Here are the latest items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. We also cover hedges, derivatives, and obscura. And it bears mention that most of these items are from the “tangibles heavy” contrarian perspective of JWR. (SurvivalBlog’s Founder and Senior Editor.) Today’s focus is on currency scams. (See the Forex section.)
Forex (Currency Scams):
In recent months I’ve had several SurvivalBlog readers contact me to mention “investing” in Iraqi Dinars (IQD). Spurred on by the Internet rumor mill, they are hoping for a huge return on investment, in the event of a revaluation. But I must warn you, folks: Don’t fall for the “insider knowledge” scams that are out there, with scammers selling paper Dinars at inflated rates. And most of all, don’t confuse revaluation with redenomination. A formal revaluation is highly unlikely. Although a redenomination is indeed likely, it won’t mean that you’ll get any overnight windfall. Quite the contrary! If they drop one, two, or three zeros from the currency, you could lose everything if you miss the recall window to exchange your old bills for the new bills. That window of opportunity could be as short as 30 days. And that exchange will mostly take place inside Iraq. If you miss the window, then all you’ll have is pretty wallpaper. And even if you do successfully trade your old IQD bills for new IQD bills, it will be at best little more than a break-even proposition.
By the way, there have been similar “insider knowledge” currency scams involving Vietnamese Dong and even Zimbabwean Dollars, in recent years. Please do not fall for these scams! If something sounds too good to be true, then odds are, it is.
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Next, at MarketWatch: Steel, cocoa among first-quarter gainers, but coal, sugar take biggest hits
Economy & Finance:
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I missed this Hagerty article when it was posted last December: 2018 Bull Market List: The 9 hottest collectible cars right now
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SurvivalBlog and its Editors are not paid investment counselors or advisers. So please see our Provisos page for our detailed disclaimers.
Please send your economics and investing news tips to JWR. (Either via e-mail of via our Contact form.) These are often especially relevant, because they come from folks who particularly watch individual markets. And due to their diligence and focus, we benefit from fresh “on target” investing news. We often “get the scoop” on economic and investing news that is probably ignored (or reported late) by mainstream American news outlets. Thanks!