Post From Dinar Updates By Rudie Part 1
Comments may be made at the end of Part 2 Thank You
Millionday Roundtable 1/31/14
[millionday] i wanted to bring this last time we met to explain but remember when they said that bonds were going on the market and of course metals - this gives a quick update as to what it means
[millionday] , Dr. appearance of Mohammed Saleh: that the announcement of the Iraqi Central Bank intention to sell gold coins to the public would pave the way for the re-emergence of banks mortgages in order to serve the Iraqi economy.
was the central bank, and in consultation with the Committee on Economic Affairs, has decided recently coined a variety of alloys pure gold weights ranging between (5 g and 1 kg).
announced immediate measures contracted to import them and then sell them through the banking system, as this procedure represents a monetary policy tools. origins sober
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[millionday] yes roundtable is when we chat too at the end and you can bring some reports you have -- a roundtable of questions really
[millionday] Saleh said in a statement (morning) that this measure comes to the purpose of diversification means savings for citizens and the provision of large quantities of gold from the origins of solid and reliable sold to dealers in gold, investors and segments of society, wishing the Iraqi dinar.
economist said: that this step has been the study of economic feasibility, by the Central Bank for the purpose of selling gold coins and cash and other foreign currencies as well as treasury transfers to the public soon.
[millionday] see think of that as well -- gold dealers -- so an established market there as well --
[millionday] so after this came out they announced that it was time to set all the tools and regulations they had to get ready for selling and buying foreign currency
[millionday] and explained that this measure would contribute to the return of banks mortgages that accept mortgages Almkhclat gold for the money you borrow citizen to walk its affairs from buying houses or cars or other,
He pointed out that the current safeguards required by the banks is a mortgage has contributed significantly to the decline in the proportion of credit to very low levels as measured by rates of credit for other Arab countries. ,
and pointed out that a central bank that would raise the proportion of credit (loans granted by banks to citizens ), which amounts to 5 percent, a very small percentage of Ataatmashy with liquidity in government banks.
[millionday] so this will also help with mortgages and fund banking as well so loans -- meaning an active economy - thats what we want and they are moving forward so this is happy days to see this
[millionday] He added that the citizen has absolute confidence in dealing with the government, which means that he trusts gold imported by being assured and the origins of global best of the items imported traders at the moment,
and thus this procedure will enhance the chances of increasing credit including reflect positively on improving the situation of citizens living and the national economy in general.
pointed out that there are a lot of people have the amounts of gold and do not have a property underscores the need to return the banks mortgages Trahan gold in return for cash for periods certain interest rate agreed upon by the two sides,
adding that the measure will move also wheel of the national economy towards the construction and reconstruction and moving a lot of sectors of the economy
[millionday] there was a time when people wanted gold instead of dinar -- cant really blame them -- i think all countries have had that time in their history many times - so they need to make understand that some will be imported gold from the globe as well --
millionday] this is full of info on where they are going -- which is great but it all leads to one place -- liquidity for banks that is what we like smile brb with more
[slh5282] Millionday, when do loans start? Are they going to sell their own gold reserves?
[millionday] they are saying to be prepared the beginning of this month --- we should see it then if they are on time -- but this is iraq smile
[slh5282] Millionday, does that mean Feb
[Danalivin4HIM] can they possibly do all of this without an increase in the value of the dinar?
[millionday] yes they are trying to have everything prepared for feb
[slh5282] Millionday, thank you
[millionday] i have a hard time seeing how but we shall see
Danalivin4HIM] millionday thank you
[slh5282] Are they selling their gold or bring additional volume in to the country?
[millionday] i am sure that globally it would be a good move to sell them gold with their currency raising in value
[millionday] yw all the time
[millionday] slh5282 both
[millionday] brb with more
[slh5282] ok thank you I will stop now
[millionday] kind of doesnt make sense when countries do that but it keeps activity going and is playing the market -- investing
[millionday] no need roundtable is for questions hun -- feel free to talk -- we like participation
[scuffy] It's February for them in two hours time.
[slh5282] I would think if they raise their currency then if you are buying $1200/oz. gold then say it is 3-1 for discussion the cost of 400 iqn. not a bad buy
[theinn] What are they buying the gold with, dinar or US$
[rcbegan] Hypothetically, if gold was $1,000 oz, priced on the global market in USD, they would need 1,166,000 dinars to purchase an oz of gold, or if they sold an oz of gold, they would receive 1,166,000 dinars in return.
[slh5282] theinn, if they buy with Dinar they need to raise the value but why buy with dinar now and have a huge lay out of cash for gold that is $1200 which would be about 1 milliion IQN rather than raise the value of their money
[millionday] right it makes no sense to me
[millionday] Stressed the religious authority, Grand Ayatollah Sheikh Bashir al-Najafi, Wednesday, the importance of proper planning for the management of great wealth in the country, and expressed his frustration at the persistence of poverty and deprivation, despite the wealth of the many and large.
Said Sheikh Ali al-Najafi, director of the Office of the reference Najafi for "time", that "the reference Najafi received a delegation from the people of the province of Basra
[millionday] gold is a set global market -- the pricing is set throughout the globe -- so to sell and buy on the stock market as announced on wed -- makes much more sense
[rcbegan] Help Gurus - if the Dinar goes from 1166 to 1 USD to sa 1.16Dinars to 1 USD what are the mechanics within Iraqs financial system to support the increase in Dinar value??
[millionday] the entire monetary policy
[slh5282] millionday, if the price is set then they would be smart to buy futures rather than actual product and hold until the contract is complete and either sell or buy
[millionday] the budget is supported by private and gov sectors
[slh5282] and if the market is like most through out the world futures only require a 10% cash out lay but you better have reserves just in case
[millionday] they are going to a market economy so the reality of what the value of the dinar is will support the value as it does in all countries that have a reality rate
[millionday] it is calculated through their gdp -- revenues of market and investments -- capital gains etc etc -- so the value will be supported by the reality of economy of the country and therefore grow as well
rcbegan] Millionday what % of the Iraq economy is oil sales which is based on the USD, it seems that the oil sales should support some of the reserve needed??
[carpet] Do you have any idea what the really rate would be I mean a Guess
millionday] rcbegan yes but cbi transfers it to dinar for them and the usd is a reserve currency
[millionday] rcbegan the oil sale were put in the budget at 96% i think right at it ---
[slh5282] rcbegan, the majority of the current income for the country is OIL is that correct Millionday
[millionday] they wrote the budget at reality -- we wondered how they were going to do it and that came out wed
[slh5282] so is the budget based at 1166 or another number?
[millionday] yes thats correct right now but not the goal
[slh5282] which is the reality rate
[millionday] when they open to a market economy they are planning on diversification - they call this budget the reality budget so i would say not to enter the market economy -- 1166 is an imposed rate --- not reality - that is why we invested smile
[slh5282] Millionday, so that will open them up for the WTO as well correct?
[millionday] reality and diversification is demanded by the wto
[rcbegan] I thought the budget was based on the Dinar at 1.16 based on the USD??
[millionday] rcbegan noone knows what the rate is hun
[millionday] Karbala called Supreme religious authority, on Friday, to overcome all the obstacles to the extradition of nationals electronic cards for the elections,
while noting that the fate of Iraq and where to go is unknown, demanded sorting between those who want the best for Iraq and those who want to ruin him.
He ÇáßŃČáÇĆí in a Friday sermon from kindergarten Husseiniya in Karbala, attended by "tomorrow Press", "The experience of electronic card is good but you need to educate to understand the citizen's way of receiving,
and there are those who do not know where I went their data and when it goes to the polling stations to query it Egged no conclusive answer," calling to "overcome all obstacles to the delivery of those cards to citizens." and
festool] If Iraq is to be basil compliant , their currency has to be asset backed . In other words they already know what they have in the ground . According to some #'s I have seen they could potentially support a 3+ range
[millionday] festool they have said they are going to be gold backed
[festool] Millionday exactly
[j10000] millionday Wasn't there an article you brought in awhile ago that stated iraq owns tons of gold. or am I dreaming?
[millionday] here we go - here is more of the stock market plans
[millionday] Iraq is seeking to become its market for securities and increasingly important source of capital for national companies by expanding the base of traded companies and ask them to sell their shares in which he urged more companies limited openness and switch to joint-stock companies.
And knows the stock market as a place which is supervised by hand economic official, and contains an electronic system whereby a meeting of buyers and sellers for the type of securities or financial asset specific,
and enable investors from trading stocks and bonds within either through intermediaries or companies operating in this area and rises or falls in value securities and financial assets, according to the sale and purchase offers.
[j10000] 30 tons...sorry darn computer
[millionday] j10000 oh they own huge gold
[millionday] And includes the Iraqi market for securities Iraq Stock Exchange, which symbolizes his short ISX 74 joint stock company listed on the stock exchange sectors are major banks and industrial services, insurance, agriculture, hotels and communications company represented by one of the mobile telecommunications
[millionday] and it will expand – smile huge market potential huge