Wells Fargo Conversation

[adlon]

The other day I went into my local Wells Fargo branch. I have been a customer there for many years. While waiting in a somewhat long line, an assistant manager that I know came to me and said she would process my transaction at her desk.

After I concluded my business, I made a passing remark, “So how much is a dinar worth today”. Her response was, “You too. It’s still at 1170”. Surprised by the response, I ask her how she knew I was referring to the Iraqi dinar and the value. She told me that at least once a week someone comes into the bank and makes the same query, and asks about rumors of dinar increasing in value.

I then asked if there was any truth to these rumors. Her response was (paraphrasing her words), “Upper management has advised that if any questions are asked about the dinar, we can tell the customer the current rate; that bank has no opinion on rumors of increased valuation of the currency or any currency; and that you should speak to your financial consultant regarding investing in the dinar or any foreign currency.”

Because I know her I asked, “Do you have any dinar”, her response was “yes”. I then asked “between you and I, what do think is going to happen?” Her response was, (paraphrasing again); “Some days I think that they will remove the zeros, and other days I think that it will revalue, but if it does revalue, I seriously doubt that there will be a one to one exchange. It will more likely be a value somewhere between 17 cents to 37 cents.” I said to her, “I am also pessimistic that it will be a one to one exchange, but how did you come up with this odd number range?” She just smiled and said “rumors”. I left it at that, and said goodbye.

I don’t know if this indicates anything for the future, but I thought you (viewers of the site) would be interested.

[Econman33]

The other day I went into my local Wells Fargo branch. I have been a customer there for many years. While waiting in a somewhat long line, an assistant manager that I know came to me and said she would process my transaction at her desk.

After I concluded my business, I made a passing remark, “So how much is a dinar worth today”. Her response was, “You too. It’s still at 1170”. Surprised by the response, I ask her how she knew I was referring to the Iraqi dinar and the value. She told me that at least once a week someone comes into the bank and makes the same query, and asks about rumors of dinar increasing in value.

I then asked if there was any truth to these rumors. Her response was (paraphrasing her words), “Upper management has advised that if any questions are asked about the dinar, we can tell the customer the current rate; that bank has no opinion on rumors of increased valuation of the currency or any currency; and that you should speak to your financial consultant regarding investing in the dinar or any foreign currency.”

Because I know her I asked, “Do you have any dinar”, her response was “yes”. I then asked “between you and I, what do think is going to happen?” Her response was, (paraphrasing again); “Some days I think that they will remove the zeros, and other days I think that it will revalue, but if it does revalue, I seriously doubt that there will be a one to one exchange. It will more likely be a value somewhere between 17 cents to 37 cents.” I said to her, “I am also pessimistic that it will be a one to one exchange, but how did you come up with this odd number range?” She just smiled and said “rumors”. I left it at that, and said goodbye.

I don’t know if this indicates anything for the future, but I thought you (viewers of the site) would be interested.

Thanks. IMHO. That is the range I have been expecting. Although I believe it will rise higher than that in the future.

[Brisco]

The problem with those low figures is the fear of (lack of proper verbiage) hostile takeover.Once their currency is traded on the open market they will attract the attention of serious Investors after all they sit on the largest supply of the natural resource that the entire world wants.c. V v

Governments,Wales,huge Investors would buy up Gazillion's of dinar.

They don't think Iraq would allow that to happen.After all why come this far just to let someone own you like we have China?

Go RV / RI

[iceburgpens]

The problem with those low figures is the fear of (lack of proper verbiage) hostile takeover. Governments.Wales/huge Investors would buy up Gazillion's of dinar.

They don't think Iraq would allow that to happen.After all why come this far just to let someone own you like we have China?

Go RV / RI

Just curious, why wouldn't the "Wales/huge investors" buy up a Gazillion right now? Wouldn't they stand to make more money when it does RV???

[keepmwlknfny]

The problem with those low figures is the fear of (lack of proper verbiage) hostile takeover.Once their currency is traded on the open market they will attract the attention of serious Investors after all they sit on the largest supply of the natural resource the entire world wants.

Governments.Wales/huge Investors would buy up Gazillion's of dinar.

They don't think Iraq would allow that to happen.After all why come this far just to let someone own you like we have China?

Go RV / RI

Alot of the bigger players are already in the game......the purpose is to buy it at its lowest price for the biggest profit......which is where its at now (besides before when it was 3000 to 1) Because of the uncertainty in the future of Iraq, there is no guarantee that it will ever get back to its pre sanction rates.....so now is the time to buy.....there wouldnt be nearly as much dinar bought if it was lets say 30 cents on the dollar.....would you have as much dinar if it was that much?? I know I wouldnt......so the amount that would be bought at a higher rate is NOTHING compared to how much is being bought now......not to mentoin how many people would be selling out if it came close to 30 cents......thats still a tremendous profit for the small amount being invested......I know I would cash out half my stash maybe more at 30 cents given the situation in the ME......no one will eat up Iraq if they come out low.....that just wont happen......even if it did revalue some, alot of bigger investors still probly wouldnt touch dinar because of how uncertain and unstable they are.....there are no guarantees here......they might throw a million or so into the ring but even that is a big risk.....you can bet a huge hedge fund isent going to throw hundreds of millions or even a billion USD into buying Iraqi currency.....that would be the dumbest move of all time for a huge firm......

[umbertino]

Thanks. If that would be the case .17 to .37..I'd say not too bad, for me at least.. As long as they do not lop.

[Econman33]

Alot of the bigger players are already in the game......the purpose is to buy it at its lowest price for the biggest profit......which is where its at now (besides before when it was 3000 to 1) Because of the uncertainty in the future of Iraq, there is no guarantee that it will ever get back to its pre sanction rates.....so now is the time to buy.....there wouldnt be nearly as much dinar bought if it was lets say 30 cents on the dollar.....would you have as much dinar if it was that much?? I know I wouldnt......so the amount that would be bought at a higher rate is NOTHING compared to how much is being bought now......not to mentoin how many people would be selling out if it came close to 30 cents......thats still a tremendous profit for the small amount being invested......I know I would cash out half my stash maybe more at 30 cents given the situation in the ME......no one will eat up Iraq if they come out low.....that just wont happen......even if it did revalue some, alot of bigger investors still probly wouldnt touch dinar because of how uncertain and unstable they are.....there are no guarantees here......they might throw a million or so into the ring but even that is a big risk.....you can bet a huge hedge fund isent going to throw hundreds of millions or even a billion USD into buying Iraqi currency.....that would be the dumbest move of all time for a huge firm......

Absolutely.

[tjmunson]

This same story was posted about two months ago. Groundhod Day already came and went.

[thunderrb]

If it does RV at .17, I will buy as much as I can afford. I believe this is a win win situation. If it comes in low, I buy and wait. If it comes in high, I'm done.....

[jrcrna]

Just curious, why wouldn't the "Wales/huge investors" buy up a Gazillion right now? Wouldn't they stand to make more money when it does RV???

Why? b/c it is a much "longer shot" now....once it is a world wide accepted/traded currency it will be a safer bet.

[adlon]

This same story was posted about two months ago. Groundhod Day already came and went.

I am not aware of the same information being posted two months ago as you have said. My conversation took place on Friday. If the same info is being said from two different venues, then maybe there is some truth to it.

[Captjohn]

Just curious, why wouldn't the "Wales/huge investors" buy up a Gazillion right now? Wouldn't they stand to make more money when it does RV???

Not all investors are speculators like us, who are willing to invest in a currency that is essentially worth toilet paper (no market). I think their point is; once it is tradable, and therefore, a market is made for it, the big guys (who wouldn't speculate at the TP level) would come in in an environment where they could manipulate it's value.

[keepmwlknfny]

Why? b/c it is a much "longer shot" now....once it is a world wide accepted/traded currency it will be a safer bet.

Even when it becomes internationally accepted it's still a long shot......no where is it written that the new govt will succeed and the rate will be what it once was.....instability is the biggest factor keeping alot of bigger players out of this....not the matter of it being accepted worldwide.....And with the instability it will keep foreign hands out of Iraq and investing in the currency

[MrDinarman]

christ

[olivesman]

How about this? Once it is a traded currency, will that not give brokers a chance to earn a commission? And therefore, more "credibility" with the whales that will only deal with a "legitimate" investment?

[keepmwlknfny]

How about this? Once it is a traded currency, will that not give brokers a chance to earn a commission? And therefore, more "credibility" with the whales that will only deal with a "legitimate" investment?

Yea but we dont know if it will even be on a free float....or letting the market take the value....because if it is a manged float or pegged then it wont be traded like we all think on forex....

[BANE]

Morons here continue to ask banks about it AND believe Gurus predictions. Hilarious!

[NEWMAN]

The other day I went into my local Wells Fargo branch. I have been a customer there for many years. While waiting in a somewhat long line, an assistant manager that I know came to me and said she would process my transaction at her desk.

After I concluded my business, I made a passing remark, “So how much is a dinar worth today”. Her response was, “You too. It’s still at 1170”. Surprised by the response, I ask her how she knew I was referring to the Iraqi dinar and the value. She told me that at least once a week someone comes into the bank and makes the same query, and asks about rumors of dinar increasing in value.

I then asked if there was any truth to these rumors. Her response was (paraphrasing her words), “Upper management has advised that if any questions are asked about the dinar, we can tell the customer the current rate; that bank has no opinion on rumors of increased valuation of the currency or any currency; and that you should speak to your financial consultant regarding investing in the dinar or any foreign currency.”

Because I know her I asked, “Do you have any dinar”, her response was “yes”. I then asked “between you and I, what do think is going to happen?” Her response was, (paraphrasing again); “Some days I think that they will remove the zeros, and other days I think that it will revalue, but if it does revalue, I seriously doubt that there will be a one to one exchange. It will more likely be a value somewhere between 17 cents to 37 cents.” I said to her, “I am also pessimistic that it will be a one to one exchange, but how did you come up with this odd number range?” She just smiled and said “rumors”. I left it at that, and said goodbye.

I don’t know if this indicates anything for the future, but I thought you (viewers of the site) would be interested.

MY THOUGHT IS YOU LIED TO HER (I know her I asked, “Do you have any dinar”, her response was “yes”. I then asked “between you and I,

Read more: ) YOU WILL LIE TO US MEMBERS!! I think your full of horse stuff!!! g rv!!!!

[blue horseshoe]

Would someone please tell me what a "lop" is???

[Butifldrm]

The problem is, SHE DOES NOT KNOW SCOOTER!

[NEWMAN]

Would someone please tell me what a "lop" is???

The same as a lap......... LAP DANCE!!! GO RV!!!!!!!!!!!!!!!

[TMNT]

Would someone please tell me what a "lop" is???

go out ot dinar questions and it will explain it well.

[deepseadinar]

LOP = LOSS OF POTENTIAL

THE RV IS A JOKE AND NO RV - LOP PEOPLE ARE PESSAMISTIC DICKWEEDS! HANG IN - FOLLOW ADAMS INFORMATION.

[AudiS4]

I could go for a good lop dance about now

[wbuse984]

Even when it becomes internationally accepted it's still a long shot......no where is it written that the new govt will succeed and the rate will be what it once was.....instability is the biggest factor keeping alot of bigger players out of this....not the matter of it being accepted worldwide.....And with the instability it will keep foreign hands out of Iraq and investing in the currency

I agree with you keep. Once there is a inkling that there is stabilization, the big time investors will come in, because all they have to do is make 10%-33% profit with moderate to moderate/high risk, because then 10mil or 100mil invested would return 1-3.3M to 10-33M, quite respectible without an extremely large committment of overall portfolio...but this is JMHO, what to I know ...