Sharia law recently added gold to the basket of commodities that are acceptable ribawi for the 1.7 billion muslims on planet earth. According to Andy Hoffman, there are approximately 400 million that have the ways and means of building wealth and acquiring gold. If we use a small fraction of a percent of 400 million, for example – one tenth of one percent, we find that approximately 400,000 new gold bugs could be entering the market. It’s important to note that silver is also part of this basket of ribawi, gold is just the latest to be added.
How the ribawi works
The six substances (items) that are sold by weight and measure, literally: gold, silver, dates, wheat, salt and barley. Exchanging these substances in kind must be in equal measure and with immediate transfer of possession (qabdh) in order to avoid exchanging unequal amounts (measures and weights) or the so called riba in trade (riba al-fadhl). If carried out in conformity to these conditions, then the exchange is riba-free (i.e., halal/permissible/shari’a compliant).
There are no paper derivatives in sharia law; the COMEX, nor any of the banking cabal, is allowed to manipulate another person’s wealth and life giving possessions. For all it’s faults I like this financial aspect of sharia law.
I sat down with Andy Hoffman, Marketing Director for Miles Franklin to discuss the potential impact this change in sharia law could have on the gold market. We also reviewed how Trumpflation could potentially manifest. The powers-that-be have been tamed for the moment, but make no mistake about it, their plans are simply being retooled and the looting, thievery and tyrannical laws will soon be unleashed upon an unsuspecting mass of already angry voters.
With retail sales hitting the skids and the housing market in some of the larger markets rolling over, not to mention the collapse of mortgage applications, can we be that far from an overwhelming tsunami of financial disaster? The next wave in the ongoing recession/depression will make what happened in 2008 look like a rounding error on a balance sheet.
The latest update from Andy Hoffman paints a realistic picture of what has happened and the potential for the coming months.
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