The Brexit Vote and the Markets

by Clive Maund
Gold Seek

With the Brexit vote imminent we can expect to see big volatility in markets immediately following it, and possibly even before it, if the market thinks it has got wind of the outcome ahead of the final count. If Britain votes to leave the European Union, the presumption is that the euro will drop hard, because this would be a big prominent nail in the coffin of the failing Union, and because the dollar index is about 57% comprised of the euro, we can expect it to soar. If Britain votes to stay in, the outcome is less clear, since Britain staying in will not solve the mounting problems of the EU.

The European Union is now doomed to fail and eventually break up. The reason for this is that its competitiveness in world markets has been severely compromised and lamed by restrictive and suffocating legislation and tariffs etc, created by a vast unelected and unaccountable overclass of bureaucrats who populate various citadels in Brussels, Strasbourg and other places like Luxembourg.

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