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  • Iraqi Dinars

    Has anyone heard of investing in the Iraqi dinars? We have a few at work that have purchased million of dinars hoping that they will increase in value within the next 6 months to a year.


    18th SF Operational Detachment Delta

  • #2
    Re: Iraqi Dinars

    After I read this
    "If post-war Kuwait is any example, they might be right: A Kuwaiti dinar was valued at a about a dime after the war. Each now brings in $3.40."

    Why not throw a couple hundred bucks at it. Its a gamble but its not crazy.
    $200 = 294,920.0 Dinars
    Where are your friends buying their Dinars?

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    • #3
      Re: Iraqi Dinars

      They are purchasing them from USA Currency Excahnge and also Chase bank is selling and buying the Dinar. Chase has 2.5 million Dinar for 1970.00 US.


      18th SF Operational Detachment Delta

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      • #4
        Re: Iraqi Dinars

        hmmmm veeeedy intelesting

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        • #5
          Re: Iraqi Dinars

          Originally posted by TG_Bubba View Post
          They are purchasing them from USA Currency Excahnge
          I can't put my finger on why, but something about that website doesn't sit right with me. The scam alarm is going off in my head.

          In any case, it all seems like a sound idea. However, does anyone have information in regard to how the value of the dinar has changed over the past year or so? I'm not so sure Kuwait is a good example to use in this respect. Kuwait was a country that was functional, got invaded, then returned to normal working status after our interventions. Iraq was a country that was semi-functional, got invaded, and is now more or less in a civil war that could spin on for years.
          [squadl]
          "I am the prettiest african-american, vietnamese..cong..person." -SugarNCamo

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          • #6
            Re: Iraqi Dinars

            The web site has been used by three of my fellow employees with no problems. They ordered and received them COD.


            18th SF Operational Detachment Delta

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            • #7
              Re: Iraqi Dinars

              Yeah, something about that site says "buy now and quick" and "don't think about it, just do it"

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              • #8
                Re: Iraqi Dinars

                Investing in the Dinar is just like investing in any other foreign currency. Whether or not its a good investment depends upon many things, perhaps most importantly your personal knowledge of how foreign currency markets work.

                Other interesting currencies might include several nations that aren't at risk of a major underwriter and security provider pulling out in the near future, etc.

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                • #9
                  Re: Iraqi Dinars

                  I came in here thinkin it'd be about Middle Eastern restaurants/food :-/

                  I'm disappointed.
                  |TG-33rd|Calvin

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                  • #10
                    Re: Iraqi Dinars

                    Originally posted by TG_Bubba View Post
                    They are purchasing them from USA Currency Excahnge and also Chase bank is selling and buying the Dinar. Chase has 2.5 million Dinar for 1970.00 US.
                    I just read this from the currencyexchange site:

                    Q. How can I cash in my Iraqi Dinars?

                    A. We do not repurchase Iraqi Dinar from customers. Until markets develop for the resale of Iraqi Dinars, it may be difficult for you to liquidate your Iraqi Dinars or exchange them for US Dollars.
                    THAT's warm and fuzzy!

                    Also, there's a healthy commission being charged. According to Yahoo finance, the dinar is currently trading at 1,474.6 dinar to the dollar. But you're BEST deal at this site required $7400 down and you only get 1351 dinar for your dollar (the worst deal is the one your friends bought into, and you only get 1250 dinar for your dollar there), and chase is selling you 1269 for the same dollar.

                    So in addition to accepting all the risk, and accepting the fact that you may have a hard time selling your dinar, you're handing someone 10-15 cents for every dollar you invest. Remember that you're very likely to have to pay a commission when you sell them too, and right now there's not a cheap way to sell. Looks to me that you're basically paying 15% on the way in and you'd better expect to pay 15% on your way out too. This means the Dinar has to go up 30% for you to break even.

                    Personally? Pass.

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                    • #11
                      Re: Iraqi Dinars

                      Originally posted by leejo View Post
                      Personally? Pass.
                      How else do you expect the war to pay for itself?
                      In game handle: Steel Scion
                      sigpic

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                      • #12
                        Re: Iraqi Dinars

                        Originally posted by FAQ
                        Q. How can I cash in my Iraqi Dinars?

                        A. We do not repurchase Iraqi Dinar from customers. Until markets develop for the resale of Iraqi Dinars, it may be difficult for you to liquidate your Iraqi Dinars or exchange them for US Dollars.
                        Q. What happens if your prices go down?

                        A. USACurrencyExchange.com reserves the right to change, at any time, its prices for Iraqi Dinars without prior notice. If the prices go down, you will not receive a price adjustment. All sales are final.
                        Q. Do you offer investment advice?

                        A. No. Invest at your own risk. The value of the Iraqi Dinar may go up or down. Accordingly when you decide to sell Iraqi Dinars they may be worth more or less than you originally paid for them.

                        I mean, at least they're candid about it.
                        ~~ Veritas simplex oratio est ~~
                        No matter how far a wizard goes, he will always come back for his hat. --T. Pratchett

                        <---- You know you're getting old when you rely on your forum meta-data to remind you how old you are.

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                        • #13
                          Re: Iraqi Dinars

                          From what I've read it started at 2000 then shortly moved to 14XX. And has been stable. Since Chase Bank is selling dinar, I wonder if they buying them as well. The bottom line for me is: is the payoff to risk ratio proportionate? In this case they are both very high. I just can't imagine an Iraq without Starbucks in 5 years.
                          On the other hand Vietnamese currency turned into toilet paper after the war. Also how many mega-trillions did they have to print in order for every shmuck on earth to have a million dinar? It looks to me that the real bet is whether the US is going to stay in Iraq. Or is there going to be a civil war and the Dinar disappear.
                          Kuwait is a terrible benchmark. But it does make one greedy.
                          I found a 45 page thred on fatwallet
                          http://www.fatwallet.com/forums/mess...hreadid=270766

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                          • #14
                            Re: Iraqi Dinars

                            A phone call to Chase and I found out that they do buy the Dinars. From what I also found out from them is that JP Morgan is one of the few banks operating in Iraq.

                            I found this article a few minutes ago.

                            http://abcnews.go.com/US/story?id=2448772


                            18th SF Operational Detachment Delta

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                            • #15
                              Re: Iraqi Dinars

                              lol Bubba, you might want to check the clipboard before you paste.

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