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,

Shanghai Gold Exchange : Notice of Launching Shanghai Gold Benchmark Price Trading

Shanghai Gold Exchange (the “Exchange”) will launch Shanghai Gold Benchmark Price Trading on April 19, 2016. The term “Shanghai Gold Benchmark Price Trading” is a centralized pricing process that involves the issuance of various prices as per the corresponding buy and sell orders so that, by the end of multiple rounds of the trading process, the total buying volume and selling volume reach a relative balance and the orders are then matched and executed at the price, the Shanghai Gold Benchmark Price. Detailed specifications of Shanghai Gold Benchmark Price Trading are hereby given as below:

1. The trading code of Shanghai Gold Benchmark Price Trading is SHAU. The quotation unit is in RMB/gram. The minimum price fluctuation is RMB 0.01/g. Trades shall be in multiple of lots, with each lot corresponding to 1 kg. The minimum quotation size is 1 lot, the maximum quotation size is 30,000 lots. T+2 delivery.Relevant product specifications are detailed with Product Specifications for Shanghai Gold Benchmark Price Trading (attached hereto as Annex 1).

2. The auction runs twice daily with the AM session begins at 10:15an and PM session at 2:15pm. There are five minutes for the issuance of reference prices and one minute for the display of Initial Price.

3. The Exchange will announce the Previous Benchmark Price on April 18 as the reference for price limit calculation of the first Shanghai Gold Benchmark Price Trading on April 19.

4. The transaction fee of Shanghai Gold Benchmark Price Trading will be exempted from April 19, 2016 to June 30, 2016.

5. Member shall file with the Exchange Application Form for Shanghai Gold Benchmark Price Trading (attached hereto as Annex 2). Currently the trading access is not open to individual customers.

6. Executed orders of Shanghai Gold Benchmark Price Trading will be cleared along with other SGE products under the same account. During the end-of-day clearing, the Exchange will clear positions in the sequence of price matching trades, Shanghai Gold Benchmark Price trades, and inquiry trades. Clearing orders and default determinations are detailed with Explanation of Default Determination Process of Margin Trading Products in Clearing System as per attached.

7. Traders with trading access to price matching system could use the same username, password, electronic certificate and certificate code to log in Shanghai Gold Benchmark Price Trading system. Members that connects to the Exchange through leased line shall provide their IP address to Technology Operation and Maintenance Department of the Exchange and grant access to firewall. International members could use SGEI Trading System directly. From April 7 to April 12, members could verify the connectivity to the production environment of Shanghai Gold Benchmark Price Trading system.

8. The terminal deployed in production environment is available on Shanghai Gold Benchmark Price Trading System Terminal Download page from the sector of Member Center – The Exchange’s Notice after login into the Membership sector on SGE’s website. International member do not need to download or install the software. As the stimulation environment of Shanghai Gold Benchmark Price Trading is still available after April 7, members shall distinguish production environment from stimulation environment when installing the terminal and use different terminals in case of misoperation.

Please use IE 10.0 or above version or Google Chrome to log in member management system. Windows 7 or above version is suggested when running Shanghai Gold Benchmark Price Trading terminal.

Shanghai Gold Exchange

April 12th, 2016

from here >>

Why China launched a CNY-denominated gold benchmark

Monday, 18 Apr 2016 | 10:19 PM ET China's new CNY-denominated gold benchmark aims to attract foreign participation, says Marwan Shakarchi, MKS Switzerland's chairman.

Venezuela got their gold, why not Germany?

Submitted by Ben S. on Tue, 09/10/2013 - 09:46

I guess I missed this bit of news, but Venezuela recently got about $9 billion worth of their gold transferred from American to Venezuela.

Germany requested an audit of their gold, which we refused, and $34 billion worth of their gold, which we said we would deliver in 7 years.

What's up? We're not exactly best buds with Venezuela, yet we ship their gold right away. Germany isn't exactly an insignificant country, especially economically (as far as I can tell, they're pretty much funding the rest of the EU right now), but we refuse to even audit their gold holding in our country?

Anyone have any great theories on this one? Something to do with central banks and the Fed vying for power? I thought I had a clue until I started reading about Venezuela.

Article about Venezuela gold:

Arizona pushes to have gold as legal tender.

Can the paper dollar be any more worthless? Some lawmakers in Arizona think so, and are hoping that gold and silver will soon be counted as legal tender.

As evident by last week’s dismal jobs report, the effects of the recession are still apparent across the United States: the labor force participation rate in the US has hit a three-decade low, and unemployment remains stagnant at close to the 8 percent mark. Fearing the dollars’ decline amid these economic woes, Arizona might become the latest state to recognize bullion — gold or silver bars — as legal tender.

Amanda J. Crawford of Bloomberg News writes this week that Arizona might follow in the footsteps of Utah in becoming the latest state to approve bullion as currency — they made that decision back in 2011. More than a dozen other states are now looking at signing a law that would do the same, and a continuously weak economy could prompt even more to express interest.

read more >>

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 Value Soars.

VOAvideo on 10 Jun 2011 - Mounting debt in the United States and default worries in Europe remain a concern for the global economy. And recently, a United Nations report warns of a possible collapse of the dollar. Meanwhile, the value of gold is at record levels, prompting some to say that countries should consider selling their gold to pay off debt. But many experts disagree with such a strategy. VOA's Philip Alexiou has more in this report.

A Comeback for the Gold Standard?

40 years after the U.S. abandoned the gold standard, it may be starting a comeback. As the dollar's status as reserve currency continues to waver, rivals like the precioous metals, Chinese Yuan, Euro, and SDRs are vying for top spot.

JP Morgan recently started accepting gold as collateral for clients. Today Utah legislation was introduced that would allow gold and silver coins to serve as currency. Slowly, the gold standard is making a comeback.

Fox News reports on the possible return on gold and silver as currency in America.

The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state. The coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.

The legislation, which has 12 co-sponsors, would let Utahans pay their taxes with gold and also calls for a committee to study alternative currencies for the state. It would also exempt the sale of gold from the state capital gains tax.

Wealth Wire : Read Full Report

How modern banking come about:

PreciousMetalsStore | April 24, 2009 - The story of the goldsmiths and the birth of fractional reserve banking from the documentary Money as Debt: a replay

The Gold Standard & Dollar History :

therealweeklynews | April 04, 2008 - The value of the dollar is dropping like a rock and this video is to show how this is affecting the prices of everything from gas to milk. This is the first of several videos to show what is really happening to the economy of the United States and why this country is in a lot of trouble financially.

Back Toward the Gold Standard?

World Bank President Supports New Gold Standard :

Robert Zoellick, the president of the World Bank writes:

“The system should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values.”

That could ignite a firestorm of controversy between economists who see a gold standard as a global stabilizer and those who see it as a job and growth-killer. What could invite more consensus is Zoellick’s call to reengineer the global financial architecture.

“The development of a monetary system to succeed ‘Bretton Woods II’ launched in 1971, will take time. But we need to begin. The scope of the changes since 1971 certainly matches those between 1945 and 1971 that prompted the shift from Bretton Woods I to II.”

Read full report: