gold ~ reality check?, page-2

  1. dub
    32,482 Posts.
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    G'day Chuck,

    That guy should read more than his own articles.


    Source: BBC Monitoring Former Soviet Union - Political
    Publication date: 2002-11-10

    Text of report by Russian news agency ITAR-TASS

    Moscow, 11 November: The Central Bank of Russia today put into circulation the gold coin with the denomination of 25 Roubles and the silver coin with the denomination of 2 Roubles in the "Signs of the Zodiac" series, with the image of Sagittarius depicted on both coins, the bank's external and public relations department reported on Tuesday [as received].

    The gold coin, with gold mass content of 3.11 g, is hallmarked 999, and the silver coin, with silver mass content 15.55 g, is hallmarked 925.

    According to Prime-TASS, a total of 50,000 gold coins and 20,000 silver coins will be put into circulation.

    The averse of both coins, carries the emblem of the Bank of Russia - the double-headed eagle with lowered wings - inside a beaded circle and the semicircular inscription "Bank of Russia" under the eagle.

    The reverse of the coins carries a relief of a centaur with a bow against the background of stars and the sign of Sagittarius constellation on the right-hand side of the coin.

    Publication date: 2002-11-10

    James E. Sinclair
    Chairman & CEO of Tan Range Exploration Corp

    Planning Discussions Initiated
    Saudi Arabia, Oman, United Arab Emirates, Qatar, Kuwait and Bahrain

    Concerning A New
    Group of Six Arab Dinar
    by James Sinclair
    December 12, 2002

    Dear Jim:

    This is the only written hint I have gotten from Germany. But I have read in the “Gulf News” during my recent stay in the United Arab Emirates, that the Group of Six is trying to start a new currency much earlier than 2010 with the new Arab Dinar and they want to fix the Dinar to the Euro instead of the U.S. Dollar.



    “Arabische Golfstaaten bilden 2003 eine Zollunion” (bfai-info) dateline Dubai (bfai)

    A translation of this headline from an official German publication says:
    “The Arab-Gulf Countries Will Form a Custom-Cooperation in 2003.”

    The contents of the article:

    The 6 countries Saudi-Arabia, Oman, United Arab Emirates, Qatar, Kuwait and Bahrain will start a custom-cooperation, which was planned for 2005, changed now to the year 2003.

    These countries will have common customs tariffs beginning from January 2003.

    They will introduce Yemen into this cooperation union and they will have a maximum customs tariff of 5%.

    Beginning in the year 2005, they will prepare the realization of the common currency for later introduction.

    We in the gold community around the world need to keep informed on the fluid and changing nature of what was before only discussion and now seems to be taking a more solid form with definitive dates for introduction, latest. I would appreciate any member seeing accepted media coverage or official government publication on the subject of new Islamic currencies to send, fax or email the data to me for review.

    A movement is clearly taking on an increasingly more solid, defined, knowable and viable form wherein the richest nations outside of the Western Hemisphere are tiring of the “US Dollar Reserve Standard” now in place and the high handed dominance of the IMF & World Bank over their and their client nation’s economies. At the same time, the potential of the Euro is being realized as a semi-Euro/Gold trade settlement system.

    Since all markets are discounting mechanisms that look into the future in order to determine present prices, we must be informed of these developments no matter what our political preferences are. To ignore these developments would be to deny significant realities that are today forming our market prices for Gold and the US dollar.

    © 2002 James E. Sinclair

    KUALA LUMPUR November 26th, 2002 - Malaysia expects to use gold dinars to trade with Islamic countries from mid-2003, a senior government official said Monday. Nor Mohamed Yakcop, economic adviser to Prime Minister Mahathir Mohamad, said Malaysia was now discussing with certain Islamic nations on a new trade settlement system but did not identify the countries. He said the gold dinar would initially be used to facilitate trade payment between two Islamic nations per transaction as part of efforts to bolster trade among Muslim nations. Eventually, the gold dinar would be used to settle trade on a multilateral basis, involving more than two countries at any one time, he was quoted as saying by Bernama news agency. However, Nor Mohamed said the gold dinar would not replace domestic currencies as each would continue to use their own currencies for domestic transactions. The move would be a strong step forward to unite Muslim nations, he added. According to Islamic law, the dinar is a specific weight of gold equivalent to 4.3 grams and its value is based on world demand for gold. Mahathir, who is also finance minister, in March proposed that the gold dinar be used for international trade to prevent a repeat of the currency crisis which devastated Asia in 1997-1998. The veteran Malaysian premier, who blames "greedy" currency traders for Asia's downfall in the crisis, said local gold prices would determine the exchange rate for the local currency against the dinar. The planned usage of the gold dinar would come just a few months before Malaysia hosts the Organisation of Islamic Conference summit in October 2003. - AFP [Emphasis added]

    Also see article in Arab News today.
    "Malaysia hopes to start using Islamic gold dinar in trade"



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