Rumor, AGAIN!

[paulp67]

This is part of ScottiGullibes post from today:

When others were shouting from the housetops a couple of days ago that the KWD RVed at $4.41 the other day I quickly verified that the banks are indeed showing a buy rate of $4.1224. This was not just one of the big 4, this was from at least 3 of the 4. So a lot of individuals were coming in here acting so darn smart claiming that there was no change and that this information was wrong. Let me say this. I agree that the UN charts do not reflect an RV or readjustment but the banks do show it. What do we feel that this is telling us. Quite honestly, ‘the banker’ and I have tried to answer that and we are not convinced of anything except that there is a change. I still believe the $4.41/40 is the IQD value. Could I be wrong----absolutely....but probably not! I have maintained a $3.86 - $4.40 range for so long. Do the math and it works.

Here is a post from ShawnW posted on the 9th November 2010 a answer to a question of had the KWD RV'ed back then:

Yes you are right and wrong, the only place you can buy/sell the kuwait Dinar is at places like those or banks the deal in international currencies, as you cannot trade it. It is pegged to the dollar and not a free float currency. So the point being while the exchange rate "may" still be $3.56, the rate showing at BofA, Wells Fargo, and exforex are all around $4.

I personally do not know how long it has been like that or if it has changed recently as I was not watching it. But the rate that everyone can agree on is how much does it cost me to buy 1 Kuwait dinar, and currently that is around $4 (3.96-4.07)

If you can find somewhere that is selling it for $3.56 I would like to see it.

Now here is another thought completely, could this be pointing to what we might expect to see as a spread. Assuming 3.56 is the buy rate and 3.96 is the sell rate (BofA by the way) This would be an 11% spread I believe, seems reasonable to me.......

Shawn

Read more:

You will see the exchange spread was 3.96-4.07 in Nov 2010 as per Shawn's feedback it is now up to $4.12 as per ScottiGullibles post the 5 cents difference is a gradual appreciation of the KWD over the last 10months!!!!! I was one of the "so darn smart" ones who said that it had not RV'ed and was promptly banned for telling the truth. So if anyone still goes to that site could you point ScottiG and bear5642 to this thread and tell them I said....... THE KWD DID NOT RV!!!!!!!!!!!!