CBI Currency Auction 11/30/2010

[Doc31]

Currency Auctions

Announcement No. (1785)

The latest daily currency auction was held in the Central Bank of Iraq on the 30-NOV-2010.

The results were as follows:

DetailsNotesNumber of banks17

Auction price selling dinar / US$1170

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

Amount sold at auction price (US$)198,370,000

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

Total offers for buying (US$)198,370,000

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

Exchange rates

Dollar's exchange rates / in Baghdad markets

Spot Oil~$86 up ... with 2 of 3 reporting presently

Spot Gold $1372.50 up significantly from previous

Zero Cash Days ... as I expected and went out on a limb yesterday over (I told you it wasn't a conspiracy!) ... an unprecedented 36 consecutive days on good volume with 17 of 19 banks participating.

Frank26's EOM upswing of oil is definitely on ... gold has swung up out of it's 3 day channel with a morning high near $1376 (at end of Hong Kong session).

Legacyman73 posted this:

Vice Minister of Finance of Iraq Iraq’s government has approved on Tuesday a proposed budget for 2011 size of 92.98 trillion dinars (79.6 billion dollars) assumes an oil price of 73 dollars per barrel. Fadel said Abdul Nabi, told Reuters after the weekly cabinet meeting that the budget anticipates a deficit of $ 14 trillion dinars (11.99 billion dollars) and to inform the oil exports 2.25 million barrels per day next year. Is expected to be spending 64 trillion dinars (54.79 billion U.S. dollars).

Iraq relies on the OPEC member’s oil revenues to finance about 95 percent of its budget which still needs parliamentary approval.

I think that it is curious that they are using a relatively high bpd production rate at a barrel rate higher than last years budget by nearly 20% and projecting a deficit ... presently, oil is 16% higher than the budget figure and apparently on it's way up ... and the deficit projected is around 15% of the budget ... just sayin'!

Here are a couple of other interesting points.

1) Iraqis are sticking with the 250 Dinar SmartCards to be loaded December 10th ... you do realize that at .000865 that is not even $.22 ... right?

2) It is reported that the Euro "nose dived" against the IQD ... it is down about 7% this morning

3) In Frank26's post last night he posted this:

Lloyds of London who is a global equity insurer has more purchases on insurance to hedge 700 million dollars of service on a NON TRADABLE CURRENCY. That’s 700 contracts that have just been dropped into insurance hedging. Family……..which currency do you think they are protecting? This product is to go into effect on December 12th. M is targeting a time frame of December 10th to the 15th.

and this

Iraqi TV shows M saying he is on schedule and set to go from the 10th to the 15th. They are also saying that the 2011 budget is in parliament right now and being read and working towards ratification. A public announcement will be made once they finish the budget. They are reporting that normally the President and PM of Iraq have two VP’s. M is asking for three. There will be three VP’s for T and three VP’s for M. The Minister of Oil Shahristani will be one of these VP’s. The MOF is being talked about and appears to be gaining ground to keeping his position. It was asked directly to M ……..what if you do not finish in your target frame of the 10th to the 15th? He said……..there will be no delay I have all the names I need to finish. (keep in mind Family Shabibi said as soon as the GOI is announced he will give them the rate) It is looking like 10 days before a………WHITE Christmas. BUT !!! S wants the GOI announced …….he knows they are already seated………so keep that in mind Family.

That's all I have so far ... I'll check back in if I see something.

Peace

Doc31

[bonehead]

Doc , keep up the great work! Guys like me have nothing to offer but encouragement to those that do the hard work. No opinion on when, no intel sources, no deciphering info until I have an epiphany. just waiting. Thanks again.

[paj1985]

thanks doc that was an excellent post.

[Pilgrim]

Hey doc, I respect what you do here and would like to ask a favor. In the second quote from this fella frank he says " after the goi is seated shabby will give them the rate " as if that is common knowledge. The favor: could you ask this frank to verify that quote......right now I would love to see some solid fact, not just hearsay. Thanks

[legacyman73]

Hey Doc great post thanks..

[Drez]

Great work Doc,

[DinarDiva007]

WOW Thanks Doc super post! I appreciate you adding the other info. GOOOOOOOOOOO RVVVVVVVVVV!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[vanommen]

Thanks for continuing to bring hard numbers to this forum. Hard facts are hard to find with all the emotional people and those who wish to sway them blowing the smoke.

[djgabrielie]

Thank You Doc for the crisp and concise analysis. This is the kind of information this site requires.

[MovieMaker]

<------ Just what the DOC orderd!

Thanks Doc31

[DaveH]

Once again an excellent post Doc. Thank you for your efforts in bringing this to us.

[Sroche22]

Thanks Doc! I appreciate your info!!!

[Doc31]

Thanks for all of the nice comments ... my wife says, "You don't mind cooking when someone appreciates it"!

Spot Gold is up nearly $13 at $1385.30 from this mornings $1372.50

[Heli Pilot]

Thanks Doc

[Rockstar]

Thanks Doc I always look forward to reading your posts in the morning, they are always straight forward and to the point. I thank you for all of your time and efforts.

[quattro1]

Hats off to you Doc!

I used to read all of the posts on this site ... but now I've learned that it's more important to only read the ones (like yours) that matter!

Appreciate you and I'm certain that most people on this site do as well.

[MPG350]

You can't do much with .22 cents

Zero Cash Days ... as I expected and went out on a limb yesterday over (I told you it wasn't a conspiracy!) ... an unprecedented 36 consecutive days on good volume with 17 of 19 banks participating.

Can somebody explain the above, not sure what this means.

[tampa1000]

Doc you're on to something, and the food smells good, keep cooking untill its well done!!!!!!!! GO RV!!!!!!!!!!!!!!!!

[icutiewatcher]

Thanks, Doc... mmmm mmmmm good!

[Russ63]

Great News Doc always enjoy your post and encouragement! I look for your post when I am in doubt.

[rwharnden]

Doc, your communications are always very clear and easy to understand! Thanks much!

[tkc]

Great post Doc, thank you.

[Doc31]

I've told you gold is insane ... it got as high as $1390 from $1372.50 this morning.

Spot oil is off just under 2% ... that's a bunch!

[4HisGlory]

The perfect storm....Go RV!!!