In Frank26

IMO those of you that deal in commodities…you saw 1.68…on the 15th.  Today you saw 3.04 on the commodity trades with the Iraqi dinar and you saw it being done in Iraqi dinars, no other foreign currency ...based on what we are seeing, they are agreeing to the future rate of the Iraqi dinar in commodities in dinars.  These are contracts…to buy or sell a specific quantity of a physical commodity at a specific price on a particular date.  Basically what you saw…IMO are Futures.