Return to the Gold Standard

In recent news, the gold standard form of economics is now acceptable in the Islamic finance world. A Bloomberg article talked about the new set of rules approved Nov. 19 to allow gold to be used in the $1.88 trillion Islamic finance business.

With Donald Trump reportedly discussing a return to the gold standard as well, could this lead the way for a United States return to the gold standard or some other implementation? What do you think?

"We fully expect to announce imminently that GLD does qualify,” Natalie Dempster, a managing director of the World Gold Council, said at the conference. Physical gold bars and coins may also qualify, she said. The rules require that a bank selling gold has to offer same-day settlement or has to demonstrate it can provide the exact gold being sold within one day, Dempster said. The standard also applies to silver, according to Hamed Hassan Merah, AAOIFI secretary general.