If You Own GLD, You Don’t Own Gold
“Gold is in a bull market but central bankers do not want the public to buy physical gold and silver to hedge against inflation and deflation or hyperinflation.”
Here are some sources I trust:
- Gold Money – overseas vault storage and allows you to withdraw in other currencies
- APMEX Gold and Silver
- Golden Eagle Coins – or any local coin collector, really
- Gold Silver – a good source of info and you can buy precious metals (but it’s a tad pricier)
- Again, I would NOT touch ETFs like GLD at all. Stay far, far away.
Although some Brothers and Sisters expressed concern about GoldMoney.com citing fatawa (Jazakum Allahu khairun to all of you), but there is a big misunderstanding. GoldMoney.com does not allow you to pay now and actually get the gold later. Instead, you are transferring money into your account. It lives in your account much like your (fake, fiat) dollars live in a bank account now. Once the dollars are in your GoldMoney account, you can then buy gold, silver, palladium, or platinum with it. The moment you buy it, it is yours. Granted, you are not touching it when you buy it, but there is no time delay.
Here is the fatwa cited: http://www.islamqa.com/en/ref/65919/gold
And here is one of the comments (from an anonymous reader): “My friend, be careful when dealing with these gold websites. I am not in a position to say this because I do not know any fatwas related to this but from my knowledge when trading in gold the transaction must happen immediately, the money payed and the gold received, otherwise it is not lawful. Please look further into this because I don’t know whether ETF’s are halal or haram.”
Again, jazakAllahu khairun for your comments. I advise all of you to consider owning gold, but to look into the Islamic rules regarding the proper way of doing so. Allah knows best.