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Britain Exits – Gold Rush Enters

Britain Exits – Gold Rush Enters
Category: Market Reports
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Posted: 06-24-2016 12:45:00 PM

Gold prices spiked above $1350 overnight, the highest level since March 2014. This sharp rise is no surprise when you read the following Brexit Vote financial highlights (or lowlights depending on your point of view).

Gold’s standing as a safe haven investment was strengthened overnight as the fallout from the Brexit vote swept the financial landscape. The final vote to leave came as a surprise to many as yesterday’s polls indicated a narrow victory for the “stay” vote.

Gold prices spiked above $1350 overnight, the highest level since March 2014. This sharp rise is no surprise when you read the following Brexit Vote financial highlights (or lowlights depending on your point of view):

  • The pound hit its lowest level since 1985, tumbling 11 percent before a slight recovery to trade 8 percent lower at $1.3704.
  • Britain’s FTSE 100 dove about 8 percent but recovered slightly for a 5 percent loss
  • Oil prices tanked, with the U.S. benchmark $2.24 lower at $47.87 a barrel
  • The German index down 7 percent
  • France’s index fell about 9 percent.
  • The Nikkei 225 closed down 8 percent, its biggest dive since the global financial crisis in 2008.
  • Five minutes after US markets opened, the S&P 500 had lost 1.6pc, Dow Jones traded 2.87pc lower and 3.25pc was wiped off Nasdaq – its worst drop since November 2011.

Needless to say, we are in the early stages of the aftermath of this momentous breakup. With the British PM David Cameron stepping down and Scotland eyeing ways to declare independence, it’s obvious this political upheaval will not calm down any time soon.

We will be back on Monday with more insights and data as we take a deep breath and watch for ANY of the dust to settle over the weekend.

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About The Author

Walter Pehowich Author Name: Walter Pehowich
This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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