(Gulf currency union pact ‘enters into effect’
Dec 15, 2009 at 14:30
http://business.maktoob.com/20090000407894/Gulf_currency_union_pact_enters_into_effect_/Article.htm

IN REPLY TO:
What prevents the DGS from leasing the gold bar allocated to your ETF?

MR COOPER SAYS:
Ed Note: DGS no longer legally owns the gold so of course it can not lease it out. I sat with their lawyer and went through the entire sale process and believe me this would be illegal. Why would officials with nothing to gain do this knowing it to be illegal? You have to come up with a pretty convincing conspiracy theory to make this charge.

Ed Note: Philosophy apart, yes in both the PMDS and DGS scheme you do own physical gold – what do you think you are holding? Plastic Bags? The issue here is security, and having gold in your at home is not secure – do you disagree? Perhaps you have Fort Knox in your basement – but that would be an even bigger security risk, would it not?

IVO CONTINUES:

Mr Cooper says:
The issue here is security, and having gold in your at home is not secure – do you disagree?

and said before:
Perth Mint Depository System in Australia from a AAA-rated, 100 per cent government owned institution

I, Ivo, disagree that guv’mint can provide security.
Guv’mint rests on taxation and the difference between taxation and theft is that the thief does not come back (return?) periodically nor does she pretend to be stealing in the public interest

AND IVO CONFIRMS

At the Dubai Gold SECURITIES exchange, one can only own securities.
At the Perth Mint Depository System, the metal is unallocated.
In both cases, you have only your paper. No metal whatsoever.
Is paper secure?
Yes, the banksters will tell you that having a claim to something means possessing the real thing.
It’s policies such as those Mr Cooper is advocating which have led to Fort Knox being empty now.

Since Aristotle, there is something like the principle of non-contradiction (PNC) which says that it is impossible to be and not to be at the same time and in the same respect.

This principle is only applicable to human thought, not, as many authors argue, to reality.(Fernand Van Steenberghen, (F-X De Guibert, éd.), “Philosophie fondamentale”, Longueuil, Québec, Editions du Préambule, 1989, p. 296 note)

On the hand, you are saying that the Dubai Gold SECURITIES exchange traded fund is the perfect local solution. On the other hand, you are saying that PHYSICAL gold can be stored at the Perth Mint Depository System.

The applicability of the PNC to thought only explains why you can still get away with this apparent contradiction.

Indeed, the contradiction (securities vs. physical gold) is only apparent. You are stressing that the gold which would be stored at the Perth Mint Depository System is UNALLOCATED.

Now, do you want your readers to invest in physical gold or in paper?

You conclude that the place to keep gold is in a vault and you urge your readers not to carry it around in their luggage.

Carry around what?

At the Dubai Gold Securities exchange, it is only paper. At the Perth Mint Depository System it is unallocated. In neither case do your readers own a physical ounce of gold.

How could your readers carry that no-gold around in their luggage?

Ivo Cerckel

We need to put this Peter J Cooper guy on his place!
His latest gold article actually bashes physical gold owners and advocated gold ETF’s. Please comment on the article to tell him your thougts!

http://arabianmoney.net/2009/11/11/dubai-gold-heist-highlights-value-of-etfs-and-vaults/

Best regards!

Jeroen

Google Web Alert for: ECB president Trichet should resign!

Ivo Cerckel (IvoCerckel) on Twitter
Oct 22, 2009 … ECB president Trichet should resign! http://bit.ly/413FEi He spoke about EU Lisbon treaty,w/o mentioning what the treaty does to ECB …

No signs of diversificationnaway from dollar: Jasser
Monday, 02 November 2009 - 15 Thul-Qedah 1430 H
http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2009110253316
SMIP
KUWAIT CITY – The Governor of the Saudi Arabian Monetary Agency (SAMA) has said that there are no signs in the Kingdom of a move to “diversify assets away from the US dollar” and that he expects Saudi bank lending rates to continue rise. UNSNIP

But yesterday Governor Al-Jasser said that denominating oil sales in US dollars does not necessarily mean that payments from those sales are received in US dollars or that investments would be done in US dollars either.

Still, all of SAMA’s assets are denominated in US dollar?

Who said Gulf Monetary Union was about a Gulf single currency?

GMU is only about marking the GMU’s gold reserves to market (marking to market – MTM) by the Gulf Monetary Council (GMC)

As oil is the only commodity that is large enough for gold to hide in, gold is hiding in there. Oil producers do exchange the petrodollar for gold.

CME to list new Saudi benchmark
01 November 2009
http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2009110153202
SNIP
JEDDAH - The Chicago Mercantile Exchange (CME) Group - the world’s largest and most diverse derivatives marketplace - said that it was launching trading and clearing services for cash-settled swap futures on the Argus Sour Crude Index (ASCI), which is the new benchmark for Saudi oil.
The contract is scheduled to launch Nov. 23 on the NYMEX trading floor and will be cleared through CME Clearport.

says Mohammad Al Jasser, head of the Saudi Arabian Monetary Agency, the Saudi Central Bank

Gulf single currency may face delay: bank chief
(AFP) – 14 hours ago
http://www.google.com/hostednews/afp/article/ALeqM5j6Z28so_KDi4ZXzuUF3N44aihqVQ

Gulf monetary council ‘on track’
2009/11/01 17:47:11 GMT
http://news.bbc.co.uk/2/hi/business/8336866.stm