Ok, so im cleaning out a closet last night and what do i come across?? 2 Million in iraqi Dinar..LOL…I bought them 7 years ago thinking i would become a millionaire…Yes, pathetic i know….Anyway, the website i bought them from, safedinar.com, currently has a buy price of about $850 per million so i can sell them right now for about $1700…Should i sell them and grab 50 oz’s of silver, invest it elsewhere…etc.. or just hold on to it?? Of course i know the chances of the dinar getting revalued is about a gazillion to 1 but Im thinking since they were sitting in a closet for 7 years and i had forgotton about them anyway, i mind as well just throw them back in the closet for another 7 years and see what happens…Any thoughts?? As always, your input is greatly appreciated…Thanks in advance
If I were you, then I would use them to buy some gold since buying an ounce of it at once is very hard because it is expensive. As for silver, it is very easy to buy it fast especially when it is at about 32.25$ per ounce. So, I would recommend you to get rid of all paper currencies because they will lose values overtime due to inflation. Also, congratulation at finding two millions lol!
After the re-Val, your 2 million becomes 2 Thousand, but SAME VALUE ($1700 USD) Provided the currencies do not move relative to one another. Further obstacles to a big gain, is that the IQD is currently 100% backed by ~$67Billion USD. So, appreciation against the USD is unlikely, until other “world monies” start pouring into Iraq.
If it went back near where it was before, relative to USD, you might get about $5000 for your 2 Million IQD.
And, I also predict that there will be a “window of opportunity” to redeem the Big Zeros (IQD) for the No Zeros (IQD) so I would sell them now, and buy Silver or something else of value. Like (G&A) lol! Guns and Ammunition.
Here’s an idea for you. If it really is found money and you really don’t care, buy a 3X levered ETN like USLV. Catch the silver moonshot and before the system crashes cash out and get into a hard asset. Don’t try to catch the entire moonshot. Get out 80% from the top while the getting is good. Timing will be tricky. But, since it’s found money what’s the worse that can happen. Just a crazy thought from an old dog.
Currently, I have no more cash to spend on enhancing my stack. However, if I happened to find a ‘windfall’ at the back of a wardrobe, I would spend it on a readymade portfolio of junior miners, such as one of the mining ETFs that have been lagging of late. When gold and silver do take off, I would expect the junior miners to go crazy. Rick Rule isn’t an idiot.
Buying an ETF spreads the risk over a number of junior producers in a number of different countries. If I had a couple of grand right now to play with, that’s where I would be playing.
Hardcore stackers may disagree with me, but I believe it doesn’t hurt to diversify a little.
" this is reminiscent of Mt Gox, not that we need to think back more than a week. Inept management, possibly corrupt, failing to deliver Will this is something more commonplace in the future? Maybe this is another crack in the wall that lets the flood through "Reply To: Tulving GONE???!!!
" Given that many people who purchase physical PM's also own guns, Hannes Tulving, Jr. may want to make every possible effort to ensure these people do not lose a tremendous amount of money due to the publicized failure of his firm. "Reply To: Tulving GONE???!!!
I looked at that crap, not a single firearm in the place!
Just cheap jewelry from what I saw. IMO they are hoarding the PMs.
Like my friend's jewelry shop does, and ... "Reply To: Pawn Shop
" This has been ongoing for quite some time, i'd believe it. He filed for bankruptcy protection once before. Too bad and feel sorry for the investors who thought they had something.
Just a reminder that pms in your possession may be safe, but need to trust your counterparts. "Reply To: Tulving GONE???!!!
" Also, stay away from any coins that have been encapsulated or graded. The fakers really like these coins because they are permanently sealed and graded which means its impossible to remove and weigh or check with a magnet.
Maybe 90% circulated dimes and quarters are the way to go unless you'r... "Reply To: Counterfeit 2012 Silver Maples?!?! Agh! Hope Not…
The analysis and discussion provided on SilverDoctors is for your education and entertainment only, it is not recommended for trading purposes. The Doc is not an investment adviser and information obtained here should not be taken for professional investment advice. The commentary on SilverDoctors reflects the opinions of The Doc and other contributing authors. Your own due diligence is recommended before buying or selling any investments, securities, or precious metals. We do not share in your profits, and thus will not take responsibility for your losses as well.