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Showing posts with label gold ownership. Show all posts
Showing posts with label gold ownership. Show all posts

Friday, February 24, 2017

World's largest gold backed ETF now certified as Sharia Law compliant

On Feb. 23, the U.S. run SPDR Gold Shares ETF was certified as Sharia Law compliant, making it the first gold based financial instrument to be open to the new Islamic statutes on gold ownership for the world's 1.6 billion Muslims.

Run by State Street Global Advisors, and reportedly backed by $30 billion in physical gold, the ETF could soon become a springboard for new investment from the Islamic community.

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U.S. asset management company State Street Global Advisors has announced that a huge exchange-traded fund for investment in gold has been certified as being compliant with Islamic financial law. 
The question of whether ETFs themselves comply with Islamic law has not been addressed. However, the certification by Amanie Advisors of Malaysia, a leading sharia advisory company specializing in Islamic financial institutions, is expected to stimulate investment in the gold ETF within the Muslim world.  
The fund, called SPDR Gold Shares, is one of the world's largest ETFs backed by gold bullion, having a net asset balance of more than $30 billion. Managed and marketed by State Street Global, it is listed on the New York Stock Exchange. - Asia.Nikkei

Thursday, February 16, 2017

Central Asian country's central bank calls for all its citizens to buy and own at least 100 grams of gold

In a move that is completely opposite to the way Western governments and central banks see the monetary power of gold, the central bank for the nation of Kyrgyzstan on Feb. 15 called for every one of their citizens to work towards buying and owning at least 100 grams of gold.

Starting in 2015, Kyrgyzstan began offering gold bullion to their citizens as a way to diversify their wealth in the face of global financial turmoil, and to protect against the ongoing currency wars that were seeing nation after nation devalue their currencies and accrue massive debts.

A landlocked nation perched between China and Kazakhstan is embarking on an experiment with little parallel worldwide: shifting savings from cattle to gold. 
One of the first post-Soviet republics to adopt a new currency and let it trade freely, Kyrgyzstan’s central bank wants every citizen to diversify into gold. Governor Tolkunbek Abdygulov says his “dream” is for every one of the 6 million citizens to own at least 100 grams (3.5 ounces) of the precious metal, the Central Asian country’s biggest export.  
“Gold can be stored for a long time and, despite the price fluctuations on international markets, it doesn’t lose its value for the population as a means of savings,” he said in an interview. “I’ll try to turn the dream into reality faster.” 
In the two years that the central bank has offered bars directly to the population, about 140 kilograms of bullion have been sold, Abdygulov, 40, said by phone from the capital, Bishkek. 
“We are hopeful that our country’s population will learn to diversify its savings into assets that are more liquid and -- more importantly -- capable of retaining their value,” he said. In rural areas, cattle is still the asset of choice for investors and savers, according to Abdygulov. - Bloomberg

Sunday, January 8, 2017

Wikileaks reveals that the U.S. created the gold futures market to control the gold price and dissuade people from owning gold

Over the past few months we have seen the public dissemination by Deutsche Bank that they, along with several other bullion banks, purposely manipulated the gold and silver price through the selling of naked short contracts onto the futures markets.  But what many may not have heard is that following the U.S. taking the dollar off the gold standard back in 1971, the government then created the Gold Futures Market Exchange as a means to not only control the price of the metal, but to also dissuade individuals from buying and owning physical gold.

These futures markets are known in the U.S. and the UK as the Comex, and the LBMA.

Wikileaks recently published a communique they collected that shows a conversation between the U.S. government and Great Britain on the creation of a gold futures market, and the evidence that its intention from the beginning was to manipulate prices and behaviors to protect a dollar that was no longer backed by any tangible asset.

4. THE MAJOR IMPACT OF PRIVATE U.S. OWNERSHIP, ACCORDING 
LIMITED OFFICIAL USE 
LIMITED OFFICIAL USE 
PAGE 02 LONDON 16154 02 OF 02 102035Z 
TO THE DEALERS' EXPECTATIONS, WILL BE THE FORMATION OF A SIZABLE GOLD FUTURES MARKET. EACH OF THE DEALERS EXPRESS- ED THE BELIEF THAT THE FUTURES MARKET WOULD BE OF SIGNIFI- CANT PROPORTION AND PHYSICAL TRADING WOULD BE MINISCULE BY COMPARISON. ALSO EXPRESSED WAS THE EXPECTATION THAT LARGE VOLUME FUTURES DEALING WOULD CREATE A HIGHLY VOLATILE MAR- KET. IN TURN, THE VOLATILE PRICE MOVEMENTS WOULD DIMINISH THE INITIAL DEMAND FOR PHYSICAL HOLDING AND MOST LIKELY NEGATE LONG-TERM HOARDING BY U.S. CITIZENS. 
5. AS TO FUTURE DEMAND BY U.S. CITIZENS FOR GOLD, MOST DEALERS DID NOT FORESEE DEMAND FOR PHYSICAL HOLDING AS SIGNIFICANT, WITH THE EXCEPTION OF AN INITIAL SURGE DURING THE FIRST 2 TO 3 MONTHS OF THE YEAR FOLLOWING DEREGULATION THEY DID NOT FEEL THAT U.S. CITIZENS, ON THE WHOLE, WERE PSYCHOLOGICALLY PREPARED TO SWITCH FROM SMALL SCALE GOLD COIN PURCHASES TO LARGE SCALE, LONG-TERM BULLION HOARDING. SEVERAL EXPRESSED THE VIEW THAT THE DEMAND FOR COINS (AFTER THE INITIAL SURGE) WOULD MOST LIKELY BE SUCH THAT IT COULD BE MET FROM WITHIN SHOULD THE U.S. DECIDE TO MINT GOLD COINS FOR SUCH PURPOSES. SPIERS 
LIMITED OFFICIAL USE - Wikileaks

Tuesday, December 6, 2016

Islamic council overseeing Sharia finance approves new gold standard for Muslim investing

Following a month of open discussion and commentary, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has officially approved a new gold standard under Sharia financial law on Dec. 5.

Coordinating with the World Gold Council for much of 2016, the AAOIFI has formulated the processes and procedures for the 1.6 billion Muslims around the world, and in particular the 110 million Muslims who participate in active investing, to be able to purchase, own, and invest in physical gold and gold based products such as mining shares.

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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. - Goldcore via Zerohedge
Perhaps one of the most interesting caveats in the new procedures for gold ownership and investment is the demand for Islam to have a greater say in the setting of the gold price.  And since we already now have a divergence out of Shanghai from the long-standing price determination set in London and New York each day, the potential of a third completely independent market could soon emerge in places like Dubai, Tehran, Indonesia, and even Saudi Arabia.