Iraqi dealers confirm ISIS hoarding gold, precious metals to issue currency – report

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Islamic State militants are reportedly acquiring gold, silver and other precious metals in a bid to further solidify their control over large swathes of Syrian and Iraqi territory by issuing their own currency, Iraqi metal dealers confirmed to McClatchy.

Earlier this month, the militants’ Beit al Mal, an ancient Islamic term which translates as “Treasury Department,” issued a statement announcing the plan. The coins, which they plan to fashion from gold, silver and copper, will be modeled on the 8th century currency of the Umayyad Caliphate.

At the time, experts expressed doubts the militant group had the technological capability and overall knowhow to produce their own modern currency for the territory under their control; roughly one third of Iraq and Syria.

A recent report in McClatchy, however, which draws on interviews with precious metal dealers in northern and western Iraq, would indicate the group is in fact moving ahead to…

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Posted on November 22, 2014, in 1Uncategorized. Bookmark the permalink. Leave a comment.

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