Gold Surges 20% In GBP In 2 Days On Brexit Fallout

Gold has surged over 20% in sterling terms in the last two trading days due to the fallout of the UK’s monumental decision to leave the European Union. Gold has extended the biggest price gains since 2008 as market turmoil  and sharp falls in stocks globally and especially bank stocks led to safe haven demand for bullion coins and bars, especially in the UK and Ireland.

gold_GBP_270616Gold in GBP – 1 Year

Gold has surged in all currencies and especially in sterling, euros and indeed dollars.

Gold has risen over one hundred euros per ounce from €1,091/oz to over €1,210/oz today. Gold has risen over one hundred and sixty pounds per ounce or 19%, from £847.55/oz to over £1,012/oz and gold has risen over eighty dollars per ounce or 6.5%, from $1,251/oz to over $1,331/oz in two trading days.

Bullion rose for a second day as the pound extended a record selloff and European equities fell to the lowest since February. Gold jumped 4.7 percent on Friday as the referendum result caused turmoil across global markets, spurring a $4.3 billion surge in holdings in bullion-backed funds, the most in four years according to Bloomberg.

Gold Prices (LBMA AM)
27 June: USD 1,324.60, EUR 1,200.49 & GBP 996.36 per ounce
24 June: USD 1,313.85, EUR 1,181.28 & GBP 945.58 per ounce
23 June: USD 1,265.75, EUR 1,112.22 & GBP 850.96 per ounce
22 June: USD 1,265.00, EUR 1,122.31 & GBP 862.98 per ounce
21 June: USD 1,280.80, EUR 1,129.67 & GBP 866.72 per ounce
20 June: USD 1,283.25, EUR 1,132.08 & GBP 877.49 per ounce
17 June: USD 1,284.50, EUR 1,142.05 & GBP 899.41 per ounce

Silver Prices (LBMA)
27 June: USD 17.70, EUR 16.06 & GBP 13.40 per ounce
24 June: USD 18.04, EUR 16.32 & GBP 13.18 per ounce
23 June: USD 17.29, EUR 15.16 & GBP 11.61 per ounce
22 June: USD 17.20, EUR 15.23 & GBP 11.72 per ounce
21 June: USD 17.36, EUR 15.34 & GBP 11.78 per ounce
20 June: USD 17.34, EUR 15.30 & GBP 11.85 per ounce
17 June: USD 17.37, EUR 15.43 & GBP 12.19 per ounce

Gold News and Commentary
Gold Surges for a Second Day as Investors Seek Brexit Havens (Bloomberg)
Pound slump deepens amid Brexit turmoil as gold gains with yen (Fin24)
Spot gold climbs 1.5 pct, investors seek safe-haven after ‘Brexit’ vote (Reuters)
Hedge Funds Win World-Beating Rally With Record Gold Holdings (Bloomberg)
Gold Rally Isn’t Over as Traders See Lasting Brexit Gain: Survey (Bloomberg)

Gold Helps One of UK’s Richest Man – “I May Be the Winner” (Reuters)
Soros Wins Big With Gold From Brexit (Independent)
BREXIT Impacts World Economy – Crash Coming – Casey (FMT)
Sky has not fallen after Brexit but we face years of hard labour – AEP (Telegraph)
Gold Acts as Portfolio Insurance and Protection Again Human Error (Smauldgld)
Goldman Tells Clients To Start Buying Gold; Raises Price Target By $100 (Zero Hedge)
Read More Here

Recent Market Updates
– BREXIT Day – Markets Becalmed – Gold Panic Prelude – Trading Hours
– Gold Lower Despite “Panic” Due To “Supply Issues” In Inter Bank Gold Market
– Gold Slips Despite UK Gold Demand Surging – Investors “Seek Stability”
– Gold Prices Surge to Highest in Nearly Two Years On FED and Brexit Haven Demand
– Gold Bullion Has Little Downside, Brexit Or Not, Says HSBC
– Central Bank of Ireland Warns Risks are Debt, Brexit, Geopolitical Tensions and Migration
– Gold In Euros Surges 6.5% In June and 17% YTD On BREXIT Concerns
– Soros Buying Gold On BREXIT, EU “Collapse” Risk
– UK Gold Demand Rises On BREXIT “Nerves”
– Pensions Timebomb in “Slow Motion Detonation” In UK, EU, U.S.
– Silver – Perfect Storm Brewing in the Market
– Martin Wolf: There Will Be Another “Huge” Financial Crisis

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