CBI Currency Auction 12 20 2010

[Doc31]

Currency Auctions

Announcement No. (1797)

The latest daily currency auction was held in the Central Bank of Iraq on the 20-DEC-2010.

The results were as follows:

DetailsNotesNumber of banks18

Auction price selling dinar / US$1170

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

Amount sold at auction price (US$)160,527,000

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

Total offers for buying (US$)160,527,000

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

Exchange rates

Dollar's exchange rates / in Baghdad markets

Man ... I have to drink more coffee before I start this ... I was trying to do too much by answering PM's and emails while I was gathering info to write about ... I deleted two paragraphs! No telling what you'll get now

Spot Oil ~$89.42 up slightly off of the Friday close

Spot Gold $1385.40 up ... bounced since Sydney open

Zeroes ... your call ... I know that you purists will have a problem with the fact that they had a 1.586M sale today on $169M volume ... and while it is the largest sale (nearly identical to last Wednesday) since Oct 7 when this started it is a higher % of the sale than previously. However, today's cash accounted for only .98% of the sale ... so I'm still calling it a near zero day so what is it? ... 48? I told you that I'd keep an eye on it ... should it continue to increase ... ok fine ... if not, I'm still seeing the "perfect storm" setup. Oil is fine today, gold bounced ...

I've been likening what the CBI is doing to someone submerged drawing air through a reed ... today might be ... I started to say a snorkel but a snorkel is designed to actually breath pretty well through ... no, .98% isn't a snorkel ... perhaps another reed is more appropriate.

I had someone else ask me whether we still needed to see 48 hrs of CBI closure prior to RI/RV ... while I've answered it numerous times my answer was slightly different as I saw something (one of those brain cells that works without caffeine apparently ... I wonder where IT came from! ...) anyway, I answered him,"While I do think that it is logical that there would be a 48 hr. cessation of auctions for housekeeping IMO that doesn't preclude the PM pro tem from announcing the GOI and Shabibi closing the CBI immediately after and doing the housekeeping then." Okay? Yes, I realize that this would postpone the RI/RV for a few days post GOI announcement ... but, hey!

Then:

I have read your coment's on a 48 hr period before .I'm not sure i fully understand the reason for it .Can't they just reset for the next day's buisness with no auction and an rv. all in the same time period?

This again is only from what I've read and makes sense to me ... it is reported that the CBI has ceased auctions before to do "housekeeping" accounting ... we are told to consider that while $.01 isn't much that if you multiply times trillions it gets into serious money and that they should and will do this. No article ... several folks opinion. It makes sense to me but I do agree that a weekend or long weekend as we just had should have given ample time to do such a thing assuming that they keep good books on a daily basis.

Another question:

I've noticed you've mentioned Shabibi saying something to the effect of releasing a rate once the Iraqi Government is seated. Can you point us to a link with this or recall when/where he said this? I've been digging around but cannot find anything. Looks like we're very close to that very event if so. I believe that if Shabibi did in fact say this then he fully intends to do so! Which is, of course, what we've all been waiting for

This one troubled me ... I don't recall that I said this (although it is logical and what I believe will happen) ... if I did I wish that someone could show me so that I can see the context. Shabibi did say that he would release the lower denoms before the end of 2010 ... (don't ask me for a link ... too much water under the bridge) ... I know that this is the exact scenario that Frank26 has been saying for some time and I do read his stuff ... perhaps it was he and not me?!

Thanks for the link Zantac ... gonna' have to put on my big-boy pants to sort through that one ... lol

Vizio Iraqi posted that al-Maliki will announce this afternoon at : http://dinarvets.com..._0entry307317

Which is in line with Frank26's intel

Then Pops posted GOI delayed as reported by Fox at: http://dinarvets.com..._0entry307127

Then Traconesu02 posted this about the lies that the media is posting:

http://dinarvets.com..._0entry307250

Moviemaker was so on point when she responded with this:

MONDAY <------------------------>TUESDAY (That's how they roll!)

Hahahaha This only means thing are on schedule for Iraq!

Remember, we are supposed to hear CONFLICTING news, right before the RV.

It was a well phrased reminder to stay grounded ... it's a he said she said out there ... we are all anxious for it to happen ... and it will ... meanwhile, take a deep breath and relax!

Peace to all

Doc31

PS ... I saw a thread a few minutes ago asking if there was a CBI sale today and where was I??? I chuckled and told BamBam it was coming ... I was working on it. See what I mean. Take that deep breath ... no really ... I mean it!!

And thanks BamBam ... it was just that my caffeine deprived brain deleted 2 paragraphs and cost me some time.

[MovieMaker]

Thanks again Doc for keeping us informed. A lot of work on your part. It's amazing you continue to keep us informed.

I appreciate it very much.

[paj1985]

thanks doc.

[BamBam]

Thanks Doc! Sorry I disrupted you, I surely didn't intend on that. I still think it is the perfect storm too, especially with all the conflicting news. I am still hoping and praying it will occur this week. If not, it might be another long journey waiting on A!

[Doc31]

Thanks Doc! Sorry I disrupted you, I surely didn't intend on that. I still think it is the perfect storm too, especially with all the conflicting news. I am still hoping and praying it will occur this week. If not, it might be another long journey waiting on A!

Not at all my friend ... I got a chuckle out of it ... I hope I conveyed that

Merry Christmas!

[caz1104]

Thanks Doc for the update,you got us spoiled..........................................................GO RV 2010 BABY!!!!!!!!!!!!!!!!!!!!!!!!

[Chuckles]

doc....chuckle...twice....hahaha hmmmm are u stalking me just kidding

thanks as alwyas for all of ur input!!!1 u r a rockstar

Edited December 20, 2010 by Chuckles

[gbrlgms]

thanks doc! I keep on belivieving no matter what happens,

[Doc31]

You know ... even last Friday with a possible end of the week sell off ... oil hasn't wiggled much in some time. It's no different at this hour.

Gold is running in about a $6 channel presently at $1382.80

[Doug A]

Thanks Doc I really appreciate your posts and enjoy reading them too!

[kingfish]

THanks Doc for the info.

Kingfish