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Iraqi dinar Outlook October 2011: not good, in every sense of the word

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Iraqi dinar Outlook October 2011: not good, in every sense of the word

Post  evilbyte on Wed Oct 05, 2011 11:07 am

10/2/11Iraqi dinar Outlook October 2011: not good, in every sense of the word
Iraqi dinar Outlook October 2011: not good, in every sense of the word | Daily Forex Trading | Readers have been asking about the outlook for the Iraqi dinar. The short answer: not good, in every sense of the word.

For several weeks I have been getting questions about the outlook for the Iraqi dinar. The currency is hardly run of the mill, so it was odd to see that much interest. Now a new warning from the Connecticut Better Business Bureau suggests a possible reason:

"Better Business Bureau is warning consumers across the United States and Canada to be wary when considering any foreign currency investment, particularly the Iraqi dinar. BBB fields a growing number of complaints about dinar investments from around the world, including military personnel claiming they were victims of dinar dealing fraud.

Consumer complaints against currency exchange companies allege they paid for but never received their dinars, that they had been sent Iraqi bank notes with duplicate serial numbers and that companies made misleading statements on their websites about the profit potential of dinar currency investments. Both BBB and consumers discovered several Iraqi dinar currency sellers disappeared in the wake of consumer complaints or refused to return telephone calls or answer letters."

Here's the full text of the warning:

Perhaps the worst part of this is that problems with the dinar aren't new. The Connecticut bureau published a similar warning on the currency in 2007.

CONCLUSION: investment propositions like these are almost always trouble. Be careful. Really.

Tracking Currencies
Symbol Last Change % Change
EUR=X 1.3384 --- UNCH 0
GBP=X 1.5582 --- UNCH 0
JPY=X 77.04 --- UNCH 0
CHF=X 0.9079 UP 0.0101 +1.12%
AUD=X 0.9558 DOWN -0.0111 -1.14%

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It really ticks me off when people who have no experience with the dinar give advice on the dinar. This all boils down to a few years ago some crooked fellows decided to talk elderly people into investing in the dinar. I read a lots of folks invested their entire retirement savings and these guy just took off with their money, so it was not the dinar that was a scam it was the scammers.

Last edited by evilbyte on Wed Oct 05, 2011 12:10 pm; edited 1 time in total

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Read this first

Post  Ideadude on Wed Oct 05, 2011 11:24 am

Glad you posted that Evil. This is a prime example of be careful what you read. This article leads you to beleive that the Dinar itself is a bad risk. Instead it is some of the Dealers that are bad and not the currency itself. Buy only from reputable dealers.


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