Iraq To Back The Iraqi Dinar With Gold!

Are there any other nations who are backing their currency with gold?

I know Switzerland did but I think they went off of the gold standard years ago.

This is huge news as far as asset backed currencies go.

Basel III compliance for sure!

Gold bump!

Gold Standard BUMP!

I wonder if other nations in the world will follow suit? Maybe China?

If nations go to the gold standard the US dollar is SCREWED!

Uh oh...

That's why we ousted Saddam..

And why the US took out Lybia!

Nations know the dollar is about to fail and they are taking action.

Iraq is a wealthy nation with a lot of gold and oil so I can see why they would want to disconnect from the US dollar.

I am watching for China to do something like this.

uh oh

Time for Operation Shock & Awe 2.0

Lol looks like we're going back...

Iraq War 3.0..?

and so the flight from paper begins.

You never left lol

Hoorah!

Not this time...too many nations breaking away from the dollar. Back when Saddam threatened to sell oil in Euros and not dollars he was destroyed but now we have China, Brazil, Russia, India and South Africa and many other nations with pacts to not trade in US dollars and to trade oil for gold.

Back when it was just one nation resisting the US petro dollar they would be attacked with US military force but today...the tide has turned and the whole world is avoiding the dollar and making deals to accept many major currencies in trade EXCEPT the US dollar.

Also...there is no way in hell the US banking system can become Basil III compliant because of the bad debt held by US banks and the lack of true capital/liquidity.

The tide has turned...

Gold tards...on your mark...get set...GO!

interesting. a dumb question: this will not be good for the people who already purchased dinar, or will it?

Seems it would be.

Being a gold backed currency it would be insulated from the failing dollar and also give it strength as the value of gold goes up.

This is the first evidence I have seen of all the rumors of some nations moving to true asset backed currency and away from fiat.

This to me marks a major change in the direction of the global economy but also exposes the danger of holding US dollars.

Here is the exchange rate, apparently no one cares...
Maybe they will get a bump if they actually do back the currency (Iraqi’s talk a lot but not much action) with a partial gold reserve. I was in this investment for nearly 5 years and it was a waste of capital but I will continue to monitor.


[link to www.safedinar.com]

Looks like they just put the panel together to do this and are keeping the info quiet as they can.

When we see a formal announcement from their central bank that the structure of backing has been officially changed to an asset backed currency that is when it will get interesting.

Rest assured...this is just the tip of the iceberg and we may see Iraq and other nations at the same time make the switch from fiat to asset backed at the same time.

When that happens...bye bye US dollar!

Woah, check this out, did they do the reval from the old currency to the new? This was one of my fears, those that bought before will simply be pushed out as you try to exchange old notes for the new ones (possibly gold backed). I still have a small holding but they may have just burned anyone holding.

I do agree OP that we must support the dollar with a gold backing or all is lost.

Thread: They changed the Designator for the IRAQI DINAR! "IQD"...is now "IQN!" WTF?

2nd shift Gold Tard bump!

Ok, so no country in the wold explicitly gold-backs it's paper, but the Central Banks can and do 'manipulate' gold in order to preserve the value of their currency.

I guess this is what Iraq will do.
If they announce a gold-backing of the dinar at a formal rate, let me know. That's a "gold standard".

Thanks, I don't have dinar, but curious.

My guess is they will drop the dollar peg they now have and go to a combined basket of gold, oil and other currencies.

We will know soon enough.

Quite possible, but if, as rumored, our government has trillions of dinars still lying around from when they set up the CBI and did the initial currency exchange that got them started back in 2003, those dinars, in addition to the ones held privately by Americans, will be used as a reserve to back the dollar, so it may not have as much of an effect. Long term, I agree, the dollar is screwed, but I've thought that an asset backing was the plan for the dinar since I got on that crazy ride two years ago.

Agree.

Here's my buddy, Kaperoni, from Dinar Alert, on this article.

Kaperoni: I don't see a need to involve the Minister of Planning in a mis-alignment in the CBI's monetary policy. But I do see them involved if there was to be a more significant change that would require public services. Minister of Planning is usually responsible for coordinating events, creating development goals, forecasting projects, guidance, etc. within a community, city or state. I don't see why they would be part of a daily monetary policy. I remember Shabibi back a year or so ago, stating clearly that this event was not a CBI event, but a country event which would require coordination from the GOI. IMO, this article appears to be more in line with that request. And if the CBI is in a state of "disorderly exit" (my speculation) from the current closed pegged policy to a float or some other exchange regime, it makes sense to include the Minister of Planning and the Minister of Finance in the plan.

Last Edited by Revbo™ on 06/11/2013 12:18 PM

I call BS


any official sources to back this up?

Al-Shorfa good enough for you?

You never get mainstream sources for Iraqi news unless there's a bombing.

[link to al-shorfa.com]

Iraq forms joint panel to stabilise currency

2013-06-10

In a bid to prevent the fluctuation of the Iraqi dinar and adjust its value against world currencies, the Iraqi government on Monday (June 10th) announced that a joint committee comprised of members from the planning and finance ministries and the Iraqi Central Bank has been formed.

Iraqi government economic advisor Salam al-Quraishi said the committee will establish several controls that aim to stabilise the dinar rate of exchange level and prevent its value from dropping.

This will be done by supporting the value of the dinar with gold and preventing traders and banks from manipulating the dollar and euro rates of exchange, he said.




Here's another translation...
The Iraqi Government formed a Committee to set the value of the Iraqi dinar

2013-06-10

The Iraqi Government announced on Monday, 10 June, the formation of a Joint Committee of the ministries of finance, planning and the Central Bank to adjust the value of the Iraqi dinar against foreign currencies and prevent slumping.

He said the Economic Adviser to the Government of Iraq Salam Al-Quraishi, the Committee will develop several regulations aimed at keeping the exchange rate of the Iraqi dinar in the acceptable level and prevent the decline in its value.

Al-Quraishi said that it will support the global value of gold and prevent manipulation by traders and banks foreign currency exchange rate of the dollar and the euro.



[link to www.microsofttranslator.com]


[link to dinaralert.webs.com]

Why is there no mention of it on the IIF forum?

World War 2.5. Now with kung fu grip!

if this happens, it will only be if the US govt allows it to happen

if the US govt allows it to happen, then they sure are doing their best to make us think they hate gold while secretly supporting it