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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (83805)	3/27/2002 10:19:56 AM
From: William Harvey	Read Replies (1) \| Respond to of 116912

Maybe we should put on our "$300" caps like the floor brokers put on their Dow10k caps when the Dow rises above 10k. Gold is on the move again: kitco.com

To: long-gone who wrote (83805)	3/27/2002 10:40:47 AM
From: Richnorth	Respond to of 116912

Mahathir proposes gold dinar for trade straitstimes.asia1.com.sg KUALA LUMPUR (Malaysia) - Prime Minister Datuk Seri Dr Mahathir Mohamad proposed yesterday that the gold dinar be used for international trade to prevent a repeat of the currency crisis which devastated Asia in 1997-98. The veteran Malaysian Premier, who blames 'greedy' currency traders for Asia's downfall in the crisis, said paper currency had no intrinsic value, making the exchange rate 'arbitrary and subject to manipulation as we saw during the Asian financial crisis'. In comparison, the gold dinar had a definite value based on world demand for gold. Any fluctuations were minimal, he said. According to Islamic law, the dinar has a specific weight of gold equivalent to 4.3 g. 'The proposal is to make this dinar a currency for international trade only. It is not meant to replace the currency of any country,' he said while launching a two-day conference on Islamic capital markets. 'The risk of speculation can be reduced to almost nothing. World trade can actually expand because the cost of business will be much reduced.' Dr Mahathir, who is also Finance Minister, said local gold prices would determine the exchange rate for the local currency against the dinar. 'The dinar can be held as central bank reserve. Trade need not be paid in actual dinar but the imports and exports of a pair of trading nations can be balanced and only the difference paid in dinar,' he said. --AFP