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Gold Surges on Haven Demand Following UK Vote to Brexit

by Peter A. Grant

June 24, AM
(from USAGOLD.com) --

As the voting results from the UK started coming in last night, there was a massive flight to quality. Gold, Treasuries, Bunds, the yen and the dollar all surged. The British Pound, euro and global stocks all tanked.

Gold hit a two-year+ high of 1358.80 last night before retreating back into the range. This may be attributed to deleveraging as investors sell profitable positions to cover margin calls elsewhere in their portfolios. However, the underlying bias toward safe-havens remains; and likely now will remain for some time.

When the European Commission released a statement about the Brexit win today, the introduction to the statement crystallized in my mind a major reason why the UK voted to leave:
Joint Statement by Martin Schulz, President of the European Parliament, Donald Tusk, President of the European Council, Mark Rutte, Holder of the Presidency of the Council of the EU, Jean-Claude Juncker, President of the European Commission
There are not one, not two, not three, but four Presidents on this statement. The EU is a massive, cumbersome bureaucracy. There are 170,000 pages in the EU's "acquis communautaire," the rules, directives and regulations of the union. It is a weight on the potential prosperity of every member nation.

"It is obvious that the economies of EU member states are falling behind those of other high-income countries, falling behind consistently, and by a significant amount. Too much regulation must be the main explanation," said Tim Congdon, a prominent British economist and businessman, in a recent Forbes article.

Alan Greenspan said this morning that the Brexit vote "is just the tip of the iceberg." There are rumblings elsewhere already . . .

Scotland voted resoundingly to stay in the EU, but obviously the broader UK vote means they will leave with the rest of the Kingdom. Unless of course they vote once again on their own independence, which they will now most assuredly do.

The FT reports that eurosceptics from the Netherlands to France are calling on their own governments to hold similar stay/exit referendums. The EU was already frayed at the edges in the wake of the European debt crisis of several years ago. Now it may well be failing. It's worth noting that everytime

The Fed had the following to say:
The Federal Reserve is carefully monitoring developments in global financial markets, in cooperation with other central banks, following the results of the U.K. referendum on membership in the European Union. The Federal Reserve is prepared to provide dollar liquidity through its existing swap lines with central banks, as necessary, to address pressures in global funding markets, which could have adverse implications for the U.S. economy.
One thing they most likely will not be doing it raising rates. Rate hike expectations plummeted in the wake of the Brexit vote and the resulting market volatility. The über-accommodative policy stances of the world's major central banks will continue to offer an underpinning to the gold market. The broad uncertainty that springs from the vote should continue to generate strong haven demand.

Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

 

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