Chuck Butler reported in today's Daily Pfenning that very soon there is likely to be a  change to Sharia standards (which are what many Islamic financial institutions follow in whole or in part) to allow Gold to be traded like a commodity and held as an investment. 

The World Gold Council (WGC) has been working on this for some time. Currently under Sharia standards, gold, silver, salt, wheat, barley and dates, can only be traded by weight and measurement and the trade must be take place right away, which means that speculating on futures is non-compliant with the standards.  Gold can be used as jewelry or even as a currency, but not as a commodity investment.

This change would potentially pave the way for many new investors and large sums of currency to enter the market and propel it to higher gains.


 


Comments

02/16/2017 2:40am

I am with the people who think that gold should act as an investment. According to many experts, there is a lot of gold in our country that does not see light as people store them for the future. If the WGC accepts gold as an investment than most of the gold would or can come out increasing the revenue of the nation.

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03/22/2017 9:44pm

At last the Sharia Standard is already going to change. Sharia investment is an Islamic law. I hope that Gold can be merchandised as a commodity that can be held as an investment. If it turns out well for sure there are lots of investors that are going to enter the market. The market is going to change for sure because it is going to have a higher profit.

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