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Wealthwatch Friday Evening OOTW Chat 1-8-16 Part 1 of 2
rocknrollbus: Listened to the XXX call. they came up with some cockeyed formula for a price on the new coins. $35 spot? price?? 22*35
rocknrollbus: Where do they come up with this schiite???
Donnie: where is the following example wrong?
rocknrollbus: They said 22 grams x $35 $ spot = 770 divided by 250 dinar = $3.08
rocknrollbus: Where are they getting $35 spot?
rocknrollbus: For gold price
Donnie: 32" TV costs $100 x 1166 dinar = 116,600 Dinar. Oil sells for $38 per barrel x 1166 = 44308 Dinar income Donnie: RV $1 to 1 Dinar
Donnie: 32" TV costs $100 = 100 Dinar. Oil sells for $38 per barrel = 38 Dinar income
Donnie: good for Iraqi buying a TV but bad for Oil companies not receiving Dinar
Donnie: so it helps the iraqi people buy goods but hurts Iraq's major commodity sales
Donnie: GOI money comes from sales of oil so it would hurt the income to the GOI
rocknrollbus: What I'm asking is, where are they coming up with the $38 gold spot?
Donnie: what's is flawed with this line of thought?
OOTW: SORRY TO INTERUPT
OOTW: WE JUST GOT THIS ARTICLE FROM NEWBIEDA
OOTW: TY NEWBIEDA
Donnie: ‹@rocknrollbus› i'm not answering you
OOTW: THANKS NEWBIEDA Parliamentary Finance: a project to reconsider the price of the dollar exchange under thousand dinars History of edits:: 2016/1/8 19:13 • 219 visits readable [Image: story_img_568fde2ecafd9.jpg] [Baghdad-where]
Parliamentary Finance Committee unveiled a project to reconsider the dinar exchange rate against the dollar with the government and the central bank, denying talk about the quest to deliver to the dollar exchange rate thousand dinars. He said the decision of the Finance Committee MP Ahmad Haji Friday,
"This speech is contrary to the fact that price of the dollar against the dinar will not be up to 200 000 dinars for one hundred dollars, pointing out that there was a project studied by the Central Bank and the Council of Ministers, and the Finance Committee, to reconsider the exchange rate The dollar against the dinar.
OOTW: The MP Haji that it is still a project under study and no decision, where they are studying Is Iraq could reconsider in the exchange rate, and whether it is in the Government's interest or detrimental to the citizen ?, noting that a review of the exchange rate would be the government's interest but hurt the citizen,
as this will increase the exchange rate to runaway inflation, and an increase in commodity prices, stressing the need to take it into consideration and study of all aspects of the project, before making any decision. "
And the deputy Haji that a review would be an increase of the dollar, a decline in the price of the dinar against the dollar, because the government can not raise the price of the dinar against the dollar, at the time of its imports in dollars and expenditure in dinars, pointing out that the increase in price of the dollar is what is the benefit to the government. "
Iraq is facing a financial crisis due to the sharp decline of oil, in terms of financial budget for this year with a total expenditure of more than 105 trillion deficit accounted for 22.8%.
OOTW: He noted Finance Minister Hoshyar Zebari on Monday in a newspaper interview that "there are several alternatives [oil], including borrowing from international institutions, few benefits, and we did it.
For example we have received help from the International Monetary Fund, and a few days ago we received one billion and 200 million dollars from the World Bank, we have introduced a monitoring program on how we manage the financial and economic policy, and if we could get help more of them, as we intend to sell sovereign bonds, because the situation in Iraq this year better than last year in this regard.
" He explained that "The other option is how to raise the Iraqi dinar exchange rate, although it may be a risk of selection have repercussions." is over
Donnie: so less of "repercussions" to raise the value of the Dinar now?
Donnie: And the deputy Haji that a review would be an increase of the dollar, a decline in the price of the dinar against the dollar, because the government can not raise the price of the dinar against the dollar, at the time of its imports in dollars and expenditure in dinars, pointing out that the increase in price of the dollar is what is the benefit to the government. "
Donnie: "the government can not raise the price of the dinar against the dollar"
rocknrollbus: Only CBI?
OOTW: YES THE ARTICLES ARE ALL OVER THE PLACE
OOTW: "WE'RE CONSIDERING LOWERING THE VALUE TO 2000 DINARS PER DOLLAR"
OOTW: "WE'RE CONSIDERING INCREASING THE VALUE"
OOTW: "WE'RE GOING TO RELEASE COINS"
OOTW: "WE'RE GOING TO RELEASE 50K NOTES"
OOTW: NO MATTER HOW YOU SLICE IT, THEY'RE GOING TO FIGURE OUT A WAY TO DRAW IN NOTES
OOTW: THAT SEEMS TO BE THE ONE CLEAR COMMONALITY OF MOST OF THESE ARTICLES
Donnie: He explained that "The other option is how to raise the Iraqi dinar exchange rate, although it may be a risk of selection have repercussions." is over...
Donnie: looks like the idea to raise the Dinar value is over
rocknrollbus: MoP's saying they're going bankrupt............MoF saying 2016 will be increase up to 3.1 GDP
Donnie: ""The other option is how to raise the Iraqi dinar exchange rate...." IS OVER
Donnie: but half of this could all be a translation error.
OOTW: TRUE DONNIE AND R&RBUS
rocknrollbus: Also great article about Maliki stealing billions from Iraq.
rocknrollbus: Did u's guys see what I posted about the gold coins?
OOTW: NO I DIDN'T SORRY
OOTW: DO YOU HAVE A LINK?
rocknrollbus: Was a call last nite. There was an article yesterday? about the coins.
OOTW: AH OK YES, WE HAVE THESE IN THE FORUM
rocknrollbus: They said 22 grams x $35 $ spot = 770 divided by 250 dinar = $3.08
OOTW: WELL THAT'S EXCITING R&RBUS WE CAN ONLY HOPE
rocknrollbus: That's the article, but, where are they getting the $35 spot for gold?? That was back in the Kennedy days............
Doug_W: do U want me to post that entire comment that I put in her at 4:30 AM ?
Doug_W: it explains the math
OOTW: YES PLEASE DOUG
OOTW: AND I ALSO NEED A LINK TO THE ARTICLE RANDRBUS TO COMPARE TO WHAT WE HAVE HERE
OOTW: IF POSSIBLE?
rocknrollbus: Here? 4:30am??
chattels: good evening all
rocknrollbus: It was a CC call
Doug_W: yes I posted it here
OOTW: wealthwatch.world/showthr... HAS ANYONE READ THIS? IF SO, WHAT ARE YOUR THOUGHTS ON WHAT CHATTELS HAS BROUGHT TO US?
Doug_W: Ready? Doug_W: here it comes
Doug_W: 10:12 AM] wmawhite: Folks,.....this new CBI announcement appears to be straight forward and is in keeping with what they said they would do four weeks ago. At that time the CBI stated that 70% of all of the currency that is out in Iraq was being kept by individual citizens and that they (CBI) had plans to draw that currency into the banks. Well, here it is.
However, what is more amazing is what appears to be the placing of a value upon the individual dinar based upon a world accept value of gold. If the translation is correct the CBI is stating that they are selling 15 and 25 gram coins for 100 IQD and 250 IQD. The current spot price of gold is $1,100 per ounce. 25 grams is .77 oz. .77 of $1,100 is $847. Divide $847 by the 250 IQD and you have an equal value of $3.38 per IQD
Doug_W: he said it twice
Doug_W: appears to be AND appears to be the placing
Doug_W: two loop holes
Doug_W: but MY fingers toes and even eyes are crossed lol
OOTW: HERE'S WHAT CHATTELS HAS POSTED: chattels: " ........... the 100 ( gram * ) coins arrived in Iraq and sold 720 thousand dinars." chattels: Sold for 720,000 dinars, NOT 100 or 250 dinar. chattels: " Central Bank has contracted with an international company for SEK 5,000 commemorative gold " ???????????????????
chattels: " an international company " ........................... Franklin Mint ??????????????? Smile chattels: 15 grams, a little over 1/2 an ounce of gold, at 720,000 dinars, means that one ounce of gold ( $ 1,100 ) would sell for about 1.4 million dinar. At one time we paid about $ 1,100 dollars for one million dinar.
chattels: Sounds like " devaluation " to me. chattels: Or we can use the Iraqi euphemism of " adjustment". chattels: The article does seem to say that the coin is " 250 dinar ", but it also says " commemorative ".
Doug_W: yuup we discussed that early this AM
chattels: ‹@OOTW› you have been very busy today :)
OOTW: IN BETWEEN MULTIPLE GRANDDAUGHTER'S FEEDINGS, YES
OOTW: WELL, I'M NO MATH PERSON, SO CAN SOMEONE TELL ME THEIR TAKE ON THE FAULT BETWEEN THESE TWO OPINIONS? NO OFFENSE CHATTELS, I'M JUST TRYING TO UNDERSTAND WHAT THE LANGUAGE OF THESE ARABISH ARTICLES IS REALLY SAYING
chattels: ‹@OOTW› Catching up on the news, been away all day
OOTW: HERE'S WHAT THE ARTICLE SAID AND I'M NO EXPERT BUT....READ THIS FIRST AND THEN I'LL COMMENT
OOTW: The Central Bank, today called on banks to purchase gold coins gold categories  and , indicating that the 100 coins arrived in Iraq and sold 720 thousand dinars.
The Bank said in a statement received in all Iraq, "aimed at diversifying public savings and to ensure he receives 24 karat gold, the Central Bank has contracted with an international company for SEK 5,000 commemorative gold coin of class 100 dinars weighing 15 grams in the 84th anniversary of the founding of the Iraqi monetary authority of 1930".
"It was also agreed that the 5,000 coin minted class 250 dinars weight 22 grams to mark the eighth anniversary of the founding of the Iraqi Central Bank in 1947. The Bank noted that "received the first of these coins that are weighing 15 grams and will put it up for sale through banks."
OOTW: " to ensure he receives 24 karat gold"
OOTW: HOW ARE THESE COINS COMPLETELY GOLD?
OOTW: THUS PROMPTING THE NEED FOR "SPOT" PRICES?
OOTW: LIKE I SAID, I'M NO EXPERT, BUT THIS SEEMS ODD TO ME
OOTW: I OWN SOME SILVER AND THEY'RE .999 SILVER
chattels: Reidar Visser @reidarvisser 8h8 hours ago Shia clergy criticism of stalling #Iraq reforms directed at "all 3 branches of govt", but implies more criticism of PM Abadi than before.
OOTW: 24 KARAT, I DO NOT BELIEVE, WILL CONTAIN THAT MUCH GOLD PER COIN (AT ALL)
chattels: Reidar Visser @reidarvisser 12h12 hours ago In sign of impatience with Iraqi politicians Shia clergy use Friday prayers to say "no real reform" achieved in 2015
chattels: ‹@OOTW› Twenty-four karat gold is pure Au, and is seen only in bullion bars.
OOTW: AH OK THANKS OOTW: I HAVE NO CLUE OOTW: LOL
OOTW: LIKE I SAID - LAWS I CAN READ ALL DAY
chattels: gold fill is gold plated. Franklin Mint stuff chattels: or gold clad
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