Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

CBI Currency Auction 12 28 2010


Doc31
 Share

Recommended Posts

Thanks Doc for the information. I am also a long time reader and a first time poster. Your insight into this is very appreciated to me as well. This post was great due to the fact that I have been holding onto my Dinar now for five years and I am wondering when these Dinar are going to RV. I have seen a ton of postings and I must say it has been one hell of a ride.

Thanks again,

Jason

0

* +

* -

Read more:

Link to comment
Share on other sites

Currency Auctions

Announcement No. (1803)

The latest daily currency auction was held in the Central Bank of Iraq on the 28-DEC-2010.

The results were as follows:

DetailsNotesNumber of banks11

Auction price selling dinar / US$1170

Auction price buying dinar / US$-----

Amount sold at auction price (US$)124,178,000

Amount purchased at Auction price (US$)-----

Total offers for buying (US$)124,178,000

Total offers for selling (US$)-----

Exchange rates

Dollar's exchange rates / in Baghdad markets

Spot Oil~$92.27 up a bit and very solid presently

Spot Gold $1403.70 ... spiked up at NY open

Zeroes ... well the CBI webmasters/PTB have decided to keep us in the dark again ... currency auction is listed but the stats on the pdf file are not.

However, (I'm sure that you will see later in an article today or the pdf update tomorrow that) the cash portion totaled 877K or what I've been calling a near zero day because statistically it is insignificant ... what is it telling us though? ... they continue to reqire small adjustments to liquidity inside a moderately low auction that only 11 banks participated in.

So, we are going to call this day 54.

Folks have been asking, "why is IQD still available since it appears to be drying up (either because of hoarding or they are out ... pick a side ... but you are on your own there) and where do they (the retailers) get there IQD? Second answer first ... I am told that GID gets there's through Jordan and that DT gets there's out via Dubai ... although some say directly from Iraq ... dealers choice. Regardless, one of the things that we have been waiting to see is a rise in the retail rate of the IQD ... the rates at DT today are higher ... I don't know what day precisely that this happened but the normal breaks up the scale aren't there ... from 1M to 10M the price is a level $1080 ... while I understand that this is NOT huge, it is significant ... and it could indicate one of a few things:

1) availability of IQD is drying up

2) speculators/investors are gobbling it up and retailers realize that they can raise the price because the market is slammed with buyers

3) both of the above

While we have continued to buy at least once a week every week for the last 13 or 14 months ... last weeks order (before Christmas ) placed Dec 23rd was small and won't be filled until today (28th) for delivery tomorrow (29th)

DT's website states that "orders placed after Dec 26th won't be filled until Jan 7th for delivery Jan 10th! Are we seeing a pattern here? While this can be explained away easily (vacations, holidays, etc) this would appear to be a bit more significant than the price change ... let's just say that it is a fortunate "happenstance" for a currency retailer if the world is expecting something to happen to the major product that a retailer would be holding at such a time. In fairness, it does say, that orders placed on-line will have their prices locked in. Since the majority of their business (their preference) is COD though ... my thinking is that the price is locked but since you haven't paid but only promised to pay that you own nothing. Perhaps I am wrong ... I'm just a common sense kind of guy and this scenario seems logical. More importantly by publishing this on the site they don't lose sales should the RI/RV not occur and don't give up IQD unnecessarily if it does. In my world they call that "prior planning" ... in this case by positioning ... a solid business plan mind you (if true).

Now I'm not going all conspiracy theorist on you again ... we had a really good time with that this weekend when the news was that ... there was absolutely NO news!

I'm just trying to sort out what's what right now ... let's see ... price is up ... availability sketchy ... you decide.

If you didn't read Frank26's post from last night ... do. He points out that the last Thursday of the month is historically higher % rate change days AND that the Iraqi TV is telling Iraqis that the last day of the CBI's year is Thursday, Dec 30th, 2010. I know ... your call ... but don't be blasting Frank ... the man gets 24K to 55K hits/night and is the most quoted/cut/pasted guy on the net ... often without being given credit. If you aren't interested in what he has to say ... it's simple ... don't read him ... you can use my brief synopsis here (or not ... lol)!

He also says that the people are being told that their 2011 budget STARTS 1/1/2011! ... if true, that is monumental (remember, though, this budget is in USD to avoid last years debacle ... yes, that concerns me).

Additionally, Frank26 reports that the CBI has been in audit ... as suggested by Zantac and his posse last week(?).

Let's summarize: high oil and climbing, high gold and spiking up, zeroes continue, price of IQD up, (our) need up. Since I deal in probabilities ... this seems like a nice "window" ... who knows? ... Shabs knows! ... not us ... lol

I'm going to remind you of something else that Frank26 says AND something that I DO because I'm continuously asked how I manage to stay off the rollercoaster ... Frank says not to even read what the GOI is purporting to be news ... but I do read it ... I have to, to get a sense of what is going on even if/especially if it is subterfuge ... keeping my fingers on the pulse, if you will ... however, I do file it in by brain under "noise". I also combine that with buying a bit or a bunch of IQD weekly ... in my mind, for all of their delaying ... I am making them pay! I realize that they will never know and that the notion is preposterous. However, it does wonders for what's between my ears and my heart ... I just smile ... oh, yeah ... we're all in need of some kind ... but doing it the way I do it ... and I will end with this ... I am CONSOLED when I think back on the year and realize that for each week that we had to "suck it up" I have been blessed to acquire more and more IQD to feed kids with (our mission) and that I am so thrilled that it did NOT RI/RV in April (or whenever) ... with that ... making it to/through the next "maybe day" becomes joyful!

When I first purchased IQD it was "IF" it happens ... for a very long time now I have said "WHEN" it happens ... and yes, it will!

Chin up ... peace to all

Doc31

I dont understand...If there still selling dinar at auction wouldnt that be a sign that were a ways from an RV?

  • Upvote 1
Link to comment
Share on other sites

Quality once again Doc were would we be without you

Additionally, Frank26 reports that the CBI has been in audit ... as suggested by Zantac and his posse last week(?).

Adding fuel to the fire as Frank26 is correct, please read the full post below.

To be precise just above bullet point 28 in red

The external auditor will also undertake special audits of (i) CBI Net International

Reserves, and a full count of gold and foreign reserves held at the Central Bank, as

of June 30, 2009, (ii) CBI data reported to the Fund, including, but not limited to, Net

International Reserves, Net Domestic Assets, credit to government and a full count

of gold and foreign reserves held at the Central Bank, as of December 31, 2009,

December 31, 2010, December 31, 2011 and the other test dates during the SBA, and

(iii) procedures surrounding government accounts at the CBI.

Happy New Year DV Vets

  • Upvote 1
Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.