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CBI Currency Auction 11/23/2010

Doc31

By Doc31,
in Iraq & Dinar Related News

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Doc31 Newbie

Doc31

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Currency Auctions

Announcement No. (1780)

The latest daily currency auction was held in the Central Bank of Iraq on the 23-NOV-2010.

The results were as follows:

DetailsNotesNumber of banks15

Auction price selling dinar / US$1170

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

Amount sold at auction price (US$)169,420,000

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

Total offers for buying (US$)169,420,000

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

Exchange rates

Dollar's exchange rates / in Baghdad markets

Spot Oil~$81.61 (2 of 3 reporting currently)

Spot Gold$1359.30 after early morning highs near $1370

Zero Cash Days 31 straight days on normal volume with 15 of the 19 banks participating

With gold up but oil at a general high but off the $88 mark of last week it doesn't appear to be the "perfect storm" but certainly conditions are right ... especially since oil has declined over the middle of the month and starts its end of the month climb for a first of the month high about 3-5 days from now. In other words ... it might not be the perfect storm but it seems perched to be with little effort.

Summary : they continue the Zero cash for an unheard of/unprecedented 31 days with normal volume and nearly 80% of the banks participating, gold is insane and significantly higher earlier today, oil is about $7-$9 higher than it's normal middle of the month $72-$74 ... while not the perfect storm ... at least a meteorological "setup for a storm that we will continue to keep an eye on!"

I had no intention of writing anything else today since I don't see anything really to write about. I saw this posted yesterday (and today) http://dinarvets.com...rrel-oil-price/ regarding budget based on $73 oil (wasn't it $58/barrel or $62? can't remember which) with a budget DESIGNED to fall short by $25B ... curious ... some of you will freak out over the last paragraph which includes the 2013 budget deficit disappearance ... don't. The RI/RV is going to cause some debt and some inflation (currently 3.2% up from 1.9% claiming increased costs for housing, water, and electricity) which they claim they will all be over by 2013 ... don't forget they are using the UN to shield their near Trillion Dollars in the DFI fund. They are also either using overly aggressive production numbers (including Kurd production that they don't currently have) OR they know something we don't ... wink wink!

I saw something on the tightening of currency in Iraq yesterday but can't find it right now to reference it accurately.

Frank26 is looking for the 25th of November, Thanksgiving day (how great would that be?) for the GOI announcement of al-Maliki as PM and then up to 30 days to form ... I have no idea ... but, if you keep your eye on what precedes Frank26's posts it will keep you from riding the rollercoaster so much. Last night it read "T minus 40 ... or less".

Peace to all

Doc31

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Bloodog Newbie

Bloodog

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I have a question, a couple of months ago everybody was saying goi did not to be formed. Has that changed? From What little I do know, I never thought this would happen without the goi. Another thing I am seeing on here are the dates, these dates are just for when to goi might be formed not the rv. The rv might happen right after or it might not. With another 30 days to fill all the positions, it might not happen till then. Please remember these are not the dates for the RV

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Mikki-RN Newbie

Mikki-RN

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Your question is one I would love to have answered. I was under the impression that the RV/RI could occur with or without the government. It has been posted many times that Shabibi can pull the trigger when ever he so chooses. In addition, it has been said that the lifting of the Chapter VII is dependent in part on the RV occurring.....not the other way around. SO, we hear that we need the Chapter VII to be lifted prior to an RV and we hear that the RV is a condition of this occurring. We hear that the GOI has to be completely in place before an RV.....and we hear that they don't. We also have been told that the GOI has been formed.....and now it appears that this is not the case. Anyone that would like to respond to these questions with resources to back them up please feel free to do so.

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Doc31 Newbie

Doc31

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I have a question, a couple of months ago everybody was saying goi did not have to be formed. Has that changed? From What little I do know, I never thought this would happen without the goi. Another thing I am seeing on here are the dates, these dates are just for when to goi might be formed not the rv. The rv might happen right after or it might not. With another 30 days to fill all the positions, it might not happen till then. Please remember these are not the dates for the RV

Your question is one I would love to have answered. I was under the impression that the RV/RI could occur with or without the government. It has been posted many times that Shabibi can pull the trigger when ever he so chooses. In addition, it has been said that the lifting of the Chapter VII is dependent in part on the RV occurring.....not the other way around. SO, we hear that we need the Chapter VII to be lifted prior to an RV and we hear that the RV is a condition of this occurring. We hear that the GOI has to be completely in place before an RV.....and we hear that they don't. We also have been told that the GOI has been formed.....and now it appears that this is not the case. Anyone that would like to respond to these questions with resources to back them up please feel free to do so.

You know ... I've been doing this for so long and have read so much ... you stick things on the "back burner" in your mind and sometimes it pays off ... sometimes not. The problem that I have is that I'm always trying to paint a picture for folks ... to do that you are taking articles, facts, ideas, suppositions and drawn conclusions to get a cohesive picture. If one of those things aren't true then the picture doesn't work and we adjust it to fit what we know at the time ... remember we are simply looking through a key hole trying to visualize what is going on, on the other side of the door ... what we can see and what we can't.

With that said ... I've lost track of what we actually know and supposition on your questions. In fact, the other day, I asked Drox, AutoMag, LGraham and a few others whether a key point of the story that we were reading was based on conclusions, suppositions, or news ... we all thought that it had been news but it had been so long we couldn't find a link. And it is hard to find an old link if you don't know exactly what the key words of the article were ... just knowing the premise will NOT get you there very often.

Now ... does the GOI have to formed to RI/RV ... it is my understanding that it does NOT ... with or without is my understanding that, in fact, Shabibi has the trigger to pull ... however, ask yourself ... would you want the RI/RV'd currency in the hands of ... oh, yeah! whose hands would it be in since no one is at the helm? In practical terms, while I believe it to be true you really wouldn't want it to happen. Besides the High Court did not do their duty June 1 when challenged by al-Maliki ... according to Iraqi constitutional law (as I understand it) Talabani should have sat them down and named 'em or at least given al-Maliki 30 days to form the government since Allawi had failed to form in the given time. When the High Court set the Nov 7th(?) date as the date to have it complete ... the MPs thumbed their noses at the high court and said nope ... we'll do it the following Thursday (they met at 3:30 pm and didn't finish) and so pushed it into the feast.

And here is one more thing ... history will not accurately depict this standoff but show a determined and strong PM who single handedly RI/RV'd the IQD!!! (revisionist history) Ask yourself ... would you allow a public relations dream come true to be announced by an appointee (Shabibi) ... NAHHHHHHHH, you (PM) would want to announce it yourself so everyone would know that it was you!

30 days ... Talabani says that after al-Maliki is announced he will give him 30 days to form a government ... we see all sorts of things that say it could be from instantaneous to 30 days ... you pick! If the rumor that al-Maliki did ask for a holiday is true ... we have to ask ourselves ... is he arrogant enough to proclaim a PM announcement day a national holiday? I'd have to say that we would ... but it could also be the blessing that we are looking for!

Now it is supposition that there is a quid pro quo agreement that GOI with everyone seated and presidents named + RI/RV = lifting of Chapt 7 ... however, it's a good one. The Iraqis have proven untrustworthy and the UNSC is holding the lifting of Chapt 7 as the carrot. If it isn't a quid pro quo arrangement it causes the CBI and Iraq a problem because failure by the UNSC to lift for any amount of time messes up their access to gold, funds, etc and could harm them immensely. Lifting Chapt7 prior to this and they are under no obligation to RI/RV ... ever (yes, I know they'd have to but you've seen how long one election has been drawn out ... enough said).

I think that I've covered both of your questions ... and not a single link ... I took the time to try and sort it out for you ... I do not have the days required to find links for all of that ... you are welcome to yourself. The problem is that since March you will see dozens of articles that proclaim that it is BOTH, NEITHER, and EITHER ... lol.

I hope this has been helpful.

Peace

Doc31

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sessi Newbie

sessi

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I do like you Doc, very much, so tactical and thoughtful. There is sooo much that we really don't and never will have information on, and you actually are the only one who drills down on facts.

If I was a conspiracy theorist, how odd that Bush should bring his book out just as Iraq was forming a government, how weird that the Western world is falling into the biggest black hole ever within the last few weeks, it is an endless amount of 'out of the box' scenarios going on just prior to December, fiscally one of the most boring months of the year......just musing

Thank you very much again for your insight. :)

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yrchiro Newbie

yrchiro

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One other thought that came to me: Everyone watches consumer spending around this time of year. The stock market plays off it. The economy is gauged by it. Consumer confidence is important. If a bunch of us end up with a little extra RV money in the next few weeks I can imagine a few more purchases to tally not that we're all going to go out a blow through our money. Not that Christmas should be so commercial. Realistically, I'm not going to keep driving a 3 year old vehicle when the dealers are highly motivated at years end. Can you imagine if each person holding Dinar buys a new car what that will do to the year end numbers. December 2010 could be a good month indeed.

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Mikki-RN Newbie

Mikki-RN

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You know ... I've been doing this for so long and have read so much ... you stick things on the "back burner" in your mind and sometimes it pays off ... sometimes not. The problem that I have is that I'm always trying to paint a picture for folks ... to do that you are taking articles, facts, ideas, suppositions and drawn conclusions to get a cohesive picture. If one of those things aren't true then the picture doesn't work and we adjust it to fit what we know at the time ... remember we are simply looking through a key hole trying to visualize what is going on, on the other side of the door ... what we can see and what we can't.

With that said ... I've lost track of what we actually know and supposition on your questions. In fact, the other day, I asked Drox, AutoMag, LGraham and a few others whether a key point of the story that we were reading was based on conclusions, suppositions, or news ... we all thought that it had been news but it had been so long we couldn't find a link. And it is hard to find an old link if you don't know exactly what the key words of the article were ... just knowing the premise will NOT get you there very often.

Now ... does the GOI have to formed to RI/RV ... it is my understanding that it does NOT ... with or without is my understanding that, in fact, Shabibi has the trigger to pull ... however, ask yourself ... would you want the RI/RV'd currency in the hands of ... oh, yeah! whose hands would it be in since no one is at the helm? In practical terms, while I believe it to be true you really wouldn't want it to happen. Besides the High Court did not do their duty June 1 when challenged by al-Maliki ... according to Iraqi constitutional law (as I understand it) Talabani should have sat them down and named 'em or at least given al-Maliki 30 days to form the government since Allawi had failed to form in the given time. When the High Court set the Nov 7th(?) date as the date to have it complete ... the MPs thumbed their noses at the high court and said nope ... we'll do it the following Thursday (they met at 3:30 pm and didn't finish) and so pushed it into the feast.

And here is one more thing ... history will not accurately depict this standoff but show a determined and strong PM who single handedly RI/RV'd the IQD!!! (revisionist history) Ask yourself ... would you allow a public relations dream come true to be announced by an appointee (Shabibi) ... NAHHHHHHHH, you (PM) would want to announce it yourself so everyone would know that it was you!

30 days ... Talabani says that after al-Maliki is announced he will give him 30 days to form a government ... we see all sorts of things that say it could be from instantaneous to 30 days ... you pick! If the rumor that al-Maliki did ask for a holiday is true ... we have to ask ourselves ... is he arrogant enough to proclaim a PM announcement day a national holiday? I'd have to say that we would ... but it could also be the blessing that we are looking for!

Now it is supposition that there is a quid pro quo agreement that GOI with everyone seated and presidents named + RI/RV = lifting of Chapt 7 ... however, it's a good one. The Iraqis have proven untrustworthy and the UNSC is holding the lifting of Chapt 7 as the carrot. If it isn't a quid pro quo arrangement it causes the CBI and Iraq a problem because failure by the UNSC to lift for any amount of time messes up their access to gold, funds, etc and could harm them immensely. Lifting Chapt7 prior to this and they are under no obligation to RI/RV ... ever (yes, I know they'd have to but you've seen how long one election has been drawn out ... enough said).

I think that I've covered both of your questions ... and not a single link ... I took the time to try and sort it out for you ... I do not have the days required to find links for all of that ... you are welcome to yourself. The problem is that since March you will see dozens of articles that proclaim that it is BOTH, NEITHER, and EITHER ... lol.

I hope this has been helpful.

Peace

Doc31

Doc, I really appreciate the time you took to respond to this. I think we are both on the same page....just needed the reassurance! God Bless you and your family and GOOOOOOOOOO RVVVVVVVVVVVVVVVV!!!!!

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