With the Brexit Vote still reverberating through the global financial markets several days after the historic referendum, precious metals remain a strong safe haven. Today comes word that the UK’s decision might be reversible and it’s likely going to prolong the market fallout which has ensued.
Here’s how Brexit could be reversed, according to the New York Times:
“A petition with more than 10,000 signatures gets a response from the government, while one with more than 100,000 signatures must be considered for debate in Parliament. The petitions go through a committee, which can press the government for action, put forward a petition for debate or refer the matter to another committee.”
Care to guess how many signatures are already on the petition? Three million! Uncertainty surrounding this stunning decision looks like it isn’t going away any time soon.
The Consumer Confidence Index was released on Tuesday and, at 98 percent, was higher than expected. That pushed gold down a bit, though it’s steadily traded above $1,300 per ounce since last Friday. The euro-zone government debt hit negative territory for the first time ever, likely spurring further speculation and investment into safe havens like precious metals.
Trading remains just as hot as the hourly news updates on this topic. And it looks like it’s going to stay around awhile.
As we go to press this morning, all four precious metals are trending up as headlines are dominated by yesterday’s tragic terror attack in Turkey.
Have a terrific Wednesday…
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