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trwilson
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Shari’ah Gold Standard Approved - Przemyslaw Radomski CFA - SunshineProfits

Very interesting article HOWEVER Mr Radomski puts far too much emphasis on Comex and as a consequence ends up with a conclusion that has fundamental flaws.
The price of gold is not set by Comex.
The global recognised pricing mechanism for the gold market is set by the London Bullion Market Association commonly referred to as the LBMA. Many markets have tried to claim market share away from the LBMA but have to date not succeeded.
The majority of gold contracts are benchmarked to the LBMA fix either am or pm and not Comex.
All the Asian, Indian and African physical contracts use the LBMA and so do a majority of South American producers and buyers.
The LBMA is is not a futures market but forward market and therefore physically backed.
For this reason, the creation of the Shari’ah Gold Standard is very likely to have far greater impact and consequences to the gold market than what Mr Radomski claims.
Yours sincerely Thomas Wilson

Commented 2694 days ago

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Beginning of the headline :On Monday, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the World Gold Council (WGC) approved the Shari’ah Gold Standard. What does it imply for the gold market? Sharia is the legal system of the Islamic world. Investment products must be compliant with that law. The complex treatment of gold in the Islamic tradition and the lack of uniformity in the treatment of the yellow metal (as a currency or commodity) has limited the development of gold financia... Read More

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