OPEC President Chakib Khelil told Reuters on Friday 19 December 2008 that some OPEC oil ministers will be able to consult further on the state of the market at the Arab Economic Summit to be held in Kuwait on 19-20 January 2009. (1)

The Summit’s aim is to find a comprehensive joint Arab vision to face the economic challenges, by accelerating the Arab joint market establishment. (2)

The 14 January 2009 preparatory meeting for the Summit will be a meeting for Arab Finance Ministers and governors of central banks. (3)

The 29 and 30 December 2008 Muscat, Oman, Gulf Co-operation Council (GCC) Summit will set up the 2009 Gulf Monetary Council (GMC), a precursor to the 2010 Gulf Central Bank (GCB).

Gold is hiding in oil because oil is the only commodity in the world that is large enough for gold to hide in.
If the GCC Summit will pool the GCC gold reserves, make this pool the reserves of the Khaliji, the GCC single currency, and periodically mark these reserves to market (-price), then every increase in the price of gold will automatically lead to an increase in the price of oil. By same token, the present indecently low USA dollar-denominated oil prices will immediately come to an end.

At the Kuwait Arab Economic Summit, the decision could then be taken to immediately price oil in Honest Money, to immediately price oil in Khaliji.

That’s how the Arab Economic Summit to be held in Kuwait on 19-20 January 2009 could be the cornerstone for Arab economic and social development.

Ivo Cerckel
Siquijor, 22 December 2008

(1)
OPEC president says oil price has found floor
Fri Dec 19, 2008 9:37am GMT
http://uk.reuters.com/article/businessNews/idUKENG00045920081219

(2)
Determined to make Kuwait economic summit a success – official …
Dec 21, 2008
]http://www.menafn.com/qn_news_story_s.asp?StoryId=1093225534

(3)
Kuwaiti official visits Damascus to discuss Arab Economic Summit
21 December, 2008 06:10:00
http://www.uaedailynews.com/middleeast/126.html