Iraq Boosts Gold Reserves

By John Lee.

Iraq made its first major move in years to boost its gold reserves, joining central banks from emerging market economies such as Brazil and Russia in diversifying its foreign reserves.

According to a report from the Lebanese Daily Star, central bank purchases have been one of the biggest drivers of gold’s rally since 2010 – a year which saw central banks turning net buyers of the precious metal for the first time in two decades amid growing doubts about the stability of the dollar as the world’s top reserve currency.

Over the course of three months between August and October this year, Iraq’s gold holdings quadrupled to 31.07 tonnes, the International Monetary Fund‘s monthly statistics report showed on Thursday.

(Source: Lebanese Daily Star)

59 Responses to Iraq Boosts Gold Reserves

  1. 4aprofit March 16, 2013 at 6:11 am #

    Another link for Baghdad Gate:
    http://www.dsc-int.com/projects/urban-design-planning/baghdad-gate

  2. 4aprofit March 16, 2013 at 6:13 am #

    Another link for Proposed Baghdad Skyscaper City:

    http://www.skyscrapercity.com/showthread.php?t=1559800

  3. 4aprofit March 16, 2013 at 6:16 am #

    Another link for: VISIT BAGHDAD, ARAB CAPITAL OF CULTURE 2013

    http://www.skyscrapercity.com/showthread.php?t=1093703

  4. 4aprofit March 16, 2013 at 6:29 am #

    VIDEO OF THE BOOM IN KURDISTAN, IRAQ

    Posted on 15 March 2013. Tags: KRG, Kurdistan, video

    A decade after war and the toppling of dictator Saddam Hussein, Iraqโ€™s Kurdistan is experiencing a construction and economic boom:

    Video: Kurds Emerge as Victors of post-Saddam Iraq

  5. John Richardson March 16, 2013 at 8:36 am #

    4aprofit – “How many dinars are out there?”

    75 trillion (as of Q1 2013 – an increase from 72 trillion in Q3/4 2012). As stated by the Central Bank of Iraq, Iraqi Parliament, Iraqi Finance Commission, World Bank, IMF & SIGIR. Here it is in plain sight:-
    http://cbi.iq/documents/Monetary_Aggregates_f.xls

    4aprofit – Does it even matter?

    Are you serious? To anyone with an IQ over 70 who understand the basics of supply and demand – yes – because that’s how currencies (and all products) are valued in the real world…

    Currency value = Amount of FX reserves divided by number of currency units created. Iraq has $70bn of USD exchange reserves (you’ve even posted that fact yourself in the past). They have issued 75 trillion Dinars in their local currency (compared to only 30 billion of Kuwait). That means Iraq has only $1 available to support each 1070 Dinar created ($70bn exchange reserves divided by 75,000bn Dinar) which gives the Dinar the same fair market value of 1164-1170:1 that it’s already at (which is why the IMF have already said it’s “fair value”) and why everyone except Dinar scam victims can see the truth!

    “Does it matter”. LOL. If you were a baker and you sold bread for $1 per loaf. Two customers walked in – one bought 1 loaf and another bought 100 loaves – would you charge both of them $1? “Does it matter” the latter is wanting a supply 100x more – bread is still $1 and the supply demanded is “irrelevant” right? If I wanted 1,000 loaves, you should still charge me the same $1 you’d charge someone buying one loaf (using your logic…)

    Likewise, using your “does it matter” logic, you genuinely believe that because an original Mona Lisa will fetch +$10m at auction, you could photocopy it 1m times, and sell each photocopy for $10m, and “earn $10tn” from selling photocopies…

    That’s how stupid your question is. Of course it “matters” how many Dinar are issued – the more money you print, the less each currency unit is worth and the quantity of money issued by a country has an inverse relationship to its international value vs other currencies – the more you print – the less it is worth. Good God man, this is very basic supply and demand economics that even my own kids understand… The fact the Dinar “RV” is only “believable” by its cult-like followers if you pretend “the supply of something should have no impact on its price” speaks for itself as to the almost total disconnect from reality held by its followers…

    PS: Thanks for your link to a fictional movie, but I know how banking works. It’s you that doesn’t. You’ve overheard a couple of catchphrases like “fractional reserve banking”, “fiat currencies”, etc, and just throw those labels around pretending you know what it means, trying to impress people with jargon that impresses you.

    The Iraqi Dinar is just as “fiat” and “fractional” as anyone else’s. “Digital money” has exactly the same value as banknotes. You pay $10 into your bank – it is still $10. You withdraw $10 – you get a $10 note back. You electronically send someone $10 – they get the same $10 as if you mailed a $10 to them. If it were any other way, there would be bank runs and the whole system would collapse in every country overnight as the person on the losing side of the transaction wouldn’t make the trade and no-one anywhere would keep their money in any bank. Saying “digital money doesn’t count” just proves you haven’t a clue what you’re talking about. I suspect you’re actually confusing “leveraging” with “digital money” which is just further proof you don’t know what you’re talking about and badly muddled you are.

    The only “non fiat, non digital, non fractional” currencies on Earth are Gold (XAU) & Silver (XAG) bullion. If you’ve bought some bullion coins – I’ll listen to your funny “lectures” on “real non-fiat money vs the Dollar” – otherwise all you’re doing is laughably and confusingly trying to explain how “one worthless fractional fiat paper currency ” (the Dollar) can be “cured” by an even more 1,000x over-printed worthless fractional fiat paper currency (the Iraqi Dinar)…

    … which is like listening to a doctor declaring he’s going to cure his patient’s flu by deliberately injecting them with malaria, typhoid and ebola and that he “knows” it will work because a faceless, nameless stranger with a long track record of failed predictions, told him on the Internet in forums with names like “Flu Daddy’s Tidbits!”…

    4aprofit – “and dont even have time for the negative b.s”q

    Right, you have “so little time to talk” that you spend all your time obsessing over the Dinar posting up to 500 posts per month across 4 forums and spamming off 6 at a time here. Every time someone posts here debunking your propaganda, you get thrown into a panic attack. It’s so obvious.

    4aprofit – “Another link for Baghdad Gate”

    OMG. Iraq’s building a few skyscrapers! Give everyone on Earth $10bn! Seriously, grow up and get a grip of yourself…

  6. 4aprofit March 16, 2013 at 8:44 am #

    Wow…give someone a few choice morsels to chew on and they spit it all out without getting a taste…lol….

    My, my, my, you poor dear souls…cant see the forest for the tress…oooops…should’nt have said that …the scholars will scoff me again…I’m sooo skeeered….lol…

  7. 4aprofit March 16, 2013 at 8:52 am #

    On another note…if some of you spent as much time on your million dollar stuff, instead of this so-called worthless investment…you could lose out on all your other stuff…as you cant be in two places at once…as I would be studying what worked for me, instead of this, as some of you have written books about what cant work with this investment…I just would hate to see you lose everything worrying over what you call worthless!…lol…

  8. Bob March 16, 2013 at 8:59 am #

    LOL. John, he’s like a small puppy chasing its tail for a decade. This sentence sums up 4aprofit’s “knowledge” in a nutshell:-

    “Why does it matter how many Dinar there are circulating on the Dinar’s value” ๐Ÿ™‚

    Classic. ๐Ÿ™‚

    In other breaking news:-

    “What possible impact could oil embargos have on the price of oil? Why does it matter?”

    “What possible impact could wheat crop failures have on the price of wheat? Why does it matter?”

    4aprofit (like all good Communists and “fellow travellers”) despises supply & demand and believes the price of everything should be dictated by central government regardless of shortages or market forces…

    4aprofit : “The US Dollar is worthless because the USA has printed $12.5tn of them, but my secret agent friend who has printed $70,000,000,000,000,000,000 ($70 quintillion) is going to save the world!

    “Save the world” – Zimbabwe style that is…
    http://www.rickety.us/wp-content/uploads/2010/05/Rachel_Zimbabwe_banknote.jpg

    You can’t argue with trolls (and you certainly can’t hold any lucid semi-intelligent debate with “stupid” who thinks only the USA experiences inflation and Iraq must be “immune to it” (because of the magic RV fairy), yet he still can’t grasp why a loaf of bread in Iraq now costs 1,300 Dinar instead of 1.3 Dinar which “coincidentally” happened when Iraq printed 1,000x more money… ๐Ÿ˜‰

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