- RI/RV Timing: Ray thinks they are initiating activity in Iraq and when that is complete over there it will probably be our time.
- Rates: Dong at .47. Ray said he looks for double digits on the ZIM starting at .11 and no change on the 6 zero lop.
- Exchange timing? Caller asked about it taking 30 days for the GCR to circulate through all the world countries, for all to be on an asset backed system and get to the people. Ray: No, I have not heard that not from any of my sources that I talk to.
Highlights of TNT conference call. Updated as the call progresses.
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Ray: From Wednesdays call there was a plethora of information to review. Knowledge of release codes being received, from one bank on one currency and from that we got more reports that the banks have all of the codes. I believe that is in effect.
CURRENT WINDOW: Ray: Some banks looking for it Monday and some putting it as far out as Wednesday . . . Any minute, any hour.
Tellers can still see the rates on their screens? Ray: Yes, they just don't have the permission to move on them yet.
IRAQ: Citizens in Iraq say they only see $1.43. Rays says rate is to be $3.41. Ray: . . .could be that the higher level government people seeing the higher rate is coming down. . . rate is $1.43 over there although is's not 100% across the board everywhere . . . still waiting for intel to come in from across the pond.
. . recall the training on the first mouse, second mouse, third mouse; that idea seems to be showing up over there as well.
Q & A:
Q. - Can you speak to the contract rate? Do you think it is based on how much we hold verses how long we have held it and how much we leave at the bank? Ray: I think it's both. How long your willing to hold it will have an affect on it.
Q - Will we be able to renegotiate at the later WM meeting, if you already did your exchange? Ray: I don’t see how that would work.
Q.- Has there been an RI in Iraq? Ray: They are hearing a higher rate than they had. Sounds like an RI, but I can’t say for sure. I'm not there. . . .Supposedly exchanging and doing banking activity with . . .
Q: How many have told you the rates from Iraqi banks? I am from Missouri, and I’m not getting anything here. Ray: You can always go over to Iraq and ask there. I can only tell you what I am receiving.
Q: Would you recommend different accounts for each of your currencies? Ray: It depends on your reasons. We were told to keep dinar separate, but I don’t’ see any problem with all the others in one account.
Q - Could this be our weekend? Ray: Yes, I believe this could possibly be our weekend to jubilation and first of next week realization.
Q. - Have your sources reported anything about the meeting at the palace in Baghdad. Ray: No. Have not heard from the sources yet on that.
Q.- Is the $1.42 rate only in Iraq at this time? Are we still looking for an international rate of $4.31 when this rolls out? Ray - Yes and yes. Is the ZIM still in the low 1 digit, 6 zero lop? Ray: I'm looking for a double digit number. . .starting at .11. Is the dong still at .47? Ray: Different banks seeing different but I would go with the .47 at this time.
Q. - Pay state taxes on this? Ray: Call your state and ask them.
Q.- I have a child who bought currency with his own money. Should I exchange it for him, or set up a trust? Ray: If you are the legal guardian, you will have to transact banking business for him until he is of age. If you are not the legal guardian, you will not be able to do that, or if the child is old enough to do the banking on his own, he would do it himself or herself. I would look at maybe a trust account but not creating a trust entity for him yet. Get a clearer picture of how the money might be utilized, and also ask the bank for advice.
Q. -: In setting up trusts and foundations, do you set up one in the other? What provides the best protection? Ray: They are different entities for different purposes. One is an asset protection structure and one is an organizational structure (the foundation) that needs to sit on a foundation of a trust or corporate structure. All provide protection, depending on what you want. A foundation is a charitable tool, while the trust or corporation is not. You have to understand what each tool does and how to use each in your portfolio.
Q. - Can an LLC have a foundation? Ray: I have never thought of doing it that way. Your foundation is something to set up personally. Look at the tools and how to network them into your foundation, not be the owner of that foundation.
Q. - TRN'S? Ray: I do not believe that since I have not received any information on them being put in our hands. I have had no information to believe that part of it. Others may have heard more than I've heard and have different belief system. I haven't heard any good information that tells me otherwise.
Q. - Are we waiting for the Iraqi rate to change to see what our rate will be? Ray: I'm thinking that is what we are waiting for, $3.41.
Q. - Best questions to ask WM’s? Ray: Basic questions: services, track record, whatever you’re particularly interested in and what they can offer you. I don’t have any particular list of questions or the best ones. If your WM is making investment decisions for you, you’ll want to know more about that person’s skill set, etc.
Q. - Do you foresee any issues that could stop the RV in the next five days? Ray: No. I can’t think of anything. I don’t think it has been stopped; I think it’s in progress. I feel and believe it needs to be completed across the pond, then roll it out here at $4.31. They are seeing $1.43 there now, and if they see $4.31 over there presently, that’s even better.
RAY'S CLOSING STATEMENT:
It’s Friday and we are starting up the weekend, living it up. If the bank calls and says, “we can do it!” we will let you know on our way back. We’ll check if it’s real first, and then let you know. Before I leave the bank I will tweet it out, "It's on!"
The memos are there, the rates are there, they are just waiting on permission. I believe we are just waiting. I believe the rate changed over there and the bankers see it over here and just can't give it to us yet. Looking forward to an exciting weekend.
It’s still any minute, any day, and if we don’t get what we expect by Sunday, we’ll be here on Monday. Any time between now and then is a good time to bring this thing home. If they put it out we will stop and get it to you so you can take advantage of it. In the meantime, I'm still believing. Enjoy your weekend! (played "I believe")
Any minute, any hour.