Gold Price In GBP Rises 4% On Brexit and UK Economy Risks
– Pound fell 2% against gold yesterday after Theresa May created Brexit concerns
– May’s ‘Hard Brexit’ denial does not calm markets growing fears
– Investors concerned about lack of government strategy and uncertainty
– UK Prime Minister bizarrely blames media and “those who print things” for sterling depreciation
– GBP gold builds on 31% gain in 2016 with 4% gain so far in 2017
1. June 24: Brexit: Gold surged 20% in sterling to £1,015/oz in two days after UK votes to leave EU
2. August 4: Bank of England expands QE – launches latest massive money printing experiment
3. October 6: “Flash crash” — pound collapses 5% against gold in just over a minute
4. January 9: Pound falls another 2% against gold as UK PM fails to reassure markets
Gold rose to its highest in over one a month today as fears that the UK will have a ‘Hard Brexit’ with the EU led to safe-haven buying.
The pound fell sharply yesterday and gold in sterling terms rose from £954/oz to £973/oz after weekend comments from British Prime Minister Theresa May sparked concerns that Britain would drastically change trade, immigration and other relations with the EU after Brexit.