Gold Telegraph
@GoldTelegraph
THE TRACKS ARE BEING BUILT.
What was once deemed unfathomable is now edging closer to becoming reality.
In 2019, The former Prime Minister of Malaysia proposed a common trading currency for East Asia that would be pegged to gold. The concept involved creating a shared currency for settling imports and exports. In late 2023, the current Prime Minister of Malaysia said the government would revisit using the gold dinar as a reserve currency. He went on to say: “If, at present, we were to start using the gold dinar with 5% to 6% of Islamic countries, it would be a positive start because it provides strength and reduces dependence on the dollar…”
This is interesting for many reasons, but one in particular: Within the framework of Sharia law, gold is characterized as a “Ribawi item,” implying that Muslims cannot trade it for anticipated future value or speculative purposes. However, gold is unique in Islamic culture as it can be used as a currency and owned as jewelry. The leadership in Malaysia did signal that the country plans to gradually increase the use of its local currency in trade in the years ahead.
In 2023, Russia’s deputy prime minister said Russia could create an independent financial system with Islamic countries. Russia and Iran are already in the works of building a gold-backed stable to circumvent economic sanctions. Yesterday, The Russian Ambassador to the United States mentioned that the BRICS group of countries could eventually transition to a new payment system utilizing digital currencies or blockchain technology. The BRICS group continues to expand, with more countries expressing interest in joining the economic bloc.
The trail is becoming increasingly clearer, with more and more clues left by its leaders. It is becoming increasingly clear that gold will play a massive role in the Eastern world’s future, as it has in the past. History rhymes. Gold is now at record highs in the majority of fiat currencies around the world.
