DMT/LESE announces trading in the Gold Dinar. The Gold Dinar is a monetary unit whose value is based purely on the price of gold. An informative, albeit skeptical, article on the Gold Dinar appeared in the January 2002 issue of Wired, which can be found on-line at http://www.wired.com/wired/archive/10.01/egold_pr.html. The Gold Dinar has been defined in slightly different ways, depending on the purity of gold. We have adopted the e-gold standard, which is 4.25 grams of 24 carat gold. There are 31.1034 grams in a troy ounce of gold. This gives the Gold Dinar a value of 4.25/31.1034 = .136641 of an ounce of spot gold. For example, when the price of spot gold is US$311.03 per ounce, the value of 1 (one) Gold Dinar is .136641*US$311.03 = US$42.50. AAn Islamic white paper heralding the Gold Dinar and a bimetallic (gold and silver) standard as "the end of political money" is available at http://www.murabitun.org/WITO/white.html. The minimum trading unit on DMT/LESE is 1 (one) Gold Dinar. Other particulars can be found on the DMT fees page. |