Iraqi gold shops are tempting targets in a country of high unemployment and easy access to guns.
There have been several similar attacks before but this was a particularly violent one because the robbers used bombs, grenades and automatic weapons to kill 15 people.
The Iraqi government blames a cash-strapped Al Qaeda in Iraq for the robbery.
They could be involved but the circumstances of the attack raises more questions than answers.
The Baiyaa neighborhood in south-west Baghdad is a predominantly shiite area.
It is also an area sources say is tightly controlled.
In order to get to the gold shops, the armed gang would have had to get through many security checkpoints coming in and coming out of the area.
Vehicles don’t usually get waived through any checkpoints in Baghdad.
It can take between 10 minutes to an hour to get through most checkpoints because the vehicles and people are searched for bombs.
These robbers traveling in a minibus with their weapons and bombs managed to get in, launch their deadly attack, and get out of the area without any problems.
They were also masked and wore flak jackets.
Some people here in Baghdad are already questioning whether the robbers had help or were actually members of the security services. They have been implicated before in similar cases.
Last year several members of Iraq’s presidential guards, who protect senior officials, broke their way into a bank and stole nearly $5 million.
They tied up eight of the bank’s security guards and executed them.
Violent crime is on the rise here. Its become a major concern for the people of Baghdad who are still recovering from years of attacks.
Many of these armed robbers are indeed former insurgents.
Whoever is carrying out these robberies are finding easy pickings because the Iraqi security forces are still concentrating on dealing with the terrorists.
Until the security situation and the economy improves, it seems likely that these armed gangs will be able to operate with impunity.