Make Millions – Invest in Iraqi Dinar
Well… maybe. 🙂
I’ve been taking a look at this Iraqi dinar investment talk that’s being discussed here and there. Most people (investment advisers) are down on the prospects that it’ll actually pay off.
Essentially, because the Iraqi economy is most likely at it’s lowest point going into the future, it’s worth maybe speculating a little on its currency. They just issued brand new Iraqi dinars and got rid of the old currency that had Uncle Saddam’s picture on it. They’re saying that it’s one of the most secure currencies against counterfieting since it was designed using the very latest in anti-counterfieting technologies.
Anyway, 1 dinar (IRQ) is worth .0007 cents. Or, to quote it the other way around… 1460 dinars to one US$1. So the exciting part about this is that once the economy starts to get on its feet and the nation starts to come out of the influence and specter of war, the terrorists are defeated and their oil reserve can be tapped (2nd largest oil reserves in the world) the tinar will start to increase in value.
I’m of the opinion that 15 or 20 years from now, we might just be looking back and wondering why we didn’t hawk our grandma’s teeth to buy Iraqi dinars. However, it is a very risky investment because we never know how the international markets will handle the trading and value of the dinar. It’s actually not even traded as of yet and no international banks will even buy or sell them. Plus, the value is fixed at the current level indefinitely. I’m assuming because if they didn’t set it, each bomb blast will send the value plummeting lower and lower until you’d have to bring a pickup load of paper bills to buy a glass of water.
But the speculator part of me (located right around the left butt cheek) says that if I just buy 1 million dinars and sat on them for a LONG time, I might just have sealed my retirement in spades. If not, I’ll have a million dinars to take a trip to Iraq and hopefully pay for my stay. (Post suicide bomber era!)
I’ve done a lot of research on where to buy them and the best place is actually ebay. Here is a link to all the dinar auctions. To give you an example, you can buy 500,000 Iraqi dinars for $480. If the value of the dinar gets back up to the Saddam imposed artificial value it was set at before the first gulf war of $3.30 per dinar… well, you don’t have to be a math genuis to figure that you’ve got yourself a nice return. From $480 to $1.6 million. Yowza.
There is a bit of precedent here. There were a lot of currency speculators that were buying up Kuwaiti money right after the first gulf war when it had plummeted in price. But they had a good economy prior to the invasion and assets invested overseas… etc. They didn’t have a national debt such as the likes as Iraq has.
Anyway, caveat emptor. But boy, it sure would be cool to be on the gravy side of that train if it comes in, huh?