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What do bankers REALLY know about the dinar?

2/4/2015

15 Comments

 
Bloomberg News contains BIG lesson for Dinarians.  (Remember, just cause this article is older doesn't mean it's worthless)

In an instant fortunes were DESTROYED, for others wealth SKYROCKETED!

I get emails all the time...My banker says the dinar is worthless and always will be.  My friend the banker says this.  My cousin the banker say that.

Just cause their title is "banker" doesn't mean they know squat about what's really going on.  Want proof?  Here it is.


You know the dinar rate debate:  Who is in control of the dinar rate?  Is it the CBI or is it the IMF?  Is it in Iraq's hands or not? 

Gurus argue BOTH sides...convincingly.

Here's what we know...things don't always go according to the "rules".  There can always be HUGE surprises.

Here's the proof...

I already sent you the video of a shocked and shaken Christine Lagarde in response to the Swiss Central Bank's January surprise decision to unpeg their currency and float it.  Watch this 3 minute video if you have not already.

Here's what happens in the real world to BANKERS who claim to "know" about currencies...830 million up in smoke.

It's an article from Bloomberg news...read it.

January 18, 2015  (Bloomberg) -- Marko Dimitrijevic made a smart bet in December. The hedge fund manager, wagering the Swiss franc would fall, profited after voters there rejected a plan to have the central bank hold a fifth of its assets in gold.

For the $830 million Everest Capital Global, his Miami-based firm’s oldest and biggest fund, investments from Switzerland contributed 0.6 percentage points to gains that month. Last week, the wager had a far bigger impact. In less than a day, it wiped out the 24-year-old fund, according to a person familiar with Everest Capital, leaving the firm with about $2.2 billion in seven other funds.

Dimitrijevic, an emerging market specialist who’s navigated at least five debt crises in those markets, was undone by the central bank of the country where he was raised. Last week, the Swiss National Bank unexpectedly let the franc trade freely against the euro, ending its three-year policy of capping the franc at 1.20 a euro.

The announcement caught traders and investors globally offguard. The currency surged as much as 41 percent versus the euro on Jan. 15, the biggest gain on record, and climbed more than 15 percent against all of the more than 150 currencies tracked by Bloomberg.

Bank Losses The carnage is widespread. Brokerage firms in New Zealand and the U.K. failed and retail investors have suffered hundreds of millions of dollars of losses on leveraged foreign exchange trades. Citigroup Inc., the world’s biggest currency dealer, lost more than $150 million, according to a person briefed on the matter.

Some mutual funds were also caught out. The $1.9 billion John Hancock Absolute Return Currency Fund tumbled 8.7 percent on Jan. 15, its steepest drop on record and the most among more than 2,000 U.S.-domiciled funds tracked by Bloomberg with at least $1 billion under management. The strategy is overseen by Dori Levanoni and Jeppe Ladekarl of First Quadrant, a Pasadena, California-based $19 billion investment firm that oversees other funds sold to retail investors and hedge funds.

Comac Decline Comac Capital, a $1.2 billion hedge fund firm run by Colm O’Shea, declined about 8 percent that day. The London-based manager had already fallen 0.5 percent as of Jan. 9, according to an investor update, and has been little changed since 2012, when it declined about 9 percent.

Profits and losses for most of the hedge fund industry aren’t disclosed yet as managers typically give performance figures at the end of each month and don’t need to reveal the information outside of their investors.

For Everest, there was no option. The losses were so big they ended the fund.

Armel Leslie, a spokesman for Everest with Peppercomm, declined to comment on the losses. Calls to Dimitrijevic weren’t returned.

Dimitrijevic, who is of Yugoslavian descent, has suffered big declines before and rebounded.

He started his firm in 1990 with $8 million, according to an interview he did for Steven Drobny’s “Inside the House of Money” (Wiley, 2006).

Navigating Crisis Everest grew to $2.7 billion by the start of 1998 after navigating crises in Mexico and Southeast Asia. Russia’s default and currency devaluation in August of that year proved trickier and assets fell by half. One of his funds lost 53 percent that month.

At the time, he wrote to investors that “the magnitude of the losses on the Russian debt and the speed at which they occurred were something that I have never encountered since I began working in professional money management 17 years ago,” BBC News reported then.

Assets Gain He revived the firm and a decade later Everest was managing $3 billion. Then came 2008, and the global financial crisis. Assets shrunk by $1 billion as his wagers in emerging markets plummeted.

By the end of 2014, Everest was again at $3 billion, following a gain in his main fund of 41.2 percent in 2013 and 14.1 percent last year.

Even after last week’s miscalculation, Dimitrijevic still has a group of funds, mostly invested in emerging markets, including Argentina, Nigeria and Pakistan. These are likely to prove safer for him than Switzerland.

15 Comments
Eddie Isidron
2/4/2015 01:02:19 am

Blanch, I was away and I miss the email containing the link for the Christine Lagar video, could you pleas send it again.

Thank you,

Eddie

Reply
Mahmoud Marey
4/10/2015 01:31:18 am

talat expect that the dinar will be equal one dollar (1 dinar = 1$)

Reply
Billy level
2/4/2015 01:07:42 am

No one knows what is going to happen with the DInar. Those that have currencie say it will be huge , those who have no dinar currencies say it is a scam . Truth is someone will be right . But know one knows . I will just keep working my day job , which is doing great and see what happens .

Reply
A Brooks link
2/4/2015 01:13:13 am

Eddie, did you not read the article above? The link to the video is in the article above.
It would be interesting to know who was on the other side of the Swiss Franc move. I mean currency trades in pips meaning the third and fourth decimal. The Franc went up by .2500+ someone on the buy side of that trade got rich in a hurry.

Reply
Korrie H
2/4/2015 01:46:21 am

The banks that I deal with are merely transit for the exchange of currency they don't actually exchange it with their money they move it through a broker and charge me a modest fee for the service If the dinar becomes legal tender and is not counterfeit any bank that deals foreign currency should exchange it. It doesn't hold them liable for anything.

Reply
Terry Yost
2/4/2015 02:05:38 am

Reply
Terry Yost
4/11/2015 12:15:18 am

I have heard that bankers feel the dinar's are a scam. My dinars were obtained by my bank from the IMF approximately 3 years ago and my expectations have not kept me awake at night. If it happens, it will be good.

Reply
John McEwan
2/4/2015 06:13:52 am

I belive the iraq people what a better country for themself post sadam, GWBush gave them a new start but when you have things that people want you have to stand up when they come to take it from you, I hope Iraq survives isis if they do i believe we will make money on the dinar.

Reply
mario
2/4/2015 06:29:06 am

so whats is the shocking here? It never mentioned dinar even.

Reply
James Mills
2/4/2015 06:42:23 am

If the Dinar is a scam and worthless answer a simple question. Why did not 1 bank but 23 banks take part in the auction today?
Sit tight and keep the faith as we are almost at the finish line.

Reply
Brenda
2/4/2015 02:03:14 pm

When this is all over and done, I'm going to lock away my reading glasses.

Reply
Kat rhea
2/4/2015 11:36:34 pm

I am going to take a leap of faith. Can you give me advice on what to buy and through whom?

Reply
Peggy
2/5/2015 12:29:45 am

Sir
If this is a scam then there are some banks that need charges against them for selling the dinars. What does the removal of the zeros mean?

Reply
Tony
2/5/2015 02:27:11 am

My understsnding is the the dinar is worth about .00086. If they drop the zeros, it will be worth 86 cents--so 10,000 dinars would be worth about $8,600.

Someone correct me if I'm wrong.

Reply
K Rhea
4/10/2015 01:54:58 am

I am new. Where can I buy dinar and what should I buy. Any tips would be helpful.

Reply



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