[Adam Montana] Good morning DV! I hope you are all in great spirits today
[Adam Montana] BANG. Let me start this off with a BANG
[Adam Montana] ********BLEEP*******… I don’t have anything exciting to report this week
[Adam Montana] it’s been relatively quiet on the Dinar News front, they are basically just kicking things around
[Adam Montana] so I guess the GOOD news is there is no bad news
[Adam Montana] We did of course have a small revaluation of the Dinar last week
[Adam Montana] They continue to prove that they are in 1000% control of their currency
[Adam Montana] which to me says “If we want to RV, we can and we will”
[Adam Montana] they will not waste the last 7-8 years of progress
[Adam Montana] I want to keep this short today, so hang in here with me….
[Adam Montana] 1. Chapter 7 is not completely lifted. There is substantial evidence that supports the argument that it will be lifted post-haste, but as of now it is not officially done.
[Adam Montana] 2. The dinar continues to be a speculative investment. I know the gurus out there bash me for saying this, but I consider it my duty to keep them honest. There IS a chance you won’t get rich here! No guarantees are made on this investment, and if someone promises you it HAS to happen… they are lying or mistaken.
[Adam Montana] The value of the Iraqi Dinar has gone up over the last 8 years. In my opinion, the value will KEEP going up, and we will all make some good money on this… but that is NOT a promise! Don’t invest more than you can afford to lose, keep your sanity, and enjoy the ride.
[Adam Montana] 3. After the RV, please do NOT rush straight to the closest bank and cash in!
[Adam Montana] you should IMMEDIATELY retain some kind of legal counsel and professional financial help!
[Adam Montana] Most importantly, do NOT rely on some clown guru that insists you can simply pay capital gains, lock in a rate before you get to a bank, or anything else similarly silly. (——— YES, I used the word “silly” and “clown” in the same sentence. I DID IT ON PURPOSE!!!! 😆 )
[Adam Montana] 4. ….. There is no 4, 3 was enough. Let’s get to the questions!
[kcw] cricket10 Hello Adam, and thanks in advanced for your time. I would like to know if Iraq has to be out of Chapter 7 in order for internatioanl banks to even recongnize their currency, causing us to be unable to cash in until they were?
[Adam Montana] kcw, whenever you are ready. Thank you for your kind help
[Adam Montana] GREAT question, and the answer is “NO”
[Adam Montana] proof: Up until recently, MANY banks were exchanging and selling the IQD in the US and other countries
[Adam Montana] Iraq does not have to be released from Chapter 7 for international banks to trade it
[kcw] Hawaii 50 Adam hello! Every week the same stories with the same topics come out of Iraq I had A Chat with a fellow member stating the Iraq can not really afford a 1-1 Rv with only the oil and what little reserves they have, So how would an Rv payout of our dinar really happen given the current situation Iraq is in. Whats going to back a massive payout to the worlds dinar holders. Seems like Iraq is in a PICKLE
[Adam Montana] That would be accurate, except the statement assumes Iraq has limited resources
[Adam Montana] that’s simply not true, they have one of the world’s most amazing supply of natural gas and oil
[Adam Montana] add to that the fact that not all currency must be backed by a physical item
[Adam Montana] prime example, the USD
[Adam Montana] that’s all i have to say on it! Iraq is not poor, their currency is simply undervalued
[kcw] Beeftip What is different today from last week? Any change in optimism one way or the other?
[Adam Montana] Like I said above, not much happened this week. It’s the first week in a LONG time that nothing huge has happened
[Adam Montana] calm before the storm, maybe? I hope so!
[Adam Montana] I am just as optimistic:
[kcw] simon8957 What is the real reason in your opinion on the movement to 1166 on the cbi site? Theres lots of speculation that it is now free floating, it was a test or they are getting ready for the big dance are any of these correct…Cheers to ya Adam!!!
[Adam Montana] Hmm… interesting question
[Adam Montana] well, it’s not “free floating”. The currency is still pegged to the dinar.
[Adam Montana] I’ll expand on that in one of the later questions
[Adam Montana] as to “WHY” they changed the rate, I have theories
[Adam Montana] but nothing I can back up with fact
[Adam Montana] so I’m going to keep those to myself for now
[Adam Montana] I’ll say they are good theories
[Adam Montana] I don’t want to be the guy that starts spouting far fetched conspiracy theories every week after apologizing for last weeks failed prediction… so for now I’m just going to keep that one to myself.
[Adam Montana] thanks for understanding
[kcw] skitealwedrop Adam, Please reiterate to the members that the IQD is not an internationally trade able currency at this moment. It’s an important fact that members should understand if they choose to. Thank you for your time and knowledge. Ski
[Adam Montana] Sorry, i mis-spoke – thanks to TG for catching it. The Dinar is pegged to the Dollar, not the Dinar
[Adam Montana] Ski, I think I did that in the beginning of the chat. I hope it was sufficient for you
[kcw] DrQ My question is this: if this is a free floating currency as some assume, and it RV;s at 1 to1 lets say. Who is on the bid buying if you have 1 million sellers? You cant have a imbalance like that without it being pegged to something ie USD. So to be clear if this is to trade on forex as a free float which it is currently you have to have buyers and sellers for this is to work as a free float.
[Adam Montana] ah, there’s that question. Ok – the Dinar is not free floating
[Adam Montana] you are very correct to ask this question
[Adam Montana] the Dinar is pegged to the USD
[Adam Montana] immediately after the RV, the CBI will still be the main buyer, or “market maker”. They will continue to peg it to the dollar
[Adam Montana] they will do this until they have recouped as much cost as possible through the spread attached to the auctions
[Adam Montana] once the rate stabilizes and the currency is accepted onto forex, then it will become a floating rate
[Adam Montana] but for now, it’s pegged. After the RV, it will remain pegged. The CBI will continue to control the rate and the spread for quite some time
[Adam Montana] that’s why it’s so important to not rush to cash in – the smart investors will see the big picture and take advantage accordingly
[kcw] simon8957 The last week or so (as of Tuesday) the CBI auctions hae all been around $200 million, with one day being $200 million on the buttion (what are the chances). What is your take on this. Is it a cap, a goal or something else???
[Adam Montana] it’s the CBI controlling the money
[Adam Montana] that’s what they do, and they do it well
[Adam Montana] if they didn’t have this kind of control, I would not be nearly as confident in the Dinar
[kcw] blaineage Hi Adam, Appoligies if already asked, but with the recent RV from 1170 to 1166 (Hey it’s a start) doesn’t this put the bunny-ear argument to bed once and for all. My reason for asking, why in the world (and I know it’s IRAQ) would they just not have lopped if that was the plan…it muddies the waters beyond belief to now have a policy to make incremental adjustments due to some calculations rightly or wrongly on inflation and then bunny-ear later and introduce new currencies. Thanks for taking the time, and I appreciate all you do.
[Adam Montana] i know that was supposed to be a question… but you sure did make a heck of a statement all on your own!
[Adam Montana] I don’t think I can add to it
[Adam Montana] great post, blainage
[kcw] Kimjackie ADAM, Thank you for taking questions. Mine is this…..Since the dinar rate is now at 1166 isnt there a great possibility that Iraq can just continue doing these tiny drops over time and not a one time full revalue. Appreciate it….
[Adam Montana] good question
[Adam Montana] there is definitely a chance
[Adam Montana] but if it happens that way… it will be similar to buying stock at a very low rate
[Adam Montana] and selling it at a very high rate a decade later
[Adam Montana] Personally, I don’t care if they take one big leap
[Adam Montana] or a hundred little hops
[Adam Montana] the only important thing in my opinion is the direction
[Adam Montana] and nobody can point to the value, over the last 8 years, and tell me it’s going in the wrong direction
[Adam Montana] good question
.[kcw] mrdeepc Hello Adam, Thanks for all your work. My question is about the prices of shares on the ISX I see on the ISX website. Are they in USD or IQD. Thanks again for all you do.
[Adam Montana] The shares are in IQD.
[Adam Montana] Shares are very cheap… this is one of the reasons I love my ISX investments
[Adam Montana] when the Dinar goes up, so does my share value
[Adam Montana] but the share value could end up being worth a LOT more if the economy continues to grow and these companies see a huge boom
[Adam Montana] great question, and I’m glad to hear you’re looking at all angles here
.[kcw] Redwizard Adam, it is my understanding that Iraq cant have an operating Army while under ch 7, since the US military has left, who is protecting Iraq and all the contractors? Thanks for everything you do for us.
[Adam Montana] that’s partially true
[Adam Montana] iraq has a functioning military
[Adam Montana] they’re just not allowed to play with the big toys
[Adam Montana] so what’s protecting them right now?
[Adam Montana] partially Iraq
[Adam Montana] partially chance
[Adam Montana] and partially luck.
[Adam Montana] honestly, if Iran wanted to go in Iraq with guns blazing, they can’t defend themselves right now
[Adam Montana] will Iran do that? Fortunately they have other problems
[Adam Montana] that leads to another question that was asked about Iran… does Iran’s proximity to Iraq have a bearing on the RV or the potential rate?
[Adam Montana] of course it does. But it doesn’t rule out the possibility
[Adam Montana] look at Kuwait – they are also close by
[Adam Montana] yet their currency remains strong
[Adam Montana] so, YES – Iraq is in a vulnerable situation until Chapter 7 is lifted completely
[Adam Montana] but they are not in a hopeless situation
[Adam Montana] their key to complete sovereingty and the ability to RV is basically on their doorstep
[kcw] boogs2335 adam Quickie on pooling dinar… I hold dinar for a number of people, most of them are in situations where they are away for 3-6 months at a time.
They were worried that if we had a cash in timframe of lets say 30-90 days, they might not be able to get back in time to cash in. they all have agreed that I will pay their taxes in my name by subtracting whatever we will have to pay (15-35% cap n gains) from each of their portions.
My question- If I pay capital gains in my name and then gift the rest over to them, will they get taxed again with some sort of gift tax or something similar? btw your the man. Thanks!
[Adam Montana] Ohhhhhhhhh boy! that’s a doozie
[Adam Montana] first, I’m not about to give financial advice or legal advice
[Adam Montana] but I will tell you that you can forget about capital gains
[Adam Montana] not going to happen.
[Adam Montana] next, what I personally plan on doing is cashing in through my corporation (Not a domestic corp!
[Adam Montana] then “paying” the few people I am helping
[Adam Montana] and giving them a 1099 or whatever is required at that time
[Adam Montana] the most important things i want to impart right now is
[Adam Montana] 1. Don’t fool yourself! you’re not going to get away with capital gains.
[Adam Montana] 2. Don’t give a penny to anyone without getting SPECIFIC legal advice
[Adam Montana] whether you get it from the people I have interviewed or someone else – that’s up to you
[Adam Montana] but get that help
[kcw] Jrose Hi Adam, I am not very savy when it comes to the Forex or the ISX markets, but I am under the impression that a currency should have a monetary value or at least be recognized globaly to be traded on those markets?
Is the Iraqi Dinar being reconized as a tradable currency? And if so, are they in the floating stage in your opinion before an announcment of the RV?
Thanks and I hope this makes sense or am I way off base??
[Adam Montana] Hi jrose, you’re not way off base.
[Adam Montana] the Dinar does have a recognized value, but it is not being globally traded nor is it “floating”
[Adam Montana] please see my answer above regarding the CBI for further clarification