:confused: My sister has brought $500,000.00 in Iraq Dinars on the word of some guy at work that said they were going to go up because of an oil strike over there. Now I'm reading that the Iraqians are talking about remaking the money with Saddam's picture on it. I don't know that much about investing in foreign money, so I'm looking for some help. Has anyone heard about the oil strike and if the dinars she brought are a good investment or just pretty toilet paper.

First of course most of the oil is private owned or on leased land, a new oil find would have little effect. Next not heaf the sadam picture, but the ruling party still hates sadam so unless they are overthrown I would not wait on it.

But their money is in flux, if the US does pull out,there will be major civil war ( and religioius war) and it is possible the ruling party would be over thrown making their money worthless.

The only way that the money would grow would be that the US commits to stay in Iraq, the religious nuts stop all of their attacks, and the businesses there start doing well.

Personally I would say higher priced toilet paper, since it is obvious over the next couple of years the US will be pulling out leaving their government and economy to the wolves.

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Originally Posted by FLAMEonfire

:confused: My sister has brought $500,000.00 in Iraq Dinars on the word of some guy at work that said they were going to go up because of an oil strike over there. Now I'm reading that the Iraqians are talking about remaking the money with Saddam's picture on it. I don't know that much about investing in foreign money, so I'm looking for some help. Has anyone heard about the oil strike and if the dinars she brought are a good investment or just pretty toilet paper.

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That's about $400 US. Geez... That should tell you something right there! I agree with Fr. Chuck. You never, ever invest (even $400) in a country in a war and on the verge of a civil war. Best bet... any international fund which tracks the euro vs the US dollar... the euro is the hot choice right now.. at least for the next three or four quarters and the S&P 500 lags behind those returns and will for awhile.

Hello flame:

Well, she's either going to make a lotta money or lose it all.

excon

But like I said, on another post, back in the 70's, a good friend had this hot tip on a silly company called Tandey company, they were going to invest in computers and mid price electronics.
And I just laughed people having computers in their home, "yea, right" computers are the size of rooms and people are not going to buy electronics form a store that does not install the items.
Well I guess a few thousand dollars would have made you a millionaire in what became Radio Shack ( and of course knowing when to get out of it)

:d Lol FR. Chuck, If Someone Would Have Told My Sister About The Stocks Back Then, She Probably Would Have Gone Past It Like Most Everyone Else. But In Her "old" Age, [she's 43] She's Willing To Take Chances. If They Turn Out To Be Big Bucks [and She Shares With Me] I'll Take Everyone Out To Dinner!

Thanks For Answering Guys!

You can look at it two ways. Your sister purchased the dinars not knowing what it will end up like. Life is a gamble and the amount she spent is US Dollars probably did not cost her a lot so I would say sit on them for at least two to three more years. What does she have to lose? She can sell them back at any time. HSBC bank will buy them back. I did the same thing and only spent 1,000.00 US dollars and I will wait it out. After all I wish 1,000 in my life time was all I have thrown away!! Good luck to her! :)

Everywhere I go and everyone I see is saying, “have you got in on this Iraqi Dinar deal?” It boggles my mind how much Dinar there is floating around the place. Bubba has to be correct in that for our 5,000,000 Dinar we will likely get US$5,000. How on earth can any Country buy back it's currency at some of the suggested rates that have been floating around over the past few weeks? Boy 'o boy do I wish that I was wrong, but as Bubba says “it is sadly over” (:
Read More:http://www.dinariraqi.net