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Iraq Buys Massive 36 Tonnes Of Gold In March

Tyler Durden's picture


From GoldCore

Iraq Buys Massive 36 Tonnes Of Gold In March


Gold rallied from the lowest price in more than four weeks on safe haven demand after the G7 nations threatened more sanctions against Russia after the annexation of Crimea.

Meeting for the first time since last week’s annexation of Crimea by Russia, G7 leaders said they won’t attend a G8 meeting that had been set for Sochi, on Russia’s Black Sea coast, and will instead hold their own summit in June in Brussels. The G7 said in a statement that they remain ready to “intensify actions”, including coordinated sectoral sanctions.

Trading volumes on the COMEX in New York today are 49% higher than the average for the past 100 days for this time of day, according to data compiled by Bloomberg.

Palladium fell 1% to $786.20 an ounce. The precious metal rose above $800/oz yesterday, the highest  since August 2011, on concern that supplies from top producer Russia will be disrupted.

The Central Bank of Iraq said it bought 36 tons of gold this month to help stabilise the Iraqi dinar against foreign currencies, according to a statement from the bank that was emailed this morning.

It is very large in tonnage terms and Iraq’s purchases this month alone surpasses the entire demand of many large industrial nations in all of 2013. It surpasses the entire demand of large countries such as France, Taiwan, South Korea, Malaysia, Singapore, Italy, Japan, the UK, Brazil and Mexico. Indeed, it is just below the entire gold demand of voracious Hong Kong for all of 2013 according to GFMS data (see chart).

Demand By Country (GFMS via Thomson Reuters)

Iraq had 27 tonnes of gold reserves at the end of 2013 according to the IMF data and thus Iraq has more than doubled their reserves with their allocations to gold this month. Gold remains less than 5% of their overall foreign exchange reserves showing that there is the possibility of further diversification into gold in the coming months. 

The governor of the Iraqi Central Bank, Abdel Basset Turki, told a news conference that, "the bank bought 36 tonnes of gold to boost reserves and this move is to strengthen the financial capacity of the country and increase the elements of security and insurance reserves of the Central Bank of Iraq."

He said, “the purchase quantity comes with the aim of achieving the highest stages of the financial soundness for Iraq”. He pointed out that the measure comes within the purview of the central bank in the use of the fiscal policy tools  of Iraq.

"The Bank has purchased large quantities of gold bullion with a very high purity and in accordance with the approved international standards," according to the Iraqi central bank.

He added that "the central bank seeks through the purchase of large quantities of gold to stabilize the Iraqi dinar against foreign currencies.”

Iraq quadrupled its gold holdings to 31.07 tonnes over the course of three months between August and October 2012, data from the International Monetary Fund shows. The IMF's monthly statistics report showed the country's holdings increased to some 23.9 tonnes in August 2012 to 29.7 tonnes.

That was followed by a 2.3-tonne rise in September to 32.09 tonnes and then a cut of 1.02 tonnes in October 2012 to 31.07 tonnes. 

It is Iraq's first major move to bolster its gold reserves in months.

The central bank of Iraq’s doubling of its gold reserves this month is important as there are many oil rich nations in the world with sizeable foreign exchange reserves, primarily in dollars, and only a small allocation to gold by these central banks alone could lead to higher gold prices.

36 tonnes is a lot of physical gold, however in terms of dollars it is worth just $1.522 billion which is a tiny fraction of the $80 billion of foreign exchange reserves that Iraq holds.

Energy rich Russia alone has foreign exchange reserves of some $440 billion. Should they decide to allocate a sizeable portion of their reserves to gold, it would rapidly result in materially higher prices.

Signs that the global economy is slowing down and the most serious confrontation between Moscow and the U.S. and its allies since the end of the Cold War is likely to lead to central banks continuing their foreign exchange diversification.

Central banks and the smart money will continue to dollar cost average and accumulate bullion on dips.


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Tue, 03/25/2014 - 08:14 | 4589363 Rakshas
Rakshas's picture

Iraqi Gold Bugs??

I guess they have to spend those missing billions on something tangible.... Thank You Bremner

Tue, 03/25/2014 - 08:17 | 4589377 Mike in GA
Mike in GA's picture

Yeah, that's a lot of pallets of $100 bills!

Tue, 03/25/2014 - 08:45 | 4589480 saveandsound
saveandsound's picture

36 tonnes gold isn't really massively.

"Everybody" is buying gold... what does that tell us?

Tue, 03/25/2014 - 09:08 | 4589559 Rubicon
Rubicon's picture

Its not in Iraq.


Tue, 03/25/2014 - 09:11 | 4589569 astoriajoe
astoriajoe's picture

So sort of like Brussels buying our debt?

Tue, 03/25/2014 - 09:14 | 4589576 cifo
cifo's picture

I am guessing the "physical" gold is stored in London?

Tue, 03/25/2014 - 10:20 | 4589851 Drifter
Drifter's picture

Hmmm.... I thought central banks didn't care about gold, that "barbaric relic" with no yield.

Tue, 03/25/2014 - 08:55 | 4589522 tarsubil
tarsubil's picture

Taking delivery of gold is the endgame. The more people that demand physical delivery, the closer we get to the truth of manipulation that there is more paper gold than real gold. Honest pricing of gold means no more petrodollar reserve currency. Right?

How did the Iraqis make this deal with their masters (you know, the ones running on the petrodollar) to allow them to buy physical gold?

Tue, 03/25/2014 - 10:31 | 4589906 RaceToTheBottom
RaceToTheBottom's picture

"How did the Iraqis make this deal with their masters ...?"

I can see two possibilities:
1)  Phys is getting controlled and this way they get some into a friendly party, to be repothicated and reloaned to GLD etal.

2) They have been talking to Russia and Russia's timetable is moving up....

Tue, 03/25/2014 - 09:28 | 4589635 Bangin7GramRocks
Bangin7GramRocks's picture

Ethnic cleansing is expensive. We really should do something about that! Call Rummy and ask if the boys are ready to kick some ass.

Tue, 03/25/2014 - 08:55 | 4589521 Serfs Up
Serfs Up's picture

Define "buy."

Does this mean Iraq now has paper slips that suggest it 'owns' some gold in an LBMA vault in London?


Tue, 03/25/2014 - 09:07 | 4589555 Kirk2NCC1701
Kirk2NCC1701's picture

Relax, they'll send it to the US next month.  For Safekeeping, of course.

Tue, 03/25/2014 - 09:41 | 4589680 HungryPorkChop
HungryPorkChop's picture

If you've ever read up on the history of the tomato and how it made its way around the world its really interesting.  One of the last cultures that was introduced to the tomato was Japan in the 1970's by the various pizza chains. 

Words and meanings are similar as they work their way around the world and different cultures.  Apparently the terms "rehypothecation" and "leased gold" has not made it to Iraq yet?

Tue, 03/25/2014 - 08:13 | 4589364 Cognitive Dissonance
Cognitive Dissonance's picture

You just can't make this shit up and still be believable to those who claim Gold is just a barbarous relic. Yet there it is out in the open. Another country massively increasing it barbarous relic 'reserves'.

Tue, 03/25/2014 - 08:16 | 4589376 achmachat
achmachat's picture

Gold is money.

Tue, 03/25/2014 - 09:10 | 4589563 RafterManFMJ
RafterManFMJ's picture

...all else is credit.

Tue, 03/25/2014 - 10:22 | 4589859 Drifter
Drifter's picture

-- JP Morgan

Tue, 03/25/2014 - 10:38 | 4589929 Manthong
Manthong's picture

I put no credence in any of this unless someone shows where the “gold” came from and who has custody of the alleged precious.

Tue, 03/25/2014 - 22:35 | 4592687 jerry_theking_lawler
jerry_theking_lawler's picture

When you turn these bars over it says 'Ukraine'.

Tue, 03/25/2014 - 09:38 | 4589669 Yes_Questions
Yes_Questions's picture

Annunaki on their way back. Time to deliver


Tue, 03/25/2014 - 11:48 | 4590241 RaceToTheBottom
RaceToTheBottom's picture

Central Bankstering is a barbarous relic

Tue, 03/25/2014 - 08:17 | 4589365 GetZeeGold
GetZeeGold's picture



Iraq Buys Massive 36 Tonnes Of Gold In March


No wonder the price went down!


Did they get that direct from the Ukraine? I thought that was suppose to go to Germany?

Tue, 03/25/2014 - 08:51 | 4589504 PT
PT's picture

They must've had a little bit left over.

Tue, 03/25/2014 - 17:59 | 4591906 StychoKiller
StychoKiller's picture

Now all Iraq has gotta do is start accepting Euroz for Oil to complete the circle...

Tue, 03/25/2014 - 08:14 | 4589368 jubber
jubber's picture

must be why it is falling again

Tue, 03/25/2014 - 08:18 | 4589374 GetZeeGold
GetZeeGold's picture



It's all about supply and demand.....they've written books about it.

Tue, 03/25/2014 - 08:23 | 4589405 new game
new game's picture

sure, sure, as china naked shorts paper and buys phyzz...

hey china, is 1300/oz the right price? why not 1000? just curious...

Tue, 03/25/2014 - 08:33 | 4589437 fonzannoon
fonzannoon's picture

good question. Maybe 1000 is the right price. Maybe $500? As long as a country can grab 36 tons of it I guess the supply is out there.


Tue, 03/25/2014 - 08:39 | 4589454 GetZeeGold
GetZeeGold's picture



Gold everywhere.....but not a drop for Germany to drink!

Tue, 03/25/2014 - 09:20 | 4589597 astoriajoe
astoriajoe's picture

Oddly, about 35 years ago, doctors injected gold into my grandmother as some sort of therapeutic treatment for arthritis. Its not quite drinking, but maybe the Iraqi's just have a lot of elderly folk.

Tue, 03/25/2014 - 08:40 | 4589456 saveandsound
saveandsound's picture

ZH is selling the book.

Tue, 03/25/2014 - 08:48 | 4589477 new game
new game's picture

stuff we know(input costs) don't add up. so if this is true, physical supply has to become short of demand, right? am i missing something? so really just an issue of buy and hold, with the buys at lowest price possible; so therefor calling china and asking when is the right time??????predicated on months and years not days and weeks.

edit-except for margin calls which distorts short term(circa 2008).

Tue, 03/25/2014 - 10:04 | 4589766 Bay of Pigs
Bay of Pigs's picture

No, they are obviously lying. It is a Ponzi and Shell Game at this point (movement of CB gold stocks). The supply is most assurdedly not there (Germany not able to repatriate their gold).


Tue, 03/25/2014 - 09:00 | 4589545 Cacete de Ouro
Cacete de Ouro's picture

There is no information provided by the Iraqi Central Bank as to how the purchase transaction was executed.

Since it's now essentially a US colony, one possibility is that the gold could have been acquired into an allocated account via the NY Fed. This would mean that the gold is not being lent out (assume for a minute that the FRBNY does not lent out gold), but it could be collateralized against a US dollar loan to the Iraqi CB.

A second option is that it was purchased via the Bank of England. In this case it could all be lent out to the bullion banks and resold straight away, meaning a net zero supply/demand equation since after this transaction, the Iraq CB just has a claim against some bullion banks.

A similar third option is that the 'gold' was acquired via the BIS, and accounted for as a sight account or a term deposit at the BIS. The BIS then can do whatever it wants with the gold, for example lend it to the bullion banks or put out a fire elsewhere.

So surely the first question to ask is how was this purchase transaction actually executed, and where is the newly acquired gold and in what form is it being 'stored' (allocated vs unallocated vs term deposit vs sight deposit vs collateralized or swapped vs some other smoke and mirrors)?

Anyone got any info on these questions?

Tue, 03/25/2014 - 18:01 | 4591911 StychoKiller
StychoKiller's picture

Good delivery bars has become an oxymoron, since the bars don't get delivered to anyone.

Tue, 03/25/2014 - 08:33 | 4589434 zorba THE GREEK
zorba THE GREEK's picture

They are hitting gold harder than usual. There is futures expiration on Thursday, and gold always gets hit

before that, but this time seems more intense. Something else is going on and my gut tells me it will be

something big and will hit the stock market hard and cause gold to surge. That is why they feel the need

to slam gold and pump the market up beforehand, to cushion the blow. Only time will tell what is afoot.

Tue, 03/25/2014 - 08:40 | 4589462 SoilMyselfRotten
SoilMyselfRotten's picture

Agreed. Since before the FOMC meeting last week theyve had their boots on the neck of gold.

Tue, 03/25/2014 - 12:17 | 4590387 10PastMidnight
10PastMidnight's picture

add it up, gold backed Dinar, Russia, China and India getting comfy along with Iraq and Iran, all working toward bypassing and replacing the petro dollar with a gold backed currency, does it get anymore obvious?

Tue, 03/25/2014 - 08:16 | 4589372 AUD
AUD's picture

With the shit that's going on in Iraq right now, I doubt this is physical gold. More likely an unallocated account with a bullion bank.

Tue, 03/25/2014 - 08:25 | 4589408 Dr. Engali
Dr. Engali's picture

Exactly. There is no way they're taking physical possession. It's sitting in an imaginary vault some place to be re-hypothecated, and nobody knows who really owns it.

Tue, 03/25/2014 - 08:31 | 4589427 AUD
AUD's picture

if it is unallocated, what matters is whether the 'asset' the bullion bank has to match its liability to the Iraq central bank, actually matures into gold, should the Iraq bank wish to redeem it.

Whether they ever do ask to redeem it is another story.

Tue, 03/25/2014 - 09:15 | 4589579 RafterManFMJ
RafterManFMJ's picture

See these 36 receipts? Each one entitles you to one tonne of gold! We'll naturally store it for you at no charge here at the Fed and you can retrieve it anytime you want!

Be sure to place your tickets in a safe place, and don't forget where you've hid them. Pleasure doing bidness wit ya.

Tue, 03/25/2014 - 09:40 | 4589670 Kirk2NCC1701
Kirk2NCC1701's picture

More like "buying back" the gold that was stolen from them in 2002.  But still kept offshore (in NY) for Safekeeping, of course.

Tue, 03/25/2014 - 08:16 | 4589373 Agstacker
Agstacker's picture

The new normal of supply and demand, Iraq buys 36 tonnes and gold drops in price.

Tue, 03/25/2014 - 08:18 | 4589379 Dr. Engali
Dr. Engali's picture

Don't make us come in and liberate you from that shit again.

Tue, 03/25/2014 - 08:48 | 4589496 BlindMonkey
BlindMonkey's picture

That would only happen if they started drifting away from the petrodollar again.

Tue, 03/25/2014 - 08:18 | 4589387 agstacks
agstacks's picture

Looks like we need another "surge" there to liberate this newly claimed relic into the hands of a patiently waiting counter-party.

Tue, 03/25/2014 - 08:18 | 4589388 deus x machina
deus x machina's picture

so why isn't the price rocketing up?  it must be double secrect trading, in the double secrect shadow banking system that isn't suppose to exist that affects our lives but does really because it doesn't exist...WHAAAAAAAAAAT?

Tue, 03/25/2014 - 08:27 | 4589413 fonzannoon
fonzannoon's picture

why isn't the price rocketing up? Here is why...

"36 tonnes is a lot of physical gold, however in terms of dollars it is worth just $1.522 billion which is a tiny fraction of the $80 billion of foreign exchange reserves that Iraq holds."

This article by goldcore would be better off being printed in "who gives a shit magazine".

The only thing I took from this article is there was 36 tons of phyz out there to be purchased, so I prob don't have to worry about my coin shop running out of AE's this week.

Tue, 03/25/2014 - 09:17 | 4589589 Greenskeeper_Carl
Greenskeeper_Carl's picture

same here. Also, china has been able to import a shitload of it year after year. No price surge, no supply shortage. Say what you will about these bankers, they do seem to have a lock on this shit, for now anyway.  I have yet to see my shop not have ASE, AGEs, maples, buffalos, etc. I have never not been able to buy whatever I wanted there, nor have i not been able to order the generic silver bars from silvertowne.

Tue, 03/25/2014 - 09:23 | 4589608 astoriajoe
astoriajoe's picture

Something about the London miners working overtime.

Tue, 03/25/2014 - 08:19 | 4589393 fonzannoon
fonzannoon's picture


Tue, 03/25/2014 - 08:26 | 4589412 Dr. Engali
Dr. Engali's picture

I miss the snorg T-shirt girl.

Tue, 03/25/2014 - 09:35 | 4589656 Diet Coke and F...
Diet Coke and Floozies's picture

You have to turn ad blocker off for that... :P

Tue, 03/25/2014 - 10:54 | 4589825 woolly mammoth
woolly mammoth's picture

And I miss the Cougar women.

Tue, 03/25/2014 - 08:21 | 4589396 Seize Mars
Seize Mars's picture

Did it have "Ukraine" marked on it?

Tue, 03/25/2014 - 08:21 | 4589399 Black Hand
Black Hand's picture

Is this the Ukrainian gold the yanks have taken for "safe keeping?"

Tue, 03/25/2014 - 08:23 | 4589404 viator
viator's picture

When Iraq deteriorates into a failed state that will make a nice windfall for the new caliphate.

Tue, 03/25/2014 - 08:29 | 4589419 greatbeard
greatbeard's picture

>> into a failed state

Wouldn't one have to be a sucessful state in order to deteriorate into a failed state?

Tue, 03/25/2014 - 09:03 | 4589549 viator
viator's picture

Whatever you call it now, when the Kurds, Sunnis, and Shias finish fighting over it it will be less successful than it is now.

The Iraq stock exchange still doing OK, and is touted in some quarters.


Tue, 03/25/2014 - 08:28 | 4589417 Bahamas
Bahamas's picture

yellow cake

Tue, 03/25/2014 - 08:29 | 4589422 BigInJapan
BigInJapan's picture

As they say on the prairies, "Aw yahh, sherrrrr".

Tue, 03/25/2014 - 08:30 | 4589426 jubber
jubber's picture

Gold now negative LOD you just can't make this shit up Silver plummets back through 2000,, total market manipulation as usual as the Dow magically rises 90 points overnight S&P up 10 and the Russell up sick of this shit day after day

Tue, 03/25/2014 - 08:32 | 4589430 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

What happened at 8:25? Gold down to 1306?

Tue, 03/25/2014 - 08:40 | 4589458 zorba THE GREEK
zorba THE GREEK's picture

Jubber..I would love to melt some of my $27 silver down and cast it into a baseball bat

and pay those PM manipulators a visit.

Tue, 03/25/2014 - 09:16 | 4589584 mickeyman
mickeyman's picture

Don't waste good silver on that. Use lead.

Tue, 03/25/2014 - 09:26 | 4589622 astoriajoe
astoriajoe's picture

or tungsten, for the irony.

Tue, 03/25/2014 - 08:33 | 4589435 The Wizard
The Wizard's picture

Is it just a coincindence? Isn't this close to the amount of gold removed from the Ukraine last week? Ukraine is looking for FRN's to pay its gas bill.

Tue, 03/25/2014 - 08:52 | 4589505 Mike in GA
Mike in GA's picture

These bankster bastards have everydamnthing so convoluted and complicated I don't know what to believe but I know this:  The house of cards they've built over the last several decades is getting awfully chaotic and unwieldy. Complex systems die from their own weight.  This one's getting mighty heavy.

Tue, 03/25/2014 - 08:59 | 4589533 Mercury
Mercury's picture

Cheer up, it may not be that complicated. 

According to Turk China's massive 2013 gold imports were not facilitated by tricky CCFD deals but by the simple fact that in 2013 the West was a willing direct seller of physical gold and the East was a willing direct buyer.

Tue, 03/25/2014 - 18:06 | 4591917 StychoKiller
StychoKiller's picture

By hook or crook (well, lots of crooks, actually!), China has accumulated a Huge mass of Au!

Tue, 03/25/2014 - 08:38 | 4589442 Mercury
Mercury's picture
Iraq Buys Massive 36 Tonnes Of Gold In March

...laying the groundwork for the next recapitalization of Al Queda...

Tue, 03/25/2014 - 08:36 | 4589444 sudzee
sudzee's picture

Oil for gold.

Tue, 03/25/2014 - 08:40 | 4589460 PaperBear
PaperBear's picture

Is the central bank of Iraq owned by the Rothschilds ?

Tue, 03/25/2014 - 09:06 | 4589554 Cacete de Ouro
Cacete de Ouro's picture

It is now, indirectly via the FRBNY, same for Afghanistan where the Afghan gold is supposedly in the NY vault but it's not good delivery gold. Just look at the Afghan central bank annual reports. They say straight out that it's not good delivery and so requires a discount in the valuation (because it's coin bar shit from Fort Knox).

Tue, 03/25/2014 - 08:43 | 4589471 Kirk2NCC1701
Kirk2NCC1701's picture

April headline: Iraq sends 36 tonnes of gold to US in April.  For safekeeping.

Tue, 03/25/2014 - 18:08 | 4591922 StychoKiller
StychoKiller's picture

"Safekeeping" has become an oxymoron, just like good delivery bar(s)

Tue, 03/25/2014 - 10:21 | 4589854 DoChenRollingBearing
DoChenRollingBearing's picture

Re Argentina´s strqategic importance, Henry Kissinger reported said:

"Argentina is a dagger pointed straight at the heart of Antarctica."

Tue, 03/25/2014 - 18:09 | 4591925 StychoKiller
StychoKiller's picture

Well yeah, because Heaven only knows when penguins will stage a revolt! :>D

Tue, 03/25/2014 - 08:46 | 4589487 Fix It Again Timmy
Fix It Again Timmy's picture

Hell, if it's paper gold, I'll take 10,000 tons - I can "store" it in the inside pocket of my suit jacket and I will gladly pay you - next Tuesday....

Tue, 03/25/2014 - 08:46 | 4589489 TheInfoman
TheInfoman's picture

Iraq didn't get the memo about the "old relic."

Tue, 03/25/2014 - 08:48 | 4589494 Racer
Racer's picture

Iraq, China etc., are all jumping for joy at the idiocy of the gold manipulators knocking the price of gold for them, so they can grab more at bargain basement prices

Tue, 03/25/2014 - 08:49 | 4589497 waldo simon
waldo simon's picture

A central bank,  the

Iraq central bank, declares that the PURPOSE of it's gold purchases,

is to "support Iraq's currency"

And proceeds to buy a substantial amount of gold.

Is one right in assuming,therefore, that when British chancellor of the Exchequer, Mr. Gordon Brown,

sold 400 tonnes of Bank of England gold,not actually belonging to him, or the "uk.govt."

that he was attempting to "unsuppor t(sic) the the UK currency??


Gordon Brown,on behalf of the Global financial elite,in 2002 (or thereabouts) sold 400 tonnes of gold,belonging to British taxpayers.

Sold this large ammount of gold to allow the FIAT UK Pound Sterling,to maintain it's price against AU,and to allow the global financial elite to continue their suppression of precious metals,and continuation of manipulation of world financxial markets.

All short termism,with slow moving,but entirely predictable consequences.

In days of yore,this traitor-serving another master- would have been hung.

Today,he reaps money on the speaking circuit.

Mad,or what??

Tue, 03/25/2014 - 09:17 | 4589586 Cacete de Ouro
Cacete de Ouro's picture

Brown and HM Treasury were bailing out Goldman Sachs back then when they sold the 'British' gold. As soon as Goldman got the gold transferred from the auctions they sold it to offset their short positions. Fact (from IMF monthly gold market reports)

Tue, 03/25/2014 - 08:52 | 4589510 nod2glod
nod2glod's picture

But did Iraq take physical delivery and store it in a vault in Iraq? I bet this was bought and is being stored on their behalf in London or NY, and therefore is just good old paper gold.

Tue, 03/25/2014 - 08:58 | 4589534 esum
esum's picture

why do we send foreign aid to IRAQ? $60 billion plus since 2006.

why did retard Brennan cut Amerikan companies out of post war development, "becasue it would look bad"..

hey douchebag, who the fuck are you kidding... if there was no oil in Iraq there would have been no war in iraq... and why did you convert to islam again? and why are the chinese moving into iraq again?


Tue, 03/25/2014 - 09:03 | 4589550 edifice
edifice's picture

Guess they found the $6b in pallets of 100s...

Tue, 03/25/2014 - 09:09 | 4589562 Acidtest Dummy
Acidtest Dummy's picture

It's not who thinks that counts, it's who counts the thoughts.

Tue, 03/25/2014 - 09:13 | 4589572 waldo simon
waldo simon's picture

Tarsubil and Nod2glod, exactly.

We don't know wether,or not,physical purchase has taken place.

If you or i were executing the trade,we'd be fools not to take delivery'.

surely this world of pledging,and re-pledging assets as collateral(re-hypothecating)

is simply clever clever,sleight of hand,and surely another example of a frothy,near the peak markets??

Tue, 03/25/2014 - 09:16 | 4589582 Save_America1st
Save_America1st's picture

ooooooooooooo, I bet all the Iraqu Dinar RV'ers are in a big tizzy over that one.  The Dinar will revalue "any day now" and then all the Dinar freaks will be rich, rich, rich I say, RICH with ummmm...well, lots of paper Dinars or dying paper U.S. dollars.

Have fun with that...

Tue, 03/25/2014 - 09:31 | 4589645 Greenskeeper_Carl
Greenskeeper_Carl's picture

i know several people that bought 500 or a 1000 dollars worth of Iraqi dinar when we were overseas. I think they had hopes it would one day trade like the kuwaiti dinar, As in 3.5 dollars or so the one dinar. In which case, they would have made out like bandits.  It would be interesting to see if they are actually worth much more than they were in 2007

Tue, 03/25/2014 - 12:53 | 4590529 Sandy15
Sandy15's picture

Historically if one decides to read and understand, the Iraqi dinar was at one time equivalent to the Kuwaiti and Turkey dinar.  Then Saddam printed like a mad man and countries world wide would not touch it, thus the devalue.  New money has been printed, they have LOTS of oil and gold, now they have doubled their gold holdings in one month time frame and Saddam is dead.  If you look at the CBI website they have coins printed (not in circulation yet), WHY?

If it doesn't revalue at the Kuwaiti dinar,fine but it will revalue and it's so low now it can only go one way.  Afghanistan which doesn't have gold or oil has a higher value to the dollar than the Iraqi dinar.  New monies revalued after the World Wars before, so why not now.  Eitherway, mine has increased in value since my purchase so I'm a winner anyway.  Just waiting to see what happens when they pay off Kuwait, oh they did that.  Just waiting to see what happens as they get things in order, oh their doing that...........  so I sit on my profits to see if their is more.  What's the difference in that and your mutual funds in your 401K?  Oh, most people don't understand their 401K, they think that's the name of the fund......  hahahahahahaha

Let's see who makes the more, me on my dinars or you from your 401K fund.........

Tue, 03/25/2014 - 09:19 | 4589591 FLHRS
FLHRS's picture

Why isn't Russia on the chart?  According to Zero Hedge, Russia's 2013 purchases were 181.4 tonnes.  Demand?

Tue, 03/25/2014 - 09:31 | 4589646 RevRex
RevRex's picture

Demand up = Price Down


Haven't you ever heard of the law of supply and demand???


I bet I could produce a chart that shows that too!

Tue, 03/25/2014 - 09:33 | 4589651 nathan1234
nathan1234's picture

Is that Gold delivered in Iraq or JPM?Goldman's pieces of paper?

Maybe ripe for another distrubance in Iraq to loot that Gold.

Good to sell it to them and then loot it.

Makes business sense for the Wall Street Cartel

Tue, 03/25/2014 - 09:36 | 4589659 jmcadg
jmcadg's picture

Have they forgotten the first rule of Fight Club?

Tue, 03/25/2014 - 09:57 | 4589738 Vin
Vin's picture

Amazing.  How does one buy that much gold with only a small increase in price?  Hmmm. 

Tue, 03/25/2014 - 10:07 | 4589780 RSDallas
RSDallas's picture

Just shows you how profitable their dope business is.  

Tue, 03/25/2014 - 10:45 | 4589947 Chuck Knoblauch
Chuck Knoblauch's picture


Tue, 03/25/2014 - 11:03 | 4589996 Pee Wee
Pee Wee's picture

"Here come the WMD's!"

- Jeb 2016

Tue, 03/25/2014 - 11:19 | 4590081 Ariadne
Ariadne's picture

IQ CB ~ Ahmed Chalabi ~ Bildeberg ~ Hitlery

Tue, 03/25/2014 - 11:27 | 4590126 Judge Crater
Judge Crater's picture


                      STEAL 36 TONS OF GOLD

                      BANK'S PRESIDENT MISSING

Tue, 03/25/2014 - 13:04 | 4590582 MeelionDollerBogus
MeelionDollerBogus's picture

And in unrelated news a Boeing 777 went missing from the Baghdad airport and fell off all visual, radio, radar & satellite contact... during take off.

Tue, 03/25/2014 - 11:38 | 4590177 Babaloo
Babaloo's picture

It's remarkable how much Iraq, China, India et al are buying.  And yet the price keeps going lower and lower. 

So, somebody's either lying or totally wrong.  And Tyler is included in that observation.

Tue, 03/25/2014 - 11:56 | 4590294 silverserfer
silverserfer's picture


Tue, 03/25/2014 - 12:12 | 4590359 RobertPaulsson
RobertPaulsson's picture

Yay!! Time to trade in some of my Dinars! 

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