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Out Of Mind » DINARIAN SCAMTASTIC NEWS » RV/GCR, GURU CHATTER & NESARA INFO » They're buying what? U.S. investors latch onto Iraqi dinar

They're buying what? U.S. investors latch onto Iraqi dinar

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PurpleSkyz


Admin
Posted in today's Chicago Tribune... sent to me from a fellow dinarian... interesting.


They're buying what? U.S. investors latch onto Iraqi dinar
November 15, 2012|Gertrude Chavez-Dreyfuss | Reuters




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NEW YORK (Reuters) - The U.S. stock market almost wiped out his retirement account, but retired pilot Ronald Scarpa hasn't lost his taste for risk. Lately he has turned to one of the chanciest investments in the world - the Iraqi dinar.
"It's not a question of if, but when Iraq revalues its currency," said the Las Vegas-based Scarpa, who keeps dinars in his retirement account. "The dinar will eventually have substantial value, possibly the highest in the world."



He's not alone in risking his money on an investment that can charitably be described as a long-term turnaround project that will pay off only for the extremely patient. Thousands like Scarpa in America are buying the dinar, hoping someday the war-torn nation can revalue a currency worth just a fraction of a penny.
The fundamentals for buying the dinar are precarious. The United States invaded the country in 2003 and has only recently removed most of its troops. The country's political situation remains unstable, and destabilization in the Middle East - most recently with rockets fired between Israel and the Gaza Strip - could undermine the fledgling republic further.
U.S. retail investors' interest in Iraq's currency is part of a broad push for investment opportunities that will give some yield. Most of them cite near-zero interest on their U.S. savings and certificates of deposits as a reason for buying dinars and other exotic currencies.
The dinar, worth just a tenth of one U.S. cent, is experiencing additional downward pressure as a result of international economic sanctions imposed on neighboring Iran and Syria.
Also, buying the dinar is a task in and of itself. The currency is only traded in Iraq, so it can only be purchased by U.S. customers through a handful of dealers around the U.S. who get their dinars from Iraqi banks. If a customer wants to sell his dinars, the dealer will only buy it back at a 30 percent discount - so no quick trades here.
But Scarpa said he is prepared to wait. The country has the second-largest oil reserves in the Middle East and exports 3.4 million barrels of oil per day, making it one of the world's largest oil producers.
"If the dinar rises to just even a penny, you would have realized a profit of 900 percent," Scarpa said.
WEAK CURRENCY BRINGS IN SPECULATORS
In the last four years, the dinar has barely moved. Since 2008, it has appreciated by just 5 percent against the dollar, and at a tenth of a penny, the Iraqi dinar is the weakest currency among oil-producing Arab nations.
The Kuwaiti dinar is worth about $3.50, while Saudi Arabia's riyal is equivalent to roughly 26 U.S. cents.
The old dinar was worth $3.20 before the United Nations embargo that followed Iraq's invasion of Kuwait in 1990. By August 2002, the dinar had plummeted to a fraction of a penny.
Speculators are betting that given Iraq's potential as an oil-driven economy, the dinar could rise to a value of $1 to $3.
"I looked at the risks and I decided that this is not going to bankrupt me," said 35-year-old Ryan Williams, a former sheriff in Bakersfield, California.


"You invest a couple of hundreds or a couple of thousands of dollars and even if it just appreciated by 10 to 15 percent a year, that's still a lot better than investing in certificates of deposits here."
The Iraqi central bank sells dollars daily at a fixed price of 1,166 dinars through two state-run financial institutions and some private lenders Those institutions set the market rate through sales to customers. The current market rate is 1,215 dinars to one U.S. dollar.
Hassnain Ali Agha, founder of Las Vegas-based currency dealer Dinar Trade, is the biggest U.S. market-maker in Iraq's currency. He also sells other exotic currencies such as Afghanistan's afghani and the Libyan pound.
The United States is a huge market for Agha's firm, which has nearly 900,000 customers, 90 percent of which have purchased dinars. His customers are U.S. mom-and-pop investors - teachers, police officers, and construction workers. He also sold dinars to many U.S. soldiers coming back from Iraq.
Agha, who formerly traded at the Chicago Mercantile Exchange and New York Futures Exchange, himself holds more than $2 million in dinars, he said.
In 2011, Agha said, his firm sold about $577 million in dinars to U.S. customers, most of whom hold dinars for investment purposes.
"People in the U.S. really feel that Iraq is the next frontier market to make money on," said Agha. "There will come a time when the Iraqi government will have to adjust the dinar exchange rate given the country's oil exports. That will start fueling the fire."
Agha sells dinars in 1 million lots for $1,120. For the U.S. investor, however, it has to be a long-term holding. Dinar Trade will buy Iraqi notes at $850 per million, so the dinar would have to appreciate by about 30 percent before an investor could sell and break even.
IRAQIS WANT DOLLARS




 “Darkness cannot drive out darkness: only light can do that. 
H
ate cannot drive out hate: only love can do that.”
 Martin Luther King Jr


Herb Lady


hmmm...... now, why would they put that in the Chicago Tribune??????  ?????? To generate sales this late in the game so everything has to be refigured maybe????????  Or is it leading up to something else????



Take care of the land and the animals and they will take care of you!

Come visit my site at:  http://onenaturesmagic.com/

PurpleSkyz


Admin
The young man that sent this to me is the one that has affiliations with the senator I have mentioned.

So the fact that msm is pushing does not sit well with me... but then again I don't trust anything that is put out there these days. It all smacks of desperation to me.




 “Darkness cannot drive out darkness: only light can do that. 
H
ate cannot drive out hate: only love can do that.”
 Martin Luther King Jr


Herb Lady


It doesn't sit well with me either!  I too am not trusting anything these days.  It does seem awfully funny given the timing and all.  Am getting a bad feeling about it, but I hope I'm wrong!



Take care of the land and the animals and they will take care of you!

Come visit my site at:  http://onenaturesmagic.com/

NanneeRose


Admin
Admin
I have had a really bad feeling about this whole things since the fiasco last week!



It's the simple things, small every day deeds of ordinary folk that keep the darkness at bay. Small acts of kindness and love.......~Gandalf~



Come visit me at www.alleysplace.net
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