So Is The Iraqi Dinar A Good Investment?
One of my brothers emailed me about buying the Iraqi Dinar and so I did some digging. Did you know that Utah Division of Securities lists Iraq Money as one of the biggest scams on the internet along with other currency trading? It has been almost five years since the current Iraqi Dinar (IQD) was introduced by the Coalition Provisional Authority some time between October 2003 and January of 2004. Since that time, a multitude of websites appeared and heavily promoted in the investment of the new Iraqi currency as a once in a lifetime opportunity to make a fortune.
The new Iraqi Dinar is real and not a scam itself, it's the selling of the Dinar without telling the buyer that they are doubling the price and that it can only be redeemed in Iraq. The promoters like to make a convincing sales pitch using the Kuwaiti Dinar (KWD) as an example of what can possibly happen. They want you to believe that your 1 million IQD will one day be worth between $100K - $1M USD. If the sellers really believed that, why are they not just hoarding it all for themselves? Why are they going through all the trouble setting up websites and buying Dinars to resell?
In comparison to Kuwait, this is the current status of Iraq:
*A broken infrastructure or no infrastructure
*$125 billion of external debt
*Millions of dollars in post-war debt
*No stable government
*An ongoing insurgency
*Limited oil production
The Vietnam Dong (VND) is another currency to take a look at. It has been almost 35 years since the end of the Vietnam War. It was not until 2001 was trading normalized with the U.S. In those 35 years, its infrastructure was being rebuilt and its economy is now on the rise. How long do you think it will be before you can make a profit on the dinar?
Labels: currency speculation, currency trading, investing, Iraqi Dinar
Posted By: Joe on Thursday, January 03, 2008
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4 Comments:
You information about the Dinar is far from behing correct. There is no scam involved with it. This is nothing more than a currency speculation. The Dianr is traded on most of the FOREX around the world. There is no difference in buying Dinar than there is in buying Euros or Pounds. Please get you facts straight before you reguritate lies and misinformation
While the author starts out saying that the Utah Division of Securities calls this a scam, you'll see a little further down in his article that he says that it is not a scam itself - just that it is a really bad deal. Do you sell this stuff or something, Jeff?
Hey, the point of the whole thing is that if it sounds too good to be true, it most likely is. Keep the good info coming, Joe. We'll keep reading!
The real currency speculation that I am familiar with is better known as Forex market (short for foreign exchange market). This is a non-stop market where currencies of nations are traded, typically via brokers and is the largest financial market in the world, with the equivalent of over $1.9 trillion changing hands daily.
Foreign currencies are constantly and simultaneously bought and sold across local and global markets. The market conditions can change at any time in response to real-time events and this is why they are referred to as currency speculation. The brokers, who capitalize upon the trading, use several large computers that search for disparities between currencies. The rate or disparity is usually so small that about a million dollars is traded at any one time for only a small profit. This trade is repeated until there is no longer a difference or profit to be made.
So in essence, this type of currency trading is legitimate.
Joe
It's a scam stay away from it!!!;-)
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