IRAQ'S LITTLE PILE OF GOLD IS WORTH...

[fib1618]

They have about 30 tonnes of gold

1 tonne is about 32,151 troy ounces

32,151 troy ounces x $1250(current gold price)= roughly $40 million

So take their 30 tonnes of gold x $40 million =

roughly $1.2 Billion

Go rv

[fib1618]

.......................

Not nearly enough to compel me to proceed to my nearest dinar dealer.

Thanks anyway Steve.

[fib1618]

When's it gonna pip?

[PringlesRV]

Maybe I can trade all of my dinar for one bar of gold? Think they would be down with that if I don't tell anyone?

[fib1618]

...........................

Never mind me... I'm just one of the 90% of Americans that's chronically constipated. It makes me cranky.

Maybe I can trade all of my dinar for one bar of gold? Think they would be down with that if I don't tell anyone?

I'd trade my stash for a lump of pyrite.

[Sweet baby dinar]

Gold? Dinar might go platinum

[RVPleaseToday]

Yeah, I keep seeing posts where folks seem to think this 30 tons of gold is worth trillions of dollars. Math seems to be a continuing problem.

 

The only thing Iraq has trillions of are Dinar, and that prevents a huge RV. It's simple math, but boy do folks have trouble with math.

[sandy040]

well i sure the reason Kuwait has the highest currency is that it is backed 100% by gold, so that puts  $3+ RV out the window, the Kuwaiti that

 

got me into this always told me to hope for a .33 so thats what i been doing for last 9 years .

 

i wonder how many Negs i get now 

[RVPleaseToday]

The bottom line is that, while there are a lot of Iraqi politicians singing a loud chorus of "We are the champions," nothing much has changed in Iraq. We are hyper focused on their latest chest thumping, but the reality is that they have a long way to go before anything really changes.

[The Machine]

well i sure the reason Kuwait has the highest currency is that it is backed 100% by gold, so that puts $3+ RV out the window, the Kuwaiti that

got me into this always told me to hope for a .33 so thats what i been doing for last 9 years .

i wonder how many Negs i get now

Think again in the world standings Kuwait is 38 th with 79 tons of gold which is 9.5% of forex reserves.

Compare Iraq to lets say Germany

Iraq. 30 tonnes - 2% of forex reserves

Germany. 3,391 tonnes - 67.9% of forex reserves

Or even the US ( I find it very hard to trust these figures but here they are)

US. 8,133 tonnes - 73.3% of forex reserves

Where did you get the 100% backed by gold ..... Sounds like something a guru would say lol

[make11]

For sure that is not an accurate number, 30 tons. Iraq has massive gold reserves and tons under ground. Real amount will be

thousands of tons definately. 

[The Machine]

For sure that is not an accurate number, 30 tons. Iraq has massive gold reserves and tons under ground. Real amount will be

thousands of tons definately.

Sadly in the real world we only count gold that has been mined and refined and is currently sittig in a vault as bullion reserves .....

They do have gold, I have doubts that they will have thousands of tonnes under the sand

[RVPleaseToday]

"Iraq has massive gold reserves and tons under ground."

 

A lot of gurus make this assertion, but I can't really find documentation of this "massive" amount of gold underground in Iraq. 

 

Regardless, there is a lot of stuff underground. The problem is always the cost of getting it above ground. The U.S. has a lot of resources underground, but gurus only seem to  count underground stuff as assets where Iraq is concerned. Just because there is oil a mile underground in my backyard, doesn't mean I can buy a house with it.

[Sweet baby dinar]

"Iraq has massive gold reserves and tons under ground."

A lot of gurus make this assertion, but I can't really find documentation of this "massive" amount of gold underground in Iraq.

Regardless, there is a lot of stuff underground. The problem is always the cost of getting it above ground. The U.S. has a lot of resources underground, but gurus only seem to count underground stuff as assets where Iraq is concerned. Just because there is oil a mile underground in my backyard, doesn't mean I can buy a house with it.

You can if you sell it to the highest bidder. Then move to Fiji with Truman

[fib1618]

Someone just posted this....

"30 Trillion in Dinars is (=) to about 27-28 Billion in US Dollars. So divide 27 or 28 Billion into 80 Billion Dollars... Iraq can actually RV 2.5 times, OR they can RV well above $3.00. Hope this helps you and others understand it more clearly! KEEP IN MIND TOO, THAT THE 30 TONS OF GOLD IS NOT IN THIS EQUATION... SO IN REALITY IRAQ HAS MORE RESERVES TO COVER ANY RV AMOUNT THEY CHOOSE."

I'm too lazy to pull out the calculator but they can only bump the rate to about 450ish to 1 and still have a 100% backing of their hard currency...that's a far cry from $3.

I pointed out above the they have a measly $1.2 billion in gold.... Pretty insignificant. Maybe Enough to bump it up a pip or 2 or 3. Lol

I hope that clears things up.

[rockfl9]

I Am surprised that the good education passed on here just a few months ago has been forgotten! M0,M1 and M2 are all short term dinar denominated liabilities of the CBI! Under normal definition all must be covered by the CBI reserves because they all can be converted to cash in the short term. If the dinar revalues just write a check it will be paid off at the new rate. Not all but a portion of the 88T M2 is exposed to the RV. Failure to accept M1 and M2 liabilities would result in massive bank failures.

[fib1618]

I Am surprised that the good education passed on here just a few months ago has been forgotten! M0,M1 and M2 are all short term dinar denominated liabilities of the CBI! Under normal definition all must be covered by the CBI reserves because they all can be converted to cash in the short term. If the dinar revalues just write a check it will be paid off at the new rate. Not all but a portion of the 88T M2 is exposed to the RV. Failure to accept M1 and M2 liabilities would result in massive bank failures.

You're right. It's been a while since I checked, but I think they have maintained a 100% backing of their m2 from the get go.

[fib1618]

Sam wrote this on his blog back in September of 2012....

"Breitling also says that we know the exchange rate of 1166 to the dollar is bogus because their money supply figures are growing but the rate doesn't change. Well that might be true except for the way Iraq arrives at their valuation. They're backing the dinar with their foreign currency reserves which are currently a little over $60 billion (recent reports have it up around $67 billion so I'm expecting that to be reflected soon in their M2 figures, which will probably be reported between 75 and 78 trillion by the end of the year) and they're backing all of it which includes the electronic currency as well as the cash. That's why you have to go by the M2 figures rather than the M1 which is only cash. The current M2 is a little over 70 trillion dinar. If you divide $60 billion by 70 trillion you get a figure of about $.000857. Sound familiar? That's the current value of the dinar. Now, why doesn't that change as their money supply increases? Because their foreign currency reserves are also growing. In fact, that's the very reason their money supply is growing. It's how they reflect the growth in those reserves and their economy. Here's how it works. (FCR = Foreign Currency Reserves)

$40 billion (FCR) x 1170 = 46.8 trillion dinar

$45 billion (FCR) x 1170 = 52.6 trillion dinar

$50 billion (FCR) x 1170 = 58.5 trillion dinar

$55 billion (FCR) x 1166 = 64.1 trillion dinar

$60 billion (FCR) x 1166 = 69.9 trillion dinar

These are all approximations of course. Money is constantly going in and out but this is pretty much what they're doing. As their foreign currency reserves grow they increase the money supply to the extent necessary to maintain equilibrium resulting in a stable exchange rate. They could leave the money supply as it is and just increase the value instead, but Shabibi wants stability in the exchange rate."

[sxsess]

well i sure the reason Kuwait has the highest currency is that it is backed 100% by gold, so that puts  $3+ RV out the window, the Kuwaiti that

 

got me into this always told me to hope for a .33 so thats what i been doing for last 9 years .

 

i wonder how many Negs i get now 

No negs here brother. It sounds good to me.

[staunch]

This is more question than anything, but weren't there a couple of articles stating that there was something like $80 billion in frozen funds being returned to them? If that were true, add to $76 billion in reserves + gold and you would be creeping up on $160 billion.

Again, more of a question than anything.

[fib1618]

No negs here brother. It sounds good to me.

i

It sure sounds good...but it's not true.

[fib1618]

This is more question than anything, but weren't there a couple of articles stating that there was something like $80 billion in frozen funds being returned to them? If that were true, add to $76 billion in reserves + gold and you would be creeping up on $160 billion.

Again, more of a question than anything.

If that were true, and they chose to abandon their policy of stability, They could bump the rate up to about 519 to 1 and still maintain the 100% backing of their m2.

I'd like to get tenmillion's or highlander's take on these frozen funds. That's something I'm not sure about.

[staunch]

Hmm......so I guess the key here would be for them to abandon their current exchange policy, switch to a fiat based currency, set a rate that WE like and hope the rest of the world goes along with it?

Piece of cake!

Well, at least "today's the big day! "

[caz1104]

S

 

.......................

Not nearly enough to compel me to proceed to my nearest dinar dealer.

Thanks anyway Steve.

 

Steve & Fib, two wannabe Gurus. One shovelin the other pitchin the sh***. You would think Gurus would have respect for one another- lol

Fib your my hero,god bless you and all you do to educate the less privileged. I sent a email to the Vatican...........hows Saint Fib sound? I gotta go i'm startin to tear up, you da man-peace

[fib1618]

S

Steve & Fib, two wannabe Gurus. One shovelin the other pitchin the sh***. You would think Gurus would have respect for one another- lol

Fib your my hero,god bless you and all you do to educate the less privileged. I sent a email to the Vatican...........hows Saint Fib sound? I gotta go i'm startin to tear up, you da man-peace

Thanks