New Iaqi laws for currency! Possible gold PEG currency!

[dinarx2]

This is the price between central banks...Here is the link:http://www.imf.org/external/np/exr/facts/gold.htm Sorry about that :http://www.imf.org/external/np/exr/facts/gold.htm

In December 2010 the IMF concluded the gold sales program with total sales of 403.3 metric tons of gold (12.97 million ounces), as authorized by the Executive Board. Total proceeds amounted to SDR 9.5 billion (about $15 billion).

This is at the bottom of the page from the page youyr link is to

If you do the math 15 billion dollars divided by 12.97 million ounces = 1156.52 PER OUNCE

deviced by 31 grams = 31.10 dollars PER GRAM which would make the dinar = 92+ US Dollars

Just not possible.

[Serenity]

HERE IS SOME INFO http://www.munknee.com/2010/05/beware-official-u-s-government-price-for-gold-is-only-42-22oz/

You beat me to it

[umbertino]

at the CBI the rate is still 1170.

These CBI Folks are the most stubborn I have ever heard of... They obstinately still refuse to listen to and acknowledge the Intel (and consequently suit themselves) of the Okies,Tonys, Blainos.,etc.....

Edited July 6, 2011 by umbertino

[solbiatodinar]

You beat me to it

SORRY LOL

[Froto]

NO THIS IS ONLY FOR THE PURCHASE FROM CENTRAL BANKS TO PUT ON THERE MARKETS.

I am guessing that you just made the above statement up because you wanted it to be true. You want it to be true so much you are willing to just throw it out there as if it makes it better for anybody who is searching for facts.

A two second google search found this. I think that any other credible source will probably just back this up:

"The IMF may sell gold outright on the basis of prevailing market prices, and may accept gold in the discharge of a member country's obligations (loan repayment) at an agreed price, based on market prices at the time of acceptance. Such transactions require Executive Board approval by an 85 percent majority of the total voting power. The IMF does not have the authority under its Articles to engage in any other gold transactions—such as loans, leases, swaps, or use of gold as collateral—nor does it have the authority to buy gold."

IMF Gold Fact Sheet

[keepmwlknfny]

Article 40

1. the Bank reserves of assets as cover for the currency, not less than at any time for the full value of coins, banknotes (except coins) in circulation.

Consisting of those assets from all or some of the following items, as determined by the Council:-

A. gold bullion and/or gold coinage.

B-convertible foreign currencies to banknotes or stocks or defended or certificates of deposit.

C. remittances or Treasury bonds issued by Arab Governments or foreign or international financial organizations or cash in convertible currencies, shall not exceed entitlement to ten years from the date of acquisition by the Bank.

D-SDR assets under the Convention on the International Monetary Fund.

E. Iraq creditor balances in foreign currency, payment agreements or clearance or any other economic agreements.

F. remittances Treasury ausndat Iraqi Government or secured bonds.

G-bond loans granted by the Bank pursuant to article 2, the Minister of finance.

Am I the only one that reads this part and gets out of it that #1, they want full backing of the banknotes in circulation at all times 100% and that #2 when looking at the acceptable means of assets for backing the currency, oil is NOT included.....

[Todd Coffelt]

Solbiatodinar, You just cannot win with the idiot thinking of some

[Froto]

This is BS ...Phoenix is smarter than that

No, he is not smarter than that.

[horns]

Gold Prices

[Atheist]

All that math does is tell how much it would cost the cbi to back each dinar. If that news were true then the dinar would be worth the market value of 2.8g of gold. So one dinar would be worth about $117 on todays market. Also, 3.6 x 28 trillion = way more than Iraq can pay for their currency. Not feasible in the least.

Another newbie that has not bothered to read before spouting off.

[gridkeeper]

Great post, OP. 5 stars!

You are all staring down the throat of the new financial system!

That is why the low rate for gold is showing up here and there.

All the world's off-balance sheet gold gets to be added in.

There are massive amounts of it.

Yup, up til now which gold is allowed into the monetary system

has been controlled. Didn't know that? Tis a fact.

This is simply awesome.

And very exciting.

gridkeeper

[coolbeans]

Looks like Phoenix and Scooter did some more digging!

"Great work Scooter!

1 Iraqi Dinar according to those standards in that law and according to the set gold rate by the IMF would be:

1 Iraqi Dinar = $4.48

The IMF has set the price of gold in the fund at 35 SDR per oz.

1 SDR = $1.60045 USD

35 SDR X $1.60045 = $56.015775

So 1 oz of gold = 35 SDR and 35 SDR = $56.015775

1 Troy oz of gold = 31.1034768 grams.

So $56.015775 divided by 31.1034768 = $1.8009481

$1.8009481 X 2.48828 = $4.4812631

Result: 1 Iraqi Dinar = $4.48

IMF Gold

http://www.imf.org/e.../facts/gold.htm

Phoenix"

And this:

"Scooter!

You said: "WOW! STILL HAVEN'T CONFIRMED WHEN THAT LAW OR REVISION BECAME ENGAGED BUT CHECK OUT BELOW AND TELL ME IF I'M CALCULATING THIS CORRECT. THEN, TAKE A LOOK AT THE MINISTRY OF PLANNING GDP AND DEFLATORS. I DON'T KNOW, BUT IT SHOULD BE INTERESTING...."

Ok...Scooter I think we are looking at this from the wrong direction....instead of looking for when this was ENGAGED...we should look to when the 2004 law was DISENGAGED.

I think what may have happened was when they voted to resend the 2004 banking law (the Bremmer Law) by doing so they reactivated this former law by default!

It would appear that the 2004 law when put in place was nothing more than an emergency war time action and was never intended to be a permenant law in any way but just an emergency law set in place to restructure the CBI during war time.

So we may all be looking for something that was enacted when in fact the evidence is to be found in the RETRACTION of the 2004 law it's self.

The wording we see in that law would support that very line of thought.

IMHO

Phoenix"

Found here: http://articlesofint...2011-could.html

Go RV

Edited July 6, 2011 by coolbeans

[Froto]

Looks like Phoenix and Scooter did some more digging!

And whendid they do this digging CoolBeans? This looks like a post from last year.

[coolbeans]

And whendid they do this digging CoolBeans? This looks like a post from last year.

Looks like they got the info from the IMF and the Iraqi legal site where the bank law is posted.

All I know is you can find all the links here:

http://articlesofinterest-kelley.blogspot.com/2011/07/gimme-shelter-radio-july-6-2011-could.html

[Todd Coffelt]

Another newbie that has not bothered to read before spouting off.

No, you have to understand that the Gold prices are IMF rates of $42.22 per OZ. Todays market value is $1500.00+. IMF sold many tons of gold at those prices in April to many wold central banks.

By the way, I do read, and I understand a lot more than most. The only point of contention is proving that the link to the Iraqi law id factual.

[canada29]

Best news since June 30th, 2011 DFI. Keep on rollin towards the RV! Lets get this done. Next, things to finish up Chapter 7, HCL passed, Fully Seated Government security ministers. We are moving closer!

GO RV!

[coolbeans]

Great post, OP. 5 stars!

You are all staring down the throat of the new financial system!

That is why the low rate for gold is showing up here and there.

All the world's off-balance sheet gold gets to be added in.

There are massive amounts of it.

Yup, up til now which gold is allowed into the monetary system

has been controlled. Didn't know that? Tis a fact.

This is simply awesome.

And very exciting.

gridkeeper

You took the words right out of my mouth.

A new system based on gold.

[PartyTime]

All that math does is tell how much it would cost the cbi to back each dinar. If that news were true then the dinar would be worth the market value of 2.8g of gold. So one dinar would be worth about $117 on todays market. Also, 3.6 x 28 trillion = way more than Iraq can pay for their currency. Not feasible in the least.

Do you think you could take your federal reserve notes and redeem them for gold based on todays market rates?

[Froto]

Looks like they got the info from the IMF and the Iraqi legal site where the bank law is posted.

All I know is you can find all the links here:

http://articlesofinterest-kelley.blogspot.com/2011/07/gimme-shelter-radio-july-6-2011-could.html

My point is that if it is from last year, it is just further proof of the flawed logic as it pertains to this year.

[gridkeeper]

Do you think you could take your federal reserve notes and redeem them for gold based on todays market rates?

Federal Reserve Notes are fiat currency. They aren't backed by anything but a bunch of criminals.

I cringe to think I'll be taking good Dinar currency in to exchange for 'potmetal'.

Hopefully the new Treasury Dollars will be in place by then and our Dinars will be exchanged for something of value.

gridkeeper

[Froto]

Phoenix has since said that his IMF world price for gold ($45.00) was in error. He now says that the real price is $42.22.

This means that 1 Dinar = $3.37

And you believe Phoenix because.....?

IMF sold many tons of gold at those prices in April to many wold central banks.

At what price? Link?

[PacoTaco]

1 Troy oz = 31.10 grams

So at that rate $45.00 ( IMF selling gold to centeral banks)

1 Iraqi Dinar would be valued at: $ 3.60

$45.00 divided by 31.10 = $1.44

$1.44 X 2.48828 = $3.60

Read more:

WHAT ? IS he trying to say that gold sells for 45.00 an OUNCE ?

In his audio he explains. Hint--not the market rate!

[Darin]

Well, many people believe that the market value of gold is over-inflated (Check silver) Or that Silver is extremely under-valued......

Consider this, how would a country back their currency to a precious metal such as gold if they're basing it off of the idea of market value. I think not... They would base it off a pegged value.

When running the #s, they appear to apply as well... ($3 range...)

Also, when the IMF was selling gold, they were likely selling large quantities (Discounts??)

I wonder if there is such thing as market value & true value?

[jobug38]

There is NO way the IMF is selling Gold for 45.00 an ounce. This is BS ...Phoenix is smarter than that

No it says $45.00 for 2.8 GRAMS OF GOLD big difference with an ounce of gold. just saying

[Bigwinnar]

The rate being discussed is coming from this section of the IMF gold factsheet.

Restitution. The Articles also provide for the restitution of the gold the Fund held on the date of the Second Amendment (April 1978) to those countries that were members of the Fund as of August 31, 1975. Restitution would involve the sale of gold to this group of member countries at the former official price of SDR 35 per ounce, with such sales made to those members who agree to buy it in proportion to their quotas on the date of the Second Amendment. A decision to restitute gold requires support from an 85 percent majority of the total voting power. The Articles do not provide for the restitution of gold acquired by the IMF after the date of the Second Amendment.

I have no idea if Iraq meets the critera for this but if they do the numbers being tossed around seem correct.