped that "as a result of this exaction of taxes, city and countryside were full of laments and complaints, and all sought the help of the barbarians." Many Roman peasants even fought alongside their invaders, as was the case when Balkan miners defected to the Visigoths en masse in 378. Others simply vacated the Empire altogether. In his book Decadent Societies, historian Robert Adams wrote, "By the fifth century, men were ready to abandon civilisation itself in order to escape the fearful load of taxes." In the economic decline of any civilisation, political elites routinely call on a very limited playbook: more debt, more regulation, more restriction on freedoms, more debasement of the currency, more taxation, and more insidious enforcement.Further, the propaganda machine goes into high gear, ensuring the peasant class is too deluded by patriotic fervor to notice they're being plundered by the very state they support.
Agree America is ruined, with or without Hillary. Some scholars say Rome fell because of their drinking water running through lead pipes.
"In the terminal collapse of the Roman Empire, there was perhaps no greater burden to the average citizen than the extreme taxes they were forced to pay. The tax reforms of Emperor Diocletian in the 3rd century were so rigid and unwavering that many people were driven to starvation and bankruptcy. The state went so far as to chase around widows and children to collect taxes owed. By the 4th century, the Roman economy and tax structure were so dismal that many farmers abandoned their lands in order to receive public entitlements. At this point, the imperial government was spending the majority of the funds it collected on either the military or public entitlements. For a time, according to historian Joseph Tainter, "those who lived off the treasury were more numerous than those paying into it". In the 5th century, tax riots and all-out rebellion were commonplace in the countryside among the few farmers who remained. The Roman government routinely had to dispatch its legions to stamp out peasant tax revolts. But this did not stop their taxes from rising. Valentinian III, who remarked in 444 AD that new taxes on landowners and merchants would be catastrophic, still imposed an additional 4% sales tax and further decreed that all transactions be conducted in the presence of a tax collector. Under such a debilitating regime, both rich and poor wished dearly that the barbarian hordes would deliver them from the burden of Roman taxation. Zosimus, a late 5th century writer, quipped that "as a result of this exaction of taxes, city and countryside were full of laments and complaints, and all sought the help of the barbarians." Many Roman peasants even fought alongside their invaders, as was the case when Balkan miners defected to the Visigoths en masse in 378. Others simply vacated the Empire altogether. In his book Decadent Societies, historian Robert Adams wrote, "By the fifth century, men were ready to abandon civilisation itself in order to escape the fearful load of taxes." Don't forget to reference the passages you borrowed. Simon Black aka Sovereign Man would appreciate it....he does have his book to sell you know.
Ronnie 666, my comment wasn't saying America won't be ruined, just that with Trump in the promoters lost a meme, as most goldbugs would see Trump as "their guy" and you can't go around insulting your potential customers by saying their guy is going to ruin America so buy gold, they think he is going to make America great. So they need a new angle.
Kim Kardashian has a greater chance of ruining America if we choose to believe the crap the media spews on a daily basis... melting the internet moments generally do not affect our day .... its just tosh dressed up as journalism ...
Actually, I realized you may have meant that literally. By tosh I thought you were referring to Tosh.0 :/
