ATTENTION GRABBING!

[jordan33]

From a very close friend of mine ...

"Over a year ago I put two and two together and thought of the #1 precious metal that is in Iraq, GOLD. It therefore seems plausible that in an unfolding RV, if anything would go up first, it would be Gold. So I have been watching the IQD and Gold on Coinmill.com for about a year.

For a long time, and as of this past Sunday, 1,000,000 Dinar would buy .6 oz. of gold according to Coinmill. That is consistent with their long-standing currency rate of 1 USD = 1,174 IQD.

However, since this past Monday, Coinmill has consistently been showing a very interesting (and very different) set of numbers …

Go here http://coinmill.com.

Under the “All Currencies” headline, select Iraqi Dinar. Enter a quantity of 1,000,000 (without the commas) and click on Convert.

Scroll down, looking in the rightmost column until you find “Ounces of Gold (XAU)”. Notice that the value given is now 536.65 or so (it varies slightly).

The exact same value appears under Special Drawing Right (SDR) in the leftmost column.

If my math is right, this is equal to 86¢ US per Dinar (or $860,000 US per million Dinar)."

Of course, this could be a new glitch that has persisted all week, but it sure is attention-grabbing!

Does not look like a glitch i think that is the value of 1,000,000 dinar in gold according to this converter. 1,000,000 iqd=855.36 usd 855.36usd= 537.14 in gold same as 1,000,000 in iqd this looks like value not the amount of ounces in gold

Read more:

[PartyTime]

Does not look like a glitch i think that is the value of 1,000,000 dinar in gold according to this converter. 1,000,000 iqd=855.36 usd 855.36usd= 537.14 in gold same as 1,000,000 in iqd this looks like value not the amount of ounces in gold

Read more:

It was for 587 ounces of gold for 1,000,000 dinar.

If you change it to covert gold by putting 587 ounces of gold then covert that it shows 1,097,000 dinar

[TQueezy]

Does not look like a glitch i think that is the value of 1,000,000 dinar in gold according to this converter. 1,000,000 iqd=855.36 usd 855.36usd= 537.14 in gold same as 1,000,000 in iqd this looks like value not the amount of ounces in gold

Read more:

Exactly, the gold figure is what is causing a problem... it's not 536.65 ounces of gold, it's the value of gold represented by the comparison of IQD to USD in some other ratio. Look at 1 USD... it's 0.628 Ounces of Gold (XAU). What does that mean? $1 = 0.628 ounces of gold? I don't think so, not with today's market numbers or even the IMF regulated country gold value, at somewhere around $41 and ounce of gold to $1. Also, the SDR and Gold conversion is the same on that chart, so something is amiss with the formula or how we're reading those values, as SDRs and Ounces of Gold are not a currency value but rather a value inherent in a commodity or physical item. It's probably not showing correctly.

We need someone smart on this...

[mojack]

There is a MAJOR glitch on that site.

IF one was to convert 1 ounce of Gold into various currencies one ends up with an ounce of gold equaling $1.51 CAD where gold is roughly about $1,600 an ounce.

I think any calculations made based on an ounce of gold ... are NOT worth their weight in gold !!!

Yep ... like it's 3 decimal points off.

[PartyTime]

Nope, sorry Charlie..... US = $855.36

The glitch only shows up in the gold column. $1,000,000 dinar coverts to showing 587 ounces of gold

If you change the converter to convert gold to show the currency values it shows 587 ounces og gold = 1,097,000 dinar

None of the other currency nor silver shows this glitch. They still show the current rate

[number9]

First yahoo's "glitch" now gold?

Hopefully forex and cbi's website starts "glitching" soon too

I hear that!

[Babosa]

Enter the amount to be converted in the box to the left of the currency and press the "convert" button. To show Iraqi Dinar and just one other currency click on any other currency.

The Iraqi Dinar is the currency in Iraq (IQ, IRQ). The exchange rate for the Iraqi Dinar was last updated on July 22, 2011 from Yahoo Finance. The IQD conversion factor has 5 significant digits.

it seems the coinmill is using the same currency exchange that all the other "glitches" are tied to

sorry guys and gals but all glitches seem to be tied to yahoo finance.

Edited July 22, 2011 by Babosa

[BJinMontreal]

Does not look like a glitch i think that is the value of 1,000,000 dinar in gold according to this converter. 1,000,000 iqd=855.36 usd 855.36usd= 537.14 in gold same as 1,000,000 in iqd this looks like value not the amount of ounces in gold

Read more:

How can it NOT be a glitch IF 1 ounce of silver is showing as $38.23 CAD on the Coinmill site (and silver is showing at $38.94 on the TDWaterhouse site) RIGHT !!!

-AND -

1 ounce of gold is showing as $1.51 CAD on the Coinmill site (and gold is showing at $1,586.80 on the TDWaterhouse site) WRONG !!!!

Comparing the USD to the IQD based on an incorrect gold factor doesn't prove any point - because you are using the same flawed factor in both parts of the calculation.

It's like comparing the USD to the price of a tooth and using that price of a tooth to get back to the IQD.

Bottom line still is $1,000 USD = 1,169,000 IQD.

[TQueezy]

Here's another site corroborating strange "exchange rates" for XAU to currencies... 1 XAU = 1.6115 USD.

Whiskey Tango Foxtrot...

http://www.forexticket.co.uk/en/currency/converter-XAU

[jordan33]

How can it NOT be a glitch IF 1 ounce of silver is showing as $38.23 CAD on the Coinmill site (and silver is showing at $38.94 on the TDWaterhouse site) RIGHT !!!

-AND -

1 ounce of gold is showing as $1.51 CAD on the Coinmill site (and gold is showing at $1,586.80 on the TDWaterhouse site) WRONG !!!!

Comparing the USD to the IQD based on an incorrect gold factor doesn't prove any point - because you are using the same flawed factor in both parts of the calculation.

It's like comparing the USD to the price of a tooth and using that price of a tooth to get back to the IQD.

Bottom line still is $1,000 USD = 1,169,000 IQD.

you are correct sir! this system is flawed based on those numbers. It just seemed as if the initial post was suggesting that 1mil in dinar would get you 537.14 ounces of gold, when it seemed more likely it was showing the value of 1mil dinar in gold would be $537.14 usd I thought the price of gold was in usd but even with what im saying i guess its still not correct because with the price of gold being $1,586.80 or $1,589.66 on goldprice.org it still doesnt add up.

[en1gma]

Maybe its anonymous oOo

[bekah08]

Look at this forex snap shot!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Look at today's History column on right!!!!!!!!!!!!!!!!!!!!!!!

http://www.forexworl....com/3181/3181/

http://www.forexworl....com/3181/3181/

[LA2009]

another glitch :-)

http://www.exchangerates.org.uk/IQD-USD-21_07_2011-exchange-rate-history.html

[NMGarand]

So, following your lead I multiplied 21,260 ounces of silver (instead of 21.260 ounces) by $40.00 and

and came up with $850,400.00 . And 537.14 ounces of gold is already determined to be $859,424.00

by others in previous posts. Someone might be playing with the converter or we might be excluded

by someones slight of hand in the banking industry. And so does anyone know where I can buy gold

or silver at these rates in direct exchange for Iraqi dinar? I do mean to use the higher quote by me of

the silver quantity of course. I think it reflects a more accurate comparison to the gold rate of

conversion. But thats just me talking! First one there with their wheelbarrow wins!

NMGarand

[cy2314]

This converter must be messed up. If you go into the global converter section

 and input a 1 in the box to the left of "ounces of gold" and then click on the convert button, the box to the left of "united states dollar" says 1.59.  I'm pretty sure one ounce of gold costs more than $1.59!

[FrankenSLI]

No complaints here for .86

[A.J]

You no off the subject but I started thinking with the whole tax thing what if when it Rvs instead of cashing in u buy gold with the Iqd then u cash the gold in there would be no tax unless u we're to make a profit with the gold just a thought.

[binko]

It was for 587 ounces of gold for 1,000,000 dinar.

If you change it to covert gold by putting 587 ounces of gold then covert that it shows 1,097,000 dinar

Yes its a good solid glitch. Silver and other currencies not glitched but yes I don't mind buying 587oz of pure gold with my 1mill dinar. Nice Glitch. And a conversion rate of $.86 seems very coincidental to valuations we have been hearing......over all nice thumbs up.

Edited July 22, 2011 by binko

[wbuse984]

Very Nice Find

[tommyboy]

You can click on ounces in gold on the coverter and then put 1 in for 1 ounce of gold and click covert and that gives you 2,000 dinar.

10 ounces = 18,500 dinar

16 ounce which would be 1 pound of gold shows 30,000 dinar.

But it doesn't give a different rate for silver. 1 oz silver shows 47,000 dinar

None the less, interesting

Gold is measured in TROY ounces. A troy ounce is about 31.1 grams and an AVP ounce is about 28.3 grams. Also, there is only 12 troy ounces to a troy pound, but 16 avoirduprois ounces (avp, used in the US) to an avp pound. You do the math; my head hurts.

[TFK]

You no off the subject but I started thinking with the whole tax thing what if when it Rvs instead of cashing in u buy gold with the Iqd then u cash the gold in there would be no tax unless u we're to make a profit with the gold just a thought.

Keep thinking like that!

You'll be looking through steel bars for a few years!

[mikep05]

1000.00 usd =623.229 ounces of gold check for yourself

[jbird129]

It has to be a glitch because it only converts to 21oz of silver and silver is definitely not more valuable than gold.

[wavggg]

Do it the other way (selecting USD as the basis) and then look and you'll see that it is all as it should be. So yes, it is a glitch.

Otherwise, one could just go and buy Gold right now with Dinar at that ratio and then convert to Euros or USD from that.

Ain't happening...

[Coinmill]

I am the administrator of the coinmill.com website. I found this thread through a Google alert for coinmill.com. I can confirm that the exchange rate for Gold (XAU) has been incorrect as the original poster noted. I'm happy to report that the issue has been fixed and coinimll.com is once again showing correct exchange rates for Gold.

From a technical standpoint, Gold reached exactly 1000 SDR per ounce. There was a bug in the code that removed the trailing zeros leading to a conversion rate that was off by a factor of 1000. The bug affected only the price of gold, and no other currencies.

Thank you for starting this thread and bringing the matter to my attention. If you find issues in the future, I would appreciate direct feedback through the contact link at the bottom of every page on coinmill.com.

Stephen