Access to Physical Gold Coming the 1.6-B Muslims on Our Planet
A new Sharia Gold Standard will be introduced this month to the 1.6-B Muslims on our Planet.
Until now, aboout 25% of the world’s citizens have been denied access to Gold under some existing conditions of Islamic Law, which controls all financial and personal decisions in a strict Muslim’s life.
That being the case, there were few Gold investment products or services available to Muslims.
As a result, says Aram Shishmanian, CEO of the World Gold Council (WGC), “there is a lack of Islamic Gold-based products globally.”
That will change with the introduction of the new Sharia Gold Standard, which was hammered out through the cooperative efforts of the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), the World Gold Council (WGC) and Amanie Advisors.
The Islamic Gold Standard “will provide guidance from a Sharia perspective on the usage of gold in financial and investment transactions for Islamic financial institutions and participants,” said the WGC.
The practical effect of the new gold standard is that it will make physical gold much more accessible to 25% of the planet’s population, and that could be a huge new source of demand for physical Gold.
|HeffX-LTN Analysis for GLD:||Overall||Short||Intermediate||Long|
|Very Bearish (-0.58)||Very Bearish (-0.55)||Very Bearish (-0.73)||Bearish (-0.46)|
By Mike Fuljenz
Paul Ebeling, Editor