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Is this a weird way of wording that they're putting the gold up as collateral for a loan or what?
What value does someone get out of leasing a chunk of expensive metal, surely you can't use it for anything if it's just a lease in a traditional sense as you assumedly need to return it in the same condition
I can literally just think of props in movies or something, but that's ridiculous to me given no one cares if it's real on screen
It seems more like the futures market. The jewelers are "buying" gold at the current price to make things with gold, and they will need to repay the same amount of gold. If the price goes up, the jewelers will be paying more at that time, and the owners make a profit. If the price goes down, the owners lose money (same as if they simply held it)
Basically the borrowers are using gold-to-gold loans instead of cash loans to buy gold to avoid problems like price fluctuations.
They're using the gold for jewelry making or industrial processes, and then returning different gold with interest paid back in gold.
So the lenders are lending out gold, and getting back more gold as interest with no money changing hands.
my unpopular opinion was that this is very near sound money in islam (gold or silver) until I saw the interest part which is forbidden in islam.
It's probably something like the loan thing, but wackier
Financial people lose the plot regularly, but they get real creative when it comes to the super wealthy. Time and time again, they'll take on all the risk for basically reward, all just to chase a whale
Probably some stablecoin bullshit; they have to have assets to back a coin to .ale it seem legit, as long as use of coin goes up faster than price gold they'll be able to keep up the scheme? Wonder how that's working out in the last week with crypto crashing and speculators realizing gravity exists?