Currency Auction / CBI exchange Rates Back ON!

[Ateam]

I am assuming that this means that we are going to stay poor for a while longer? LOL I checked this hoping that I would be suprised and the auction would be low but I guess I was fooled! Unless 56 banks being involved is still lower than usual, either way though it looks like they did a heck of a lot of business which I figuered they wouldn't have based on what we saw the last two days!

Feel free to shoot my thoughts down, actually that would make me happy. DOC31 your thoughts? Also I placed this in rumors based on a rumor that mentioned if the third day wasn't low expect nothing but if it was expect something? Heard something about next week if it is high, more than likely a load of BULL. Keepem where you at son?

[TC987]

Actually, only 13 banks participated in the auction. Normally there are 18-22 or so banks participating. So there are still a good bit fewer banks participating.

http://www.cbi.iq/index.php?pid=CurrencyAuctions

Also, this was still a low day cash transaction day, only $3,119m which amounts to 5.9% of the total volume. This percentage is a little higher than it has been lately but that is only because the total volume is still dramatically down from a week ago (roughly 1/3 from a week ago). This is still a good sign in my opinion.

JMHO

Edited April 27, 2011 by TC987

[Ateam]

Nice, I don't know where I saw 50 sum banks then??? I looked on the CBI page and must have read it wrong. Although it is still low what does this mean for our investment in the short term?

[inheritance]

Do you really think the CBI is going to make it so obvious, and show their hand to everyone? Don’t worry! It will happen when it happens, but rest assured it will happen. Chill out and stay the course you will be glad you did!

[PAPATOM]

it's not ideal for as the indicator we wanted to see for today. I"d rather have seen....under 17 m. and close to 0 for cash

[cbs71]

Do you really think the CBI is going to make it so obvious, and show their hand to everyone? Don’t worry! It will happen when it happens, but rest assured it will happen. Chill out and stay the course you will be glad you did!

So true...

[TC987]

Nice, I don't know where I saw 50 sum banks then??? I looked on the CBI page and must have read it wrong. Although it is still low what does this mean for our investment in the short term?

If I understand Doc31's posts correctly, the fact that the CBI is using USD so little means that they are relying more heavily on their own currency. For a long time they were primarily relying on the USD which is why the currency auctions used to be huge like 18-20% of the total volume, when the total volume was in the 300,000,000 range. So with them obtaining/using less and less of the USD their worthless currency is what they are relying on. They can only do that for so long. As Doc says it's like they are under water and breathing through a reed straw. When they can't stand it anymore, they sometimes come up for slightly larger gasps of air.

Ultimately, if they are not obtaining any more USD, then they will have to rely on their own currency. When that happens their currency will have to have real purchasing power.

Peace

[Ateam]

inheritance good point, but you need to think that they are going to post actual numbers on their bank page rather than false numbers. I mean we all want this to happen and we know of the misinformation but do you really think they are putting fake numbers on CBI or is it years of reading "there will be smoke and mirrors" that clog your mind. I do agree if will happen when it does, however, I would like to think that we are within a couple weeks and I don't believe everything I read but these numbers don't lie. As much as Terry K might have led you to believe that.

TC987 nice point, however, could it be the fact that the USD is dropping so dramatically? Could that be the reason and not that they are trying to rely on their own currency?

[TC987]

I would think if it was because the value of the dollar is dropping so dramatically, that they would have to acquire more dollars to function. But if they are placing less reliance on the dollar all together, their need for it would decrease. However, I don't know everything and anything is possible in Iraq

[Carrello]

Do you really think the CBI is going to make it so obvious, and show their hand to everyone? Don’t worry! It will happen when it happens, but rest assured it will happen. Chill out and stay the course you will be glad you did!

Hey Inheritance, it is early in the morning. Can you chill on the font size and color. For me, I don't read it because it get in my face.

Pleeeeezzzz.

Thanks

[Darin]

Considering the amount of banks that participated in the auction, I have easily seen that same # with the results well beyond the 100M mark. To see that amount of banks participating, that law of an auction result, and so forth is still pretty exciting.

6 Banks got us 17M

13 Banks would have to basically be at least double that. Therefore we get the 50M mark.

Okay, so if we did have a continuance of 6 banks, our auction results would be somewhat similar from the last 2 days or so (but slightly higher..)

So, in conclusion, I still find that the results are way below the norm.

Still optimistic & excited...

[kwg]

I agree with TC we are starting to see the volume going down, like TC said just coming up for a grasp of air before they go under water again. Can't wait until someone drops an M&M in the top of the reed to cut off the oxygen supply

[Ateam]

Well lets just hope and pray that this will continue, low numbers or VERY low numbers from here on out! That would be great!