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CBI Currency Auction 12 21 2010


Doc31
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Currency Auctions

Announcement No. (1798)

The latest daily currency auction was held in the Central Bank of Iraq on the 21-DEC-2010.

The results were as follows:

DetailsNotesNumber of banks23

Auction price selling dinar / US$1170

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

Amount sold at auction price (US$)189,861,000

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

Total offers for buying (US$)189,861,000

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

Exchange rates

Dollar's exchange rates / in Baghdad markets

Spot Oil~$90.25 big up

Spot Gold $1384.60 ... gold had a weird spike at the NY open but is presently at this level

Zeroes ... your call but I'm calling it 49 as the cash portion of the auction represented only .68% of the total volume of the auction with 23 banks participating (man, I lost count of the number of banks).

Well, oil is up into the $90 range that Frank26 says that we have to have ... personally, I've been fine with it hovering in the high $88 to $89 range ... I just figured it was close enough. Gold is still insane. I know that we've called this the "perfect storm" but I keep getting questions from newbies on what that is so ... quick recap ... oil $90 and above and high gold prices is sort of the "spoon full of sugar makes the medicine go down" (Julie Andrews sang about in the sound of music) that the Iraqis require (? it's conjecture but logical) to RI/RV not only successfully but easily.

We have witnessed for months oil at $70something in the middle of the month only to rise in the last 4 or 5 days to be at peak at the beginning of the next month ... it would sit in the $80something range for about 12 to 15 days and then decrease to the $70somethings and start all over again.

Now this is the part that is most interesting to me ... this last month it ran up into the $90 somethings and only settled into the $80 somethings ... now, with all of the hoopla surrounding al-Maliki and the complete formation, naming, and seating of the GOI ... it is now the 21st (a time where oil has typically slid down to the $70somethings) oil just peeked over $90!

I don't know when it will happen ... only that it will ... but to even a casual observer ... combined with the zeroes/near zeroes, high gold, high oil, etc. this is all positioned perfectly to support a very strong RI/RV! ... that's what the term "perfect storm" means in this context!

And THAT is exciting to me!

I see that Frank26 told everyone to ignore Salea ... I'm certain he meant Salih/Saleh that I have been railing against for the last several weeks ... the guy who claims that he is an "advisor" (sometimes Chancellor) ... you know "chicken little". I'm thrilled that Frank26 did this ... they guy gets 24K to 55K hits a night ... we here are fortunate when we see 2000 in a day ... I don't care who says it ... just that it gets said ... I know that Salh will be right occassionally because often on consecutive days he will take one side of the issue and then the other! ... ignore him and get the news elsewhere in that event. Ok ... off the soap box ... sorry.

I will be on DV less as I have family in town but I will check-in from time to time.

Peace to all ... Merry Christmas

Doc31

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Doc, it shows we are newbies probably. We have been reading for a while, just watching and waiting as patiently as we can. I just wanted to let you know, that I look forward to reading your posts. I love your candor. You are a "say it like it is and mean what you say" kinda person and I respect that! Thank you for all the work you do and the post you have done. I truly hope you have a fantastic Christmas. ;-)

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Great post Doc31 A Merry Xmas to you & your family Sir

Just my 2 Dinars worth from the group.

What if they did audit weekend past, what if the auctions are just a smoke/mirrors thing, after all if they did RV in the next few days it cant be that hard to do an Audit for say 3-7 days of auctions as it would be to Audit 3-6 months worth.

Just a matter of replacing a few digits here & there on a spread sheet.

Like I said its just a brainstorming session we had on the phone today

Go RV

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Great post Doc31 A Merry Xmas to you & your family Sir

Just my 2 Dinars worth from the group.

What if they did audit weekend past, what if the auctions are just a smoke/mirrors thing, after all if they did RV in the next few days it cant be that hard to do an Audit for say 3-7 days of auctions as it would be to Audit 3-6 months worth.

Just a matter of replacing a few digits here & there on a spread sheet.

Like I said its just a brainstorming session we had on the phone today

Go RV

I love it ... good catch too ... makes perfect sense.

Now if they will just get it in gear! Go RI/RV!

Merry Christmas to you and yours as well my friend!

Peace

Doc31

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