Iraqi Dinar Alert

There are a lot of “experts” out there telling people to buy Iraqi dinar. But often these experts are also the people selling dinar. It’s relatively easy to find websites selling dinar with their in-house expert painting a seemingly convincing picture as to why Iraqi dinar are a good investment.

But finding truly independent and clear advice from acknowledged personal finance experts is more difficult. Few of the best-known personal finance gurus have expressed clear opinion on this topic, but the few who have are decidedly negative on the idea:

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XE.com which calls itself “the world’s most popular currency and foreign exchange (fx, or forex) site” has devoted a page on its website to an overview of the Iraqi dinar and its suitability as an investment. Their conclusion:

A number of people have begun touting so-called “investment” opportunities in the Iraq Dinar as a “sure way” to make a lot of money with little or no risk. Many of our clients have asked our opinion on the legitimacy of this.

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In their syndicated column, Motley Fool typically includes a section where people write in to tell about their “dumbest ” investment. The idea is for readers to learn from mistakes made by others. Here’s a recent submission as it appeared in the Kansas City Star:

MY DUMBEST INVESTMENT

Last year, I spent about $1,500 for approximately 1.7 million Iraqi dinars. At the moment, one U.S. dollar is worth approximately 1,450 Iraqi dinars, making my investment worth around $1,170. Even a modest increase in the value of the dinar would result in significant gains. Time will tell if this investment is Foolish or just plain foolish. B.E., Killeen, Texas

Technorati Tags: Motley Fool, Iraqi dinars, dinars