The Fiqhi Fact of The Fiat Fiasco - Ustaz Noor Deros

A talk by Ustaz Noor Deros during MMJ Seminar in 3rd Dec 2016 in IIUM Gombak,

Swiss, French call to bring home gold reserves as Dutch move 122 tons out of US

Published time: November 28, 2014 05:25

Reuters / 

The financial crisis in Europe is prompting some nations to repatriate their gold reserves to national vaults. The Netherlands has moved $5 billion worth of gold from New York, and some are calling for similar action from France, Switzerland, and Germany.

An unmatched pace of money printing by major central banks has boosted concerns in European countries over the safety of their gold reserves abroad.

The Dutch central bank – De Nederlandsche Bank – was one of the latest to make the move. The bank announced last Friday that it moved a fifth of its total 612.5-metric-ton gold reserve from New York to Amsterdam earlier in November.

It was done in an effort to redistribute the gold stock in “a more balanced way,” and to boost public confidence, the bank explained.

“With this adjustment the Dutch Central Bank joins other banks that are keeping a larger share of their gold supply in their own country,” the bank said in a statement. “In addition to a more balanced division of the gold reserves...this may also contribute to a positive confidence effect with the public.”

Dutch gold reserves are now divided as follows: 31 percent in Amsterdam, 31 percent in New York, 20 percent in Ottawa, Canada and 18 percent in London.

Meanwhile, Switzerland has organized the ‘Save Our Swiss Gold’ referendum, which is taking place on November 30. If passed, it would force the Swiss National Bank to convert a fifth of its assets into gold and repatriate all of its reserves from vaults in the UK and Canada.

“The Swiss initiative is merely part of an increasing global scramble towards gold and away from the endless printing of money. Huge movements of gold are going on right now,” Koos Jansen, an Amsterdam-based gold analyst for the Singaporean precious metal dealer BullionStar, told the Guardian.

France has also recently joined in on the trend, with the leader of the far-right National Front party Marine Le Pen calling on the central bank to repatriate the country’s gold reserves.

In an open letter to the governor of the Banque de France, Christian Noyer, Le Pen also demanded an audit of 2,435 tons of physical gold inventory.

Germany tried and failed to adopt a similar path in early 2013 by announcing a plan to repatriate some of its gold reserves back from the US and France.

READ MORE: No ‘gold rush’: Germany keeps reserves in the US

The efforts fizzled out this summer, when it was announced that Germany decided to leave $635 billion worth of gold in US vaults.

Germany only keeps about a third of its gold at home. Forty-five percent is held in New York, 13 percent in London, 11 percent in Paris, and only 31 percent in the Bundesbank in Frankfurt.

original report here::

Goldman Sachs, HSBC, BASF sued in first US metals price manipulation case

Published time: November 26, 2014 14:09

Platinum bars (Reuters / Michael Dalder)

Four major global firms are to appear in a New York court accused of manipulating platinumm and palladium prices for eight years. The law suit is the first of its kind in US history.

Those accused include units of Goldman Sachs Group, the world’s biggest global investment bank, HSBC Holdings, Europe's largest bank by market value, the metals unit of BASF SE (BAS) ), the world’s largest chemical company, and Standard Bank Group from South Africa, the world’s largest producer of platinum and second largest producer of palladium after Russia.

The plaintiffs claim the manipulations of precious metals prices, which is believed to have started in 2007, have cost purchasers millions of dollars, Reuters reports.

The companies have been sued for using insider information about client purchases and sale orders to profit from slight movements in the price of platinum group metals, be they used for jewelry or for industrial use, such as the production of automotive catalytic converters, fuel cells, etc.

The illegal sharing of customers’ data enabled the banks to undertake a “front-running” price manipulation, with the help of fabricating “spoof” orders, which is claimed violates US antitrust and commodities laws.

The suit was filed in the Manhattan Federal Court on Tuesday by Modern Settings LLC, a Florida-based maker of jewelry and police badges. All four defendant companies refused to comment on the issue.

Last year BASF’s metal unit generated €2.36 billion ($2.95 billion) revenue in precious metals trading, according to Reuters.

READ MORE: Banking breeds cheating for financial gain - Swiss researchers

Regulators around the world have been tightening the screws on the global banks over the manipulation with some of benchmark rates, such as rates on the foreign exchange markets and the inter-bank London Interbank Offered Rate (LIBOR).

In spring 2014 the Swiss regulator became the first to confirm it had uncovered illegal currency rate rigging by world’s leading financial organizations, Goldman Sachs, and HSBC included.

By November the world’s biggest banks had agreed to pay out $4.3 billion to settle an investigation into their alleged rigging of foreign exchange rates.

READ MORE: Banks fined record $4.3 bn for corrupting integrity of currency trading

Original report <<here >>

A Major International Monetary Crisis is Looming: The Suppression of Gold and Silver? Is COMEX being Cornered?

By Bill Holter and Miles Franklin

Global Research, November 25, 2014

It is with a deep sense of gratitude that I have had all of you as friends and associates during what has been a long war, not a good war, but a very long “financial war”.  As you know from these writings; this has been a war conducted by the Federal Reserve against the entire world, aided and abetted by major international banks via the manipulation of most every market on the planet.  The ethics and morals our country was originally built on …be damned!

The events mentioned herein relative to the suppression of gold and silver using dollar hegemony as the tool indicate a major international monetary crisis is dead ahead, this is obvious.  Power in the hands of the few have made massive gains for those at the top of the economic ladder while the average man has become a debt slave to the few.  There are of course the laws of Mother Nature and “unintended consequences”.  Those at the top who intend to “rule the world” are being challenged from the East in what I believe to be almost a winner take all “war”.  It did not have to be this way but the “West” has forced this.

More And More Germans Want Their Gold Back

ADAM TAYLOR | OCT. 31, 2012,

Germany's gold reserves are amongst the highest in the world and they have been kept almost entirely overseas due to Cold War fears of a Soviet invasion. Almost half of Germany's gold is kept in Manhattan — deep in the heart of the Financial District at the New York Fed. But some German politicians seem to be getting uncomfortable with trusting the US with this system. They want to actually see the gold, to make sure its still there. Some even want it back. A campaign called "Bring back our Gold" was launched in May, and seems to be making an impact on mainstream politics.

But some German politicians seem to be getting uncomfortable with trusting the US with this system. They want to actually see the gold, to make sure its still there. Some even want it back. A campaign called "Bring back our Gold" was launched in May, and seems to be making an impact on mainstream politics.

Der Spiegel's Sven Böll and Anne Seith have published a good explainer about the situation. A large part of the movement seems to come from Peter Gauweiler, the head of the conservative Christian Social Union (CSU), who has for years demanded to know exactly where Germany's gold is (He eventually was allowed to visit the Bundesbank's domestic gold in storage in Frankfurt).

However, what really got Guaweiler riled up was a secret report from Germany's Federal Audit Office that sternly criticized the German central bank. The report, while apparently routine, looked like a key piece of evidence to those expecting some sort of conspiracy theory. As Der Spiegel describes it:

Indeed, the partially blacked-out report read like the prologue to an espionage thriller in which the stunned central bankers could end up standing in front of empty vaults in the US.

Germany has almost 3,600 metric tons of gold, second only to the US. Half of that gold has been stored at the NY Fed since the late 70s, sitting fifth sub-floor of the bank's building on Liberty Street, 80 feet below street level. The Germans were not allowed to see their gold for decades, but in 2007 they were finally allowed in, and, after further inquiries, finally allowed to actually touch some of the gold in 2011.

While this fuels conspiracy theories, it is standard practice for US gold storage institutions. The owners of the gold in Fort Knox have not seen their gold for decades. But that doesn't stop the rumors and conspiracy theories doing the rounds about missing gold, or secret agreements between the US and German governments.

While the report was mostly calling for better measures to account for the vast amount of gold, the movement to bring it all back is large. As Der Spiegel notes, that's hugely impractical, "One cannot simply pack 1,500 tons of gold into an Airbus A380 super-jumbo jet and fly it back to Germany."

But it wouldn't be entirely unprecedented. Ambrose Evans-Pritchard of The Telegraph notes that secret German reports have revealed that the country took two-thirds of it's gold back shortly after the start of the Euro a decade ago.

Evans-Pritchard says that the timing of the move makes no sense on the surface — coming as the euro was at its weakest — but may have been ordered as the Bank of England was selling off its own gold and there were fears that the gold may not be clearly allocated to Germany.

source here >>>

Gold's Bubble? Think About it in 5 Years - Analyst

Published on Dec 3, 2012 by KitcoNews ; Gold in a bubble? You should only be thinking about that five years down-the-line, says technical analyst Jordan-Roy Byrne.

Exclusive: Turkish gold trade booms to Iran, via Dubai

By Humeyra Pamuk  -  DUBAI/ISTANBUL | Tue 

Oct 23, 2012 

(Reuters) - To see one of Iran's financial lifelines at work, pay a visit to Istanbul's Ataturk International Airport and find a gate for a flight to Dubai.

Couriers carrying millions of dollars worth of gold bullion in their luggage have been flying from Istanbul to Dubai, where the gold is shipped on to Iran, according to industry sources with knowledge of the business.

The sums involved are enormous. Official Turkish trade data suggests nearly $2 billion worth of gold was sent to Dubai on behalf of Iranian buyers in August. The shipments help Tehran manage its finances in the face of Western financial sanctions.

The sanctions, imposed over Iran's disputed nuclear program, have largely frozen it out of the global banking system, making it hard for it to conduct international money transfers. By using physical gold, Iran can continue to move its wealth across borders.

"Every currency in the world has an identity, but gold means value without identity. The value is absolute wherever you go," said a trader in Dubai with knowledge of the gold trade between Turkey and Iran.

The identity of the ultimate destination of the gold in Iran is not known. But the scale of the operation through Dubai and its sudden growth suggest the Iranian government plays a role.

The Dubai trader and other sources familiar with the business spoke to Reuters on condition of anonymity, because of the political and commercial sensitivity of the matter.

Iran sells oil and gas to Turkey, with payments made to state Iranian institutions. U.S. and European banking sanctions ban payments in U.S. dollars or euros so Iran gets paid in Turkish lira. Lira are of limited value for buying goods on international markets but ideal for a gold buying spree in Turkey.

ROUTING VIA DUBAI

In March this year, as the banking sanctions began to bite, Tehran sharply increased its purchases of gold bullion from Turkey, according to the Turkish government's trade data.

original source  >>>

Gold Gets 6.5 Rating This Week:

Published on Oct 17, 2012 by KitcoNews : Jim Wyckoff

IRAN SAYS “GOLD IS MONEY”

by Louis James

Economic crises signal that the current system isn’t working as expected and needs improvement. When it comes to monetary systems, questioning their fundamentals can lead to doubts about whether the preferred medium of exchange will continue to be preferred for long. The large-scale whirlwind of economic trouble around the globe has pushed some to rethink the role of gold in the economy – and to actually move toward bringing it back.

A month ago, a rumor that India is going to pay in gold for oil imported from sanction-struck Iran sent shockwaves through the markets. It was no small deal, both in principle and volume: India is one of Iran’s largest oil buyers, responsible for about 22 percent of total exports and worth about US$12 billion per year. China is next with 13 percent, and Japan is third with about ten. All of them are having a hard time dealing with Iranian oil imports, as the country is under sanctions caused by Western fears regarding its nuclear program.

Then an Israeli news site claimed exclusive knowledge of a possible workaround between India and Iran: settling the purchases in gold. Indian government officials refused to comment, which added to the speculation.

On the surface, the arrangement looked like a great way to settle the purchases via a stable medium: Iranian currency, the rial, is not widely used outside its border, and gold’s inherent anonymity would have provided a perfect way to avoid unnecessary attention from the global community. Ironically, it was precisely the fact that the settlement was planned in gold that attracted so much attention.

It proved to be nothing but a rumor, however: the sides decided to arrange the deal in a more tactical manner. India will partly cover the purchases with its own currency, and Iran will later use those funds to acquire imports.

But gold is not out of the equation yet. The US-initiated sanctions were effective, at least in the sense of making international institutions avoid the pariah nation. Reuters reported that Iran has failed to organize imports of even basic food staples for its population of 74 million. Prices on local markets rose sharply; and as the country neared parliamentary elections on March 2, the government was taking radical steps to provide citizens with basic necessities. One of those unconventional solutions was offering gold as barter for food.

Full report :

Gold is Money: EU Sanctions on Iran include gold and silver purchases.

Written By Kenneth Schortgen Jr on Monday, January 23, 2012 | 9:02 AM

Think gold is not money to central banks and governments?  Just look at one of the prohibitions the EU imposed on Iran recently in their economic sanctions.


Reuters report that the EU has agreed to freeze the assets of the Iranian central bank and ban all trade in gold and other precious metals with the Iranian Central Bank and other public bodies in Iran.


According to IMF data, at the last official count (in 1996), Iran had reserves of just over 168 tonnes of gold. The FT reported in March 2011 that Iran has bought large amounts of bullion on the international market to diversify away from the dollar, citing a senior Bank of England official.


Currency wars continue and are deepening. - Zerohedge




You would think that the EU would LOVE to get rid of their 'relic' metals in exchange for oil.  That is, unless you realize the propaganda that gold and silver are not money is a bold faced lie.

the daily economist

2012 : OUTLOOK FOR GOLD PRICES - CCTV News

Uploaded by cctvnewsenglish on 28 Dec 2011 - Gold prices have fallen 16 percent since reaching a record high, above 1,900 U.S. dollars an ounce in September. But 2012 looks to be another glittering year, with many analysts and institutions predicting gold prices will again rise.

Goldman Sachs says gold prices will continue to go up, and will average one thousand 940 dollars per ounce over the next 12 months. Meanwhile, Citigroup's metals expert says gold could appreciate to three thousand 400 dollars in the next year or two. Although gold's decline has shown extreme risk aversion on the market, the analyst at Deutsche Bank says they see a recovery in gold prices next year.

2012 Precious Metals Outlook with Jim Wyckoff

Uploaded by KitcoNews on 16 Dec 2011 - As part of the Kitco News "Precious Metals Outlook 2012", Jim Wyckoff brings us this special edition of "Technically Speaking" to present us with his outlook for 2012.

Rising silver & gold demand in China.

Uploaded by hjmanan on 20 Nov 2011 - Banking in China.

Gold Rush Hits US House Parties

Uploaded by VOAvideo on 15 Nov 2011 - As world financial markets rise and fall, interest in gold holds fast. As interest in buying gold has spread, so has the popularity of gold parties, where participants sell their golden treasures and walk away with cash. 

Gold found in South Africa mine's waste

Uploaded by AlJazeeraEnglish on Nov 4, 2011 - In a single gold mine in South Africa, an expected $2.2 billion worth of gold can still be extracted from just one dump site's waste material.Using water cannons and chemical treatements, a single mine can hope to extract about 3 grams in every tonne.

 It may not sound like much but if there is 140 million tonnes of waste lying around - the numbers start adding up. High prices means all the effort that goes into sourcing the precious metal may well be worth it.

Gold rush ravages Malaysian forest!

Uploaded by AlJazeeraEnglish on 29 Sep 2011 - Malaysian forestry officials have warned that illegal mining is polluting rivers, causing soil erosion and damaging trees in the country's pristine forests. Mining for gold has been taking place in Malaysia's southern state of Johor since the 1960s, but as gold prices have soared in recent months the hunt for the precious metal has intensified.

Gold starting to lose glitter following slump.

Uploaded by AlJazeeraEnglish on Sep 26, 2011 - After hitting a high of $1,900 an ounce in early September, the price of gold has fallen to just above $1,500.European policymakers are struggling to resolve the region's debt crisis, and such fears would normally drive the price of gold higher.But with the commodity already at such lofty heights, many investors now feel the only really safe bet is cash itself, and hence the selling.

Gaddafi gold-for-oil,

dollar-doom plans behind Libya 'mission'? Uploaded by RussiaToday on May 5, 2011 - More speculation has been raised on the reasons for NATO's intervention in Libya. As RT's Laura Emmett reports, the organisation may have been trying to prevent Gaddafi from burying the American buck.

Gold Chart - Last 10 years

the USA dollar since sept 2001 is now worth only 14.3 cents , when compared to the price of gold over the last ten years , clearly the entire world no longer trusts nor wants the USA dollar.

Gold Chart - Last 10 years

Gold ATM sure to make a mint

Uploaded by ReutersVideo on 24 Sep 2010 :: As gold nears $1,300 an ounce, now $1,800+ (3rd Sept 2011) "Gold to go" unveils its first gold dispensing ATM in Europe at Madrid´s Westin Palace Hotel .