Post-Brexit – Global Bid For Gold, Plunging Pound

by Keith Weiner
David Stockman’s Contra Corner

Doubts About Debt

This was a shortened week, due to the American holiday of July 4, celebrating the start of the war that lead to “Amerexit”, 240 years ago.

[…] The prices of the metals were up this week, +$25 in gold and +$0.48 in silver. The gold to silver ratio dropped a fraction of a point, showing that the silver price gain was the greater. This is fairly typical in a market where the prices of the metals are rising (but not guaranteed!)

There is a sense of foreboding among contrarians and central bank skeptics that the other shoe has yet to fall following the “Brexit” referendum. Meanwhile, mainstream commentators are almost gloating that British stocks (to say nothing of US stocks) have recovered their losses since the vote was tallied.

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