GCC = Gulf Co-operation Council

Lowest since Feb. 04
FRONT PAGE – Saturday, 20 December 2008 – 22 Thul-Hijjah 1429 H
http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2008122024647
SNIP
LONDON – US light crude for January delivery fell $2.64 to $33.58 a barrel early Friday. It earlier touched $33.44, the lowest since early February 2004.

COMMENT – Muscat Summit must pool GCC gold reserves
As oil is the only commodity in the world that is large enough for gold to hide in, the 29 and 30 December 2008 Muscat GCC Summit should, in order to achieve higher oil prices, decide to immediately pool the GCC gold reserves, make this pool the reserves of the future Khaliji and periodically mark these reserves to market (-price). In that case, every increase in the price of gold will automatically lead to an increase in the price of oil.

Muscat Summit will see launch of GCC Monetary Fund — secretary general
KUNA (Kuwait News Agency)
http://www.zawya.com/story.cfm/sidKUN0016081220081515/Muscat%20Summit%20will%20see%20launch%20of%20GCC%20Monetary%20Fund
SNIP
RIYADH, Dec 20 (KUNA) — The GCC Summit in Muscat will see the launch of the GCC Monetary Fund, as well as a discussion of all obstacles in the way of economic cooperation and integration among the six member states, said GCC Secretary General Abdulrahman Al-Attiyah on Saturday.
In a statement published by Okath newspaper, Al-Attiyah said the economic dossier would feature strongly in the summit, which was expected to launch the GCC Monetary Union and its Monetary Council, thereby paving the way for establishing the GCC Central Bank.

Ivo:
No more talk of a single currency.

Only of the marking to market of the GCC gold reserves by the GCC Monetary Council, the precursor to the GCC Central Bank

That’s FreeGold.