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DMT/LESE announces trading in the Silver Dirham. The Silver Dirham is a monetary unit whose value is based purely on the price of silver. An informative, albeit skeptical, article on the Silver Dirham (as well as 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 Silver Dirham has been defined in slightly different ways, depending on the purity of silver. We have adopted a standard which defines a silver dirham as 3.11034 grams of silver of .999 fineness. There are 31.1034 grams in a troy ounce of silver. This gives 10 Silver Dirhams a value of 10*3.11034/31.1034 = 1.0 ounce of spot silver. For example, when the price of spot silver is US$4.85 per ounce, the value of 10 (ten) Silver Dirhams is also US$4.85. The value of 1 (one) Silver Dirham is, in that case, $4.85/10 = $0.485. An Islamic white paper heralding the Gold Dinar, Silver Dirham 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 10 (ten) Silver Dirhams (10 Silver Dirhams are equivalent to one ounce of spot silver). Other particulars can be found on the DMT fees page. |
