YoungGunner
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Anybody here buying up the Iraqi Dinar before re-evaluation? I have the chance to buy about $3.5m in IRD, just curious if anyone else here is also buying.
The Dinar
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I wouldn't buy it. IMO it may be as bad as euro.
Everybody has the chance to buy Iraqi Dinars, it's no big deal, why would you do that? Did you by any chance get a cold call offering you the chance of a lifetime?
People have been buying Iraqi Dinars since 2003, how many of them have made money? When is it going to be 'revalued'?
People have been buying Iraqi Dinars since 2003, how many of them have made money? When is it going to be 'revalued'?
YoungGunner
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The only reason I am even considering it is because they are about to restructure the denomination system which if they do will bring value back up to close to what it was pre-2004. Also word on the street is Obama has big plans for the Dinar, the American economy, and his upcoming re-election campain.
Yeah and it must be worth at least as much as the Kuwaiti Dinar because Iraq has more oil. Heard it all before. Whoever is feeding you this nonsense is probably out to rip you off.
YoungGunner
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No call for offers of a lifetime, simply made a few phone calls to my bank to see if the deal in international currecy exchange. No one has made money since 2003 because the country has been in ruins and under a ruthless dictatorship until recently, in case you missed all that in the media. Now that te government is restabilized the industry should be picking up rather quickly.
YoungGunner
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So your saying that the Dinar will never gain any value period?
YoungGunner
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No I'm saying you're never going to make money listening to mumbo jumbo about 're-evaluations' and 'word on the street' about Obama's big plans. Even it were true do you think you were the first to figure it out? You don't think the banks would have been buying it for months?
wackypete2
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You are betting on THIS quote from the wsj??
Your investment is extremely risky for many reasons. The US is supposedly pulling out in the next 12-18 months. I wouldn't be holding dinars then. Just my opinion.
Good luck with that.
Peter
You mean 3.5 million Iraqi Dinars, right? Not 3.5 million US Dollars surely.
Suppose you needed sell or lost faith and wanted to sell before they are listed. What is the spread? I would imagine it is absolutely massive. That is if you could find a market to sell them. Is there any liquidity at all? I bet there is not. I reckon you would lose a fortune in costs alone.
YoungGunner
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Definitely not planning on holding them that long. Any investment is risky is it not?
It's not buying and selling, it's converting currency. Do you know what $1m IRD is in US? Less than $1200 and I'm not the only one my bank told me it would take about a week to get the currency transfered because of the current high demand for Dinars in the US.
wackypete2
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That's a meaningless general statement.
You wouldn't compare the risk in dinars to the risk in US or German bonds, right?
You still have to convert them back someday. Ask your bank how much you would get to convert the same amount of Dinars into dollars. My guess is you'd see a fairly large difference (loss).
All we are saying is be sure to understand what you are getting into instead of just listening to someone's tip or reading a slanted wsj article. How sure are you that the potential reward justifies the initial investment? It's possible you could lose most or all of it very quickly.
Peter
YoungGunner
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I understand that the Dinar has left a very sour taste in a lot of peoples mouths and that yes, I should be very hesitant to throw money towards foriegn currency. The whole intention of this thread is to gather information and to hear different opinions. My local sources that are encourging me to convert how no monatary motives and are NOT your average joe from up the street. One is a very well known public official and the other owns a muti-million dollar construction company.
thepixelpusher
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So now it's 2014 YoungGunner, how do feel about that public official and the owner of the multi-million construction company? The Dinar RV was always just a few days or months away from some secret unnamed source. Do you get the feeling you are alone and you're holding an empty bag with the other people long gone with your hard-earned money? It's the oldest scam in the book. You pay into a sure deal and you just have to wait for it to appear. In the meantime the anonymous crooks are long gone with your money while you wait to be a millionaire. Seems like the Zimbabwe Prince's email offer sounded like a scam to you, but you fell for this one.
