Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

GCC must peg single currency to gold

Today Tuesday, the Gulf Co-operation Council is discussing whether to peg a planned unified currency to a basket, US dollar, or another single currency  (1)
 
Qatar's ruler, Sheikh Hamad bin Khalifa Al Thani, said last week at the Gas Exporting Countries Forum meeting that natural gas prices are too low and wants them to be linked to the price of crude oil.  (2)
 
As oil is the only commodity in the world that is large enough for gold to hide in, gold is hiding in there. The GCC oil producers and exporters do indeed exchange their petro-dollars, which like the dollar itself have no value, for gold. Oil backing thus means gold backing.
 
The GCC should peg its single currency to gold.
 
It is the movement of gold in the hidden background that has kept oil and gas at these low prices.
 
Oil and gas must be billed at their correct "value" in an honest currency and this correct billing must be reflected in FreeGold.
 
Ivo Cerckel


NOTES
 
(1)
Gulf states aim to decide on single-currency
Dec 15, 2009 at 00:54
http://business.maktoob.com/20090000407586/Gulf_states_aim_to_decide_on_single_currency/Article.htm
SNIP
KUWAIT CITY - Gulf states will aim to decide by 2010 on whether to peg a planned unified currency to a basket, the U.S. dollar, or another single currency, Kuwait's Finance Minister told Zawya Dow Jones in an interview.
+
Al Shimali added that the currency will be discussed Tuesday
 
(2)
Qatari emir wants gas prices tied to oil
 Associated Press
2009-12-09 05:53 PM   
http://www.etaiwannews.com/etn/news_content.php?id=1128360&lang=eng_news