GCC currency peg to gold urged

[Chaka]

http://www.tradearabia.com/tanews/newsdetails_snECO_article87911.html


The GCC should peg its proposed currency to gold rather than the American dollar or euro, in view of the currency fluctuations in the international market, says an expert in currency and gold, according to a media report.

...'Gold is the insurance policy. When the rest of the world will go down on the paper money system, invest at least one percent in gold as insurance,' stressed Lips, adding that today's depreciation limits the purchasing power of paper currencies, whereas gold is a highly liquid asset. 'Returning to gold as a standard will also put a limit to what governments can do,' he said.

[JASONTL]

The GCC has their act together. They will continue to do what is best for their countries. I have been to Dubai a few times, the place is squared away, and getting better every day. These countries are the richest around. I think this would be a good move for them, bad move for us. I don't know if the U.S. would let them do something like this. If the GCC pegs their new currency to gold, and when Iraq joins the GCC, what happens to our investment? I need a calculator to go bowling, so plain english please.

[stargazer1968]

on common currency...
http://www.menafn.com/qn_news_story_s.asp?StoryId=95343

[SEABEE CAN-DO]

The GCC has their act together. They will continue to do what is best for their countries. I have been to Dubai a few times, the place is squared away, and getting better every day. These countries are the richest around. I think this would be a good move for them, bad move for us. I don't know if the U.S. would let them do something like this. If the GCC pegs their new currency to gold, and when Iraq joins the GCC, what happens to our investment? I need a calculator to go bowling, so plain english please.
I say out investment will go through the roof. as long as there is a way to exchange old dinar for new.. My bank account will work just fine... i am hoping for this to happen. it will be 2+ usd to 1 dinar make me so rich i would not think about money again... You know your rich when you dont have to think about money..