“Mom-and-Pop Investors” Pin Hopes on Iraqi Dinar
Reuters reports that “thousands” of people are still speculating on a huge upward revaluation of the Iraqi dinar, which it describes as “one of the chanciest investments in the world“.
It quotes a Las Vegas-based speculator, who previously lost most of his retirement fund on the stock market, as saying:
“It’s not a question of if, but when Iraq revalues its currency … The dinar will eventually have substantial value, possibly the highest in the world … If the dinar rises to just even a penny, you would have realized a profit of 900 percent.“
The article goes on to say that some speculators are even betting that the dinar could rise to a value of $1 to $3, which would represent gains of between 116,500 percent and 349,700 percent.
One dinar dealer, which reportedly charges a spread of 30 percent on transactions, told Reuters he sold about $577 million in dinars to U.S. customers in 2011. “His customers are U.S. mom-and-pop investors – teachers, police officers, and construction workers“, says the report.