Gold surged 20% in sterling to £1,015/oz at one stage. Gold now 15% in higher in GBP at £967/oz. Gold 8% higher in the "single currency" EUR at €1,190/oz and 5% higher in USD. Contagion is the likely outcome of the UK vote to leave the EU ... Fail to prepare, prepare to fail ...
Gold fell again today despite very robust physical demand in western markets and especially the UK. As ever, speculative money in the futures market appears to be dictating gold prices in the short term.
Soros has now publicly warned that inflation is likely soon and is voicing concerns about BREXIT, the disintegration of the EU, a Chinese financial crash, global contagion and a new World War.
“The recent polls (on Brexit) are going to create more jitters… that should lead to quite robust demand as we run into polling day ... In the coming weeks, we’re expecting to be busy.”
A vote for BREXIT should see gold and silver rise sharply on a safe haven bid in futures markets and safe haven demand for bullion. A vote to remain would be expected to see gold and silver fall as risk appetite comes back into the market supporting equities and sterling.
We recently re released our comprehensive silver interview with Jan Skoyles in which we discuss many of the key fundamentals alluded to by Rory Hall. Nothing has changed and arguably the fundamentals are even more bullish today than they were then.
Wolf warns that a system built on making promises it cannot keep is bound to crash, and crash again ... and warns that banks “are designed to fall. So fall they surely will ..."
One of the oldest private banks in the world, Berenberg, established in 1590 and with assets under management of €40 billion said in an interview that demand for precious metals should see prices “rebound by as much as 40 percent in the next two years ...
Japanese Prime Minister Abe warned his G7 counterparts on Friday that the world may on the brink of a global financial crisis on the scale of Lehman Brothers ...
“This is just the beginning of a new bull market in the metals...”Ultimately, Boockvar believes that the 2011 highs of around $1,900 for gold are not only reachable, but surpassable, as he reasoned that bull markets historically exceed the previous bull market peak at some point.
Blackrock Inc., has written a note about gold in which it suggests that this is the “perfect time and place” for gold due to “low and even negative yields, slow growth and potential signs of rising inflation ... ”
