Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by cigarman

If you take the 15 billion in foreign reserves and 10+billion in gold you get 25 billion. I was reading the history thread today and I saw an article that the MOF or CBI gave Iraq the OK to back the dinar 95%, so I see that the skies the limit!!!!!! But I'm a yeasayer anyway.

Your gold estimate is off the charts, it's less then $70+ million per four ton.

Originally Posted by Inscrutable

Your gold estimate is off the charts, it's less then $70+ million per four ton.

I don't know for sure but this could be what he is talking about. It seems this is seperate from the gold maybe, not sure.

The central bank of Iraq unveiled that a number of Arab and foreign states released Iraqi assets frozen at their own banks, worth more than $ 10 billions

Al-Sabah newspaper

Originally Posted by Inscrutable

Your gold estimate is off the charts, it's less then $70+ million per four ton.

1 Ton = 2000lbs X 16 onces = 32,000 X (what $ per once) X 400 Tons = What?

Quick question, what happened to the post date and time stamps? Noticed a change.

Originally Posted by neno

1 Ton = 2000lbs X 16 onces = 32,000 X (what $ per once) X 400 Tons = What?

1 ton = 2000lbs x 16 ounces = 32000 ounces per ton x 4 tons = 128000 ounces x $620.00 ounce = 79360000

Originally Posted by neno

1 Ton = 2000lbs X 16 onces = 32,000 X (what $ per once) X 400 Tons = What?

If my math is correct it come to 546.88 per ounce. That according to the figures posted.

70 mil divided by 8000 tons divided by 16 oz.

Originally Posted by jsfletcher

1 ton = 2000lbs x 16 ounces = 32000 ounces per ton x 4 tons = 128000 ounces x $620.00 ounce = 79360000

The 15 Billion in Foriegn Currency Reserves. Now where did cigarman get 10 Billion for the Gold? He must of gotten it some where. I have heard of several Gold reserves. Is that 4 tons the total of them all?

I just hit cigarman's profile. He is in the History Thread.............Hunting...............He is going to prove this. Watch and see.

somebody posted on another forum that when dealing w/precious metals there are 12 troy oz to the lb not 16.

#34438

Originally Posted by DayDream

Iraq’s Gold Reserves

The CBI vaults contained four tons of gold reserves as of early June 2003. The value of these gold reserves was insignificant in comparison to the bank’s level of cash reserves. CBI began accumulating these gold reserves in 2001 by purchasing gold in relatively small quantities on a frequent basis from Lebanese banks in which the former Iraqi Regime had large foreign currency deposits. As a standard purchase procedure, the respective Lebanese banks supplying the gold would deliver it to the Iraqi Embassy in Beirut for shipment to CBI vaults in Baghdad via diplomatic pouch. The CBI bought gold in amounts ranging from 100 to 500 kilograms per purchase. This amount of gold could be shipped easily by diplomatic pouch. Also, CBI bought gold in small quantities in order to avoid raising the market level of gold in Lebanon and to avoid scrutiny by the US. The Regime did not remove any of the gold from CBI vaults during the war with coalition forces.


The CBI Investment Department Director General Asrar ‘Abd al-Husayn was directly responsible for management of the gold purchases using cash from the overseas accounts in Lebanon. CBI Governor Dr. Isam Rashid al-Huwaysh, however, retained final responsibility for supervision of the gold purchase program.
The Regime implemented the gold purchase in 2001 upon the recommendation of al-Huwaysh and against the opposition of Minister of Finance Hikmat Mizban Ibrahim al-Azzawi. Al-Huwaysh was concerned that Saddam and his sons could easily remove cash reserves whenever they wanted or could easily use the cash reserves in purchasing weapons from foreign suppliers.

Gold, on the other hand, was heavy and could not be easily removed, ensuring that the CBI would retain these reserves, even if the Regime decided to remove the cash reserves. Al-Huwaysh, however, could not use this argument to convince Saddam to begin a gold purchase program, and he instead argued that the gold reserves could not be destroyed in the event of bombing and fire at the bank during a war.

Saddam accepted this latter argument and authorized the gold purchased beginning in 2001. Prior to the outbreak war with coalition forces, the Regime did not have any plan for dispersing the gold upon commencement of hostilities.

The Rafidian Bank central office in Baghdad had an unknown but relatively small quantity of gold in its vault as of 19 March 2003. Under the former Regime, Iraqis were not allowed to sell their gold overseas, but many people attempted to smuggle their personal gold out of Iraq to take advantage of the higher prices in overseas markets and to secure foreign currency. When these smugglers were caught, the government confiscated the gold and put it in the vault of the Rafidian Bank. Iraqi ministries did not retain any gold.


This is an excellent link explaining alot of Saddams ill-gotten-booty, where he stashed it and with whom he stashed it.

Iraq Survey Group Final Report

Cheers!
DayDream