The Brexit vote to leave the EU was upended this morning after the High Court in London delivered a blow to Prime Minster Theresa May by ruling that she must seek Parliamentary approval before starting the process to leave the European Union.
Once more a government flexes its muscle and try’s to circumvent the will of the people.
Immediately as this story hit the wires both gold and silver sold off hard.
Mrs. May will appeal that decision to the Supreme court of the United Kingdom which will hear arguments from both sides in December. Her party holds a slim majority in Parliament. Most lawmakers opposed the vote to leave the EU, but it might be political suicide to vote against the will of the people.
Preliminary open interest figures in gold this morning show 14,000 new longs in the CME gold contract.
As I said in my comment yesterday, everyone’s looking for some volatility in the gold market.
To those folks who screamed loud enough, all I have to say is enjoy the ride.
Have a wonderful Thursday.
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