High Risk Investment??

Hey Guys,

some friends I know were telling him about an investment that they purchased – I’m skeptical at this point and have been researching it all day. I understand the theory behind this and just want to get some other opinions

The investment:
Prior to the Gulf War, 1 million Iraqi Dinar = US $3,200,000
Now you can buy 1 million Iraqi Dinar for $950

If the Iraqi Dinar appreciates to just one penny,
then 1 million Iraqi Dinar = US $10,000. You profit US $9,050

If the Iraqi Dinar appreciates to the pre-Gulf War rates,
then 1 million Iraqi Dinar = US $3,200,000. You profit US $3,199,050

So basically the few guys I know that did this paid @ 950 bucks for their dinar and dropped it into a Safety Deposit Box…..

http://www.gidassociates.com/

what do you guys think? I’m skeptical, but want to hear other thoughts on it…I know the dinar right now is basically worthless – but do you see the Iraqi economy stabilized years from now enough to warranty this risk?

I had some army friends played the rate in Germany all the time and did pretty well. The mark at the time fluctuated greatly from day to day. Not a great investment IHMO.

It is gambling, not investing.

Slop,

As you’ve already stated. This is a very speculative bet. My first question would be this. Do you have a financial plan in place? (EI… Home, Cash Reserves, Retierment accounts, ect..) If so, where does this fall into the picture you and or your advisor have built? If all other areas of your long term sutiation have been adressed go nuts. (Assuming you have $950 to throw at the wind.) If no plan is in place, build one. How can you get where your going without a map.

Keep this in mind as you make your decisions. Where one has made a ton of money 100’s have lost. Some could handle the loss others couldn’t. Make sure your the guy that can take a hit and not sink the ship.

Good Luck
Chris

If you can leave the $950 on the table without undo economic hardship, then consider rolling the dice after all, the greater the risk the greater the potential gain.

How much investigation did you do? Read this:

http://www.ripoffreport.com/reports/0/147/RipOff0147817.htm

I saw there were scams out there but the fact is you can buy the currency – just do it from a legit source….

before you plop down any money, track the US Dollar to Iraqi Dinar trends… you might want to wait a little longer…

1.00 USD = 1147.6000 IQD
1 IQD = 0.0009 USD

today’s rate…

Every investment is a gamble, unless it has guaranteed return rates, schedules and security. Thanks for posting this Dinar

big G

at today’s rate, if you buy 1,000,000 Iraqi Dinars for $950, you’re giving the guy you buy them from a 10% profit margin… and he’s probably buying them for less so he’s double-dipping… good work if you can broker those types of deals!

Put it this way, if it were that easy to make a million bucks, everyone would do it. Sounds like a scam to me. Iraq’s money will never be worth anything anymore now that Saddam is outta there. There government basically consists of 4 dudes sitting in a woodshed waiting to be assasinated.

Huh? I’ve got some old Dinars I bought off e-bay some time after 9-11.

It is a long term investment. It will take years for things to settle down and become stable. I have a friend who invests in many different currencies. Most he said will take many many years. He also said that with a new government, they may get rid of the denar and make a whole new money system. It is a big gamble, but could pay off huge. A lot of the people I know who invest, are investing in gold bars right now. The only gold I can afford to invest in right now are gold jigs.
DT

My sister went for this just after 9/11. She tells me the only way she sees to get her money back is to find someone here to buy them thinking they will make money. I would stayaway from that scam. Just my opinion

Tell your sister, it looks like the link Slop provided, is paying $915 per 1 million dinar Don’t know what she paid, but its a way out at least

big G

I wouldn’t call it a scam because you can actually buy the currency. It is more like a very high risk, long term investment. With the odds of it not working out very good. But if it does.
DT

forget currency,buy gold or silver[anyway you want].Its in big demand now!