First Images of New ISIS Gold Coins Emerge

The first pictures of the new Islamic State’s gold Dinar coin emerged today. ISIS, also known as Daesh, announced last year that there were plans in place to begin minting its own gold-backed currency. Now it seems that those plans have come to fruitiion.
Pictures of the new coins began to circulate on social media last night. They feature a map of the world and seven stalks of wheat, a symbol from the Qur’an. The coins are based off of the original Dinar that was commonly used during the Caliphate of Uthman in the year 634. gold ira
The coins also feature an inscription in Arabic that translates to “The Islamic State – A caliphate based on the doctrine of the Prophet”
Currently, the new gold Dinar coins have a reported exchange rate of $139 and should begin entering circulation soon.
ISIS has been called the world’s richest terrorist organization. The group acquired much of its gold last year when it began selling oil for the metal and reportedly looted more than $425 million dollars from banks in the region last year. The looting allegedly also included a large amount of gold bullion, according to the governor of Nineveh, Atheel al-Nujaifi.
The group has grown considerably in the months since and now controls a significant portion of Iraq and Syria. Their rapid growth can be attributed in part to a savvy social media strategy showcasing its unrelenting savagery. Through its professionally-produced videos of executions of captured “infidels”, Daesh has been able to capture the attention of media outlets around the world.
The ultimate goal of Daesh is to fulfill the prophecy of Muhammed by provoking an all-out holy war with the west. The Qur’an predicts that the apocalypse will begin when the Roman army (often interpreted to mean the west) is defeated at Dabiq, a town near the border of Syria and Turkey. “The Last Hour (of history) would not come until the Romans land at (either) al-A’maq or in Dabiq. An army consisting of the best (soldiers) of the people (the Muslims) of the earth at that time will come from Medina (to counteract them).”
Last year, after the capture and execution of a Jordanian pilot, ISIS announced that they were offering a reward of 100 gold Dinar for every captured coalition fighter.
Several economists have already stated that a gold standard won’t work and will effectively send Daesh back to the stone age. Keynesian economists typically believe that a gold-backed currency is not viable due to the tendency to hoard the metal and not spend it– creating problems with liquidity. This would only be a problem for ISIS if they weren’t already selling oil for it. Oil sales will give the so-called Caliphate a continual influx of new gold.

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