Question on Iraqi dinar

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docmims's picture
docmims
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Posts: 644
Question on Iraqi dinar

One of my colleagues has been urging for about 3 years to buy Iraqi Dinars.  This Iraqi currency was devalued from par to the dollar to approximately 1000 dinar to the dollar currently.  The US treasury is currently holding 4 Trillion or so Dinars and Central banks are holding tens of trillions more.  My buddy is convinced that when the Iraqi coalition government is formed this or early next month: the Iraqi currency is going to be revalued back close to par at about .82 USD per dinar.  I've been telling him dude, dump, the fiat and go with silver and maybe gold, but he's one of the Haarvard grads and is sure he is in on the inside.  He says they are going to back the dinar with Iraqi oil reserves and Iraq will be  the  leading oil producer.

 

I'm thinking to myself, though:

If the dinar rises 8000 percent the Iraqi people will be ecstatic, because the pocket money will rise 8000 while quietly and behind the scenes Obama's deficit gets "fixed" right before the elections and the central banks will loot the entire Iraqi oil reserves, because they hold the vast majority of the currency at the current time.

Definately looney conspiracy theory, right?  I bought a million dinar just now for $1040.00 mainly because I  would rather lose 1000 than listen to my buddy rubbing it in later.

Anyway this is for your amusement if you want to really gamble.  Otherwise i think gold and silver are still the best protection out there.

Jager06's picture
Jager06
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Joined: Dec 2 2009
Posts: 395
Re: Question on Iraqi dinar

The Dinar was 1400:1 when I was there. Same thing happened after we left Kuwait, the Kuwaiti Dinar re-appreciated and thoise that were left holding the cash won big.

Good luck. I bought a million while in country for shits and grins.

SagerXX's picture
SagerXX
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Joined: Feb 11 2009
Posts: 2252
Re: Question on Iraqi dinar

Where does one buy Iraqi dinars?  I don't imagine my local credit union has a basket of them in the back room...

LogansRun's picture
LogansRun
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docmims's picture
docmims
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Posts: 644
Re: Question on Iraqi dinar

Thanks Logan:

I realize it is a possible scam huge markup buy at 840 sell 1040 similar to Monex and the rest of the retail gold sellers.  The problem seems to boil down to the fact that the market is illiquid whick could change if the Iraqi's get a legit govt.  I am not recommending this as an investment.  It is definately a gamble.

Jager06's picture
Jager06
Status: Gold Member (Offline)
Joined: Dec 2 2009
Posts: 395
Re: Question on Iraqi dinar

Dang. I bought mine in Karrada District of South Baghdad, the market about a klik outside the Green Zone.

I am hanging onto what I bought. How else could I be a millionaire? And who knows, Baghdad could go back to it's "Paris on the Tigris" reputation of the 1930's. It might be worth a trip back.

We shall see in the next ten years I imagine.

 

SagerXX's picture
SagerXX
Status: Diamond Member (Offline)
Joined: Feb 11 2009
Posts: 2252
Re: Question on Iraqi dinar

Huh.  If I already had, say, 40k invested in PMs and no debt, I'd take a $1k flyer on the dinar story.  It's no less cheesy a strategy than the DOW/S&P/NASDAQ these days (IMO)...<smile>

 

LogansRun's picture
LogansRun
Status: Diamond Member (Offline)
Joined: Mar 18 2009
Posts: 1444
Re: Question on Iraqi dinar

In all reality, I'll probably end up doing it myself if I can find a reputable dealer of the currency.  But if I'm buying it from a middleman entity with "no name" stuck to it, I won't.  I don't want to give the thugs anymore money than I have to.  

I still have 250k in rubles (of the RUR type) from the early 90's that I'd gladly trade for some dinars!?!Tongue outMoney mouth

docmims's picture
docmims
Status: Platinum Member (Offline)
Joined: Jun 17 2009
Posts: 644
Re: Question on Iraqi dinar

Well.  You know, all the hype is that the US wants to support the new Iraqi government financially so they won't let the Dinar fail.  It is just my take that backing the Dinar with oil would be a nice sneaky underhanded way for the central bankers to steal all the Iraqi oil reserves, since they own the majority of Dinars  Just my little conspiracy mind on why the central banks are holding all the Dinars.

Travlin's picture
Travlin
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Joined: Apr 15 2010
Posts: 1322
Re: Question on Iraqi dinar

LogansRun

As I write this your posts count is 1,000, and in exactly 18 months!  Thanks for keeping our forums active and interesting.

Travlin 

LogansRun's picture
LogansRun
Status: Diamond Member (Offline)
Joined: Mar 18 2009
Posts: 1444
Re: Question on Iraqi dinar

Actually hadn't noticed!  Thanks for the kind words.

Travlin wrote:

LogansRun

As I write this your posts count is 1,000, and in exactly 18 months!  Thanks for keeping our forums active and interesting.

Travlin 

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