by Mark O’Byrne
BREXIT gold diversification is taking place due to concerns about the BREXIT vote on June 23rd as “smart money” institutions, banks and investors diversify into non negative yielding gold.
One of the oldest private banks in the world, Berenberg, established in 1590 and with assets under management of €40 billion said in an interview that demand for precious metals should see prices “rebound by as much as 40 percent in the next two years to a level last seen in October 2012” according to Bloomberg:
Joh. Berenberg Gossler & Co. plans to increase its holdings of gold and other precious metals, betting that demand will be lifted by uncertainty surrounding the outcome of the U.S. elections and the vote on the U.K.’s membership of the European Union.