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Fears surrounding Brexit saw gold rally to the recent highs of $1,375. However, as the uncertainty created in the wake of the "Leave" vote wanes, global equity markets have rallied, helped in no small part by surprisingly strong employment numbers from the U.S.

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Not everybody is believing the positive spin being put on recent financial market data. In fact some would go as far as to say that it is "propaganda" being spread in the mainstream media in an election year for the US.  At least that is what John Embry concluded in a recent interview.

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Equity markets globally have rebounded to their pre-Brexit levels and volatility in financial markets is the lowest that it has been for a month. Even the precious metals rally has taken a breather.

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With gold prices having risen by 24% in dollar terms already this year, UBS analyst Joni Teves declared in a note to clients yesterday that; “gold has entered a new phase”.