Iraqi Dinar

Discussion in 'Index Futures' started by wiesman02, Dec 20, 2006.

  1. I work for Chase Bank. Each day i see more and more people buying Iraqi Dinar currency. I stopped one guy who buys 1,000,000 dinars every week and asked him why he does it.

    He says dinar will be appreciating soon. They might even boost the dinar up to 33 cents from .0007 by February from what he says. he says he's been reading up on it at many internet forums.

    I find it hard to believe that it would appreciate that high when its currently at .0007 dinars per dolar right now. Especially since Saddam's dinar was priced at 3.46, but the regular people could only exchange it at .31.

    Somebody enlighten me on this. I'm a banker, and completely clueless about the forex market. Just recently got involved with stocks. I'm only 23 so ignorance is allowed, lol.

    I'm tempted to buy 1,000,000 for $791.
  2. JGTrader


    I hope this guy is right but I doubt it.
    I bought $2mil dinar a year and a half ago and it has yet to appreciate.
    Some think they might even change currency.
  3. its been appreciating the past month or so. its just recently been put on the open market. Thats why it hasn't really appreciated in teh last year.
  4. Treat it like a buy and hold penny stock, could be a good move- probably waaay down the track though.
  5. I'm sorry for this insult, but I see Chase isn't too keen on hiring sharp individuals.

    Come on now.

    P.S. There was a similiar post about this about 3-4months ago.
  6. The Iraqui Dinar: Open 24 7 365, breakfast special, $4.95, three hotcakes, bacon, sausage, two eggs, hash browns, toast, juice.

  7. First off screw you. I told you I'm new to the forex market, and have just recently started reading books on technical analysis.

    Second of all, a post on teh Iraqi dinar 4 months ago is not relevant as the dinar as slowly started to appreciate against the US dollar.

    I didn't say I believed everything this guy said. I was merely looking for insight as to what you all thought regarding this statement about the Dinar.
  8. I would venture to say that it is probably just speculation. We in Australia have even heard of 'The Iraqi Dinar revaluation'. I heard in from the homeless guy who plays a guitar outside the local bank.
    He hears all sorts of stuff. The latest speculative currency investment is the Fijian Dollar, I don't know why.....
  9. If the guy told you he read it on internet forums, wouldn't that be enough to not bother wasting any time believing him?

    What if he said he is buying thousands of dollars of a $0.35 stock because he read on the internet forums that it will go up next year?

    So being new to forex does not matter when I put it in the light of a stock.

  10. Agree with Hydro here. The story and the attitude don't match.

    #10     Dec 22, 2006