Thoughts on buying Iraq Dinar? | Forex Factory

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Thoughts on buying Iraq Dinar?

  • #1
  • First Post: Sep 12, 2007 6:44pm Sep 12, 2007 6:44pm
I would love to hear everyone's thoughts about buying Iraq Dinar. If you look at the past year you will see it has risen. any thoughts from this group?
  • #2
  • Sep 12, 2007 8:19pm Sep 12, 2007 8:19pm
who are you trading dinars with??
Relax and be happy.
  • #3
  • Sep 12, 2007 8:22pm Sep 12, 2007 8:22pm
Quoting merlin
who are you trading dinars with??
i would actually have to get them in paper form.

www.safedinar.com
  • #4
  • Sep 12, 2007 8:27pm Sep 12, 2007 8:27pm
very interesting
Relax and be happy.
  • #5
  • Sep 12, 2007 8:32pm Sep 12, 2007 8:32pm
merlin, check out the chart. i am seriously considering buying about 5 million dinar.

http://www.safedinar.com/graph/90day.asp

http://www.safedinar.com/graph/1year.asp

http://www.safedinar.com/graph/3year.asp
  • #6
  • Sep 12, 2007 10:27pm Sep 12, 2007 10:27pm
bmw: go easy, not so fast. Iraqi currency is dominated by political news and oil prices(again political), the current "stability" and foreign investment is causing the high demand. But if say a democrat gets elected back home and the US pulls out and Iraq enters an official civil war in a few months time, you will not know what to do with your dinars. Buying the currency of a nation at war (other than the US - we're always at war ) is a dangerous business.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #7
  • Sep 13, 2007 12:02am Sep 13, 2007 12:02am
I know it's easy to acquire the paper currency. You can order 5 million dinar and UPS will drop it on your doorstep even if you aren't home. A few of my friends have bought it this way. But I don't know of anyone who has actually sold any yet. Anyone out there tried to redeem any of this stuff?
I think there is currently a lot of this being bought online which brings up the question of authenticity. I don't know how you could verify it. The value has gone up, for sure. But with the inherent volatility, the potential for counterfeit, and no easy means to get rid of it, I must play devil's advocate. I hope, for the sake of my friends who've bought it, I am wrong.
When you add Plutonite's fundamental commentary to the mix, it sure looks risky.
  • #8
  • Sep 13, 2007 12:40am Sep 13, 2007 12:40am
Quoting merlin
who are you trading dinars with??
lots of buying at eBay, I bought 1 million a year ago, the new bills have lots of features to check for authenticity.
  • #9
  • Sep 13, 2007 8:15am Sep 13, 2007 8:15am
I bought a million about a year ago as well. I don’t think forgery is a problem as they look very secure and it would probably cost more to print them than they are to buy.

I have forgotten what I paid so it can’t have been very much but the risk/reward looked good at the time.
Just stuff it under the bed and see what happens.

However it did play on my conscience later as I watched the suffering those poor people are going through and I was trying to make a few quid out of it.
Let’s hope the region settles down and the people at last get the decent life they deserve.

Mart
----o00o--°(_)°--o00o----
  • #10
  • Sep 13, 2007 8:19am Sep 13, 2007 8:19am
there are actually banks that will cash it in for you. of course you will get charged a premium but you can exchange it there. I KNOW Whitney Bank does it. At what rate right now i am not sure.
  • #11
  • Sep 13, 2007 8:41am Sep 13, 2007 8:41am
Quoting bmwboyee
there are actually banks that will cash it in for you. of course you will get charged a premium but you can exchange it there. I KNOW Whitney Bank does it. At what rate right now i am not sure.
Call 'em up!!! This would be a fun exercise.
  • #12
  • Sep 13, 2007 9:49am Sep 13, 2007 9:49am
Quoting mart-hart
I bought a million about a year ago as well. I don’t think forgery is a problem as they look very secure and it would probably cost more to print them than they are to buy.

I have forgotten what I paid so it can’t have been very much but the risk/reward looked good at the time.
Just stuff it under the bed and see what happens.

However it did play on my conscience later as I watched the suffering those poor people are going through and I was trying to make a few quid out of it.
Let’s hope the region settles down and the people at last get the decent life they deserve.

Mart

yes, the security features are amazing, it would be very very difficult to forge
  • #13
  • Sep 13, 2007 10:24am Sep 13, 2007 10:24am
With the conversion rate it makes me think of the penny stocks market. Many buying but who has sold so far? Risk/Reward is too much for me. Even for minor amount and that seem to be the justification - whats a couple hundred dollars. Take a shot, no thanks.
  • #14
  • Sep 13, 2007 10:31am Sep 13, 2007 10:31am
Quoting wwwin
yes, the security features are amazing, it would be very very difficult to forge
Yes, good point about the security features. I don't recall what denominations they send that stuff in, but I remember the equivalent of $400 U.S. was a mighty big stack. Probably not worth it to counterfeit. At the time my friends were buying it the provider would have nothing to do with buying it back, at any price. That was a couple years ago though.
I agree with Phil. If you are considering buying it, call around first and see how hard or expensive it is to get rid of it. I haven't heard much about it recently--just what I'm seeing here.
  • #15
  • Sep 13, 2007 10:49am Sep 13, 2007 10:49am
Quoting SunTrader
With the conversion rate it makes me think of the penny stocks market. Many buying but who has sold so far? Risk/Reward is too much for me. Even for minor amount and that seem to be the justification - whats a couple hundred dollars. Take a shot, no thanks.
if you read my post, banks will buy it from you. again, i don't know the rate but if you wanted to call a Whitney bank or even Bank of America, I am sure someone could tell you the conversion rate. the point is you can cash it in.

like warren buffet says, "Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well."
  • #16
  • Sep 13, 2007 11:08am Sep 13, 2007 11:08am
Quoting bmwboyee
if you read my post, banks will buy it from you. again, i don't know the rate but if you wanted to call a Whitney bank or even Bank of America, I am sure someone could tell you the conversion rate. the point is you can cash it in.
Bank of America does not buy or sell Iraqi Dinar. It is not a country listed on their site and just to be sure, I called them. You should check out facts before posting. If you can post the bid/ask for dinar from an actual bank I'm sure we'd all like to see it.
  • #17
  • Sep 13, 2007 11:18am Sep 13, 2007 11:18am
Quoting bmwboyee
if you read my post, banks will buy it from you. again, i don't know the rate but if you wanted to call a Whitney bank or even Bank of America, I am sure someone could tell you the conversion rate. the point is you can cash it in.

like warren buffet says, "Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. Youcan't buy what is popular and do well."
How much has Buffett bought? LOL Its not for me. Maybe some think they have the balls for buying a currency of a country in a civil war. Or maybe it's just a flyer on a couple of hundred dollar investment. Kind of like a ponzi or pyramid scheme I think. But hey maybe they will have the last laugh with a big payday in the future.

Something is worth only what someone else will pay though. Oh BTW a bomb today killed a top Sunni sheik who was cooperating with the US forces.
  • #18
  • Sep 13, 2007 11:20am Sep 13, 2007 11:20am
Quoting philmcgrew
Bank of America does not buy or sell Iraqi Dinar. It is not a country listed on their site and just to be sure, I called them. You should check out facts before posting. If you can post the bid/ask for dinar from an actual bank I'm sure we'd all like to see it.
just so you know, i did check my facts. there is no need to be rude. as you see, i said i KNOW Whitney would exchange it. and i have their bid/ask price also.
  • #19
  • Sep 13, 2007 11:24am Sep 13, 2007 11:24am
.00064719 / .00098739

Just so everyone knows, i do understand the risk/reward with this. I am trying to challenge others to think outside the box as well. I do not like the thoughts of supporting Iraq by buying the dinar but it is something I will put away and I am prepared if i need to use it as toliet paper. I am informed of the risk and I was wanting to know others view on the subject. It is not traded mainstream and i am sure that is why many think nothing but negative things about it. but it can be sold like i stated before so i am not that worried about it.

and to make things clear:

WHITNEY BANK WILL EXCHANGE IRAQ DINAR! this has been confirmed. you can all 1-504-586-3636 and ask for yourself. the man's name is Paul.
  • #20
  • Sep 13, 2007 12:42pm Sep 13, 2007 12:42pm
That's the equivelant of someone offering to buy 1 US Dollar for 82 cents or selling it to you for $1.25. I wouldn't mind being the bank on that one.
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