The Gulf Co-operation Council (GCC) single currency, the Gulf dinar, will be issued by the GCC Central Bank.

A single central bank for the Gulf could make the region a formidable international force. With the Gulf’s immense OIL WEALTH backing up the bank, the region could be home to one of the world’s largest central banks in terms of assets, analysts said. [capitalisation mine] (1)

As oil is the only commodity in the world that is large enough for gold to hide in,
gold is hiding in there.

Oil producers do indeed exchange their petro-dollars, which like the dollar itself have no value, for gold.

Oil backing thus means gold backing.

Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/

NOTE

(1)
Gulf ministers talk regional customs union
Sep 08, 2009 at 20:13
GCC currency to be backed by oil http://business.maktoob.com/20090000372142/Gulf_ministers_talk_regional_customs_union/Article.htm
SNIP
A single central bank for the Gulf could make the region a formidable international force. With the Gulf’s immense oil wealth backing up the bank, the region could be home to one of the world’s largest central banks in terms of assets, analysts said.