-- Published: Monday, 4 July 2016 | Print | Disqus
By: Mark O'Byrne
Gold and silver bullion have been the standout winners in the fallout from Britain’s decision to leave the European Union according to Bloomberg, who have compiled three charts showing how “precious” Brexit is for gold and silver.
Investors seeking a haven from volatile currencies and equities pushed prices of the metals to a two-year high. With central banks pledging more stimulus to prop up markets (the Bank of England may cut interest rates within months and traders have reduced odds on the Federal Reserve raising rates), the appeal of owning non-yielding assets like precious metals has increased.
Gold has climbed 6.2 percent and silver 11 percent since the June 23 referendum, outperforming global stocks, bonds and currencies, including those also often bought as a haven.
“Macroeconomic risk and geopolitical risk were already setting gold and silver up for a good year – the Brexit fall out has just been the icing on the cake,” said Mark O’Byrne, a director at brokerage GoldCore Ltd. in Dublin. “These metals will continue to outperform as market conditions remain unstable.”
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Gold Prices (LBMA AM)
04 July: USD 1,348.75, EUR 1,213.07 & GBP 1,016.42 per ounce
01 July: USD 1,331.75, EUR 1,199.51 & GBP 1,001.34 per ounce
30 June: USD 1,317.00, EUR 1,183.59 & GBP 976.82 per ounce
29 June: USD 1,318.00, EUR 1,191.64 & GBP 984.36 per ounce
28 June: USD 1,312.00, EUR 1,185.79 & GBP 985.84 per ounce
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
Silver Prices (LBMA)
04 July: USD 20.36, EUR 18.31 & GBP 15.36 per ounce
01 July: USD 19.24, EUR 17.29 & GBP 14.48 per ounce
30 June: USD 18.36, EUR 16.48 & GBP 13.61 per ounce
29 June: USD 18.21, EUR 16.42 & GBP 13.55 per ounce
28 June: USD 17.57, EUR 15.84 & GBP 13.17 per ounce
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
Mark O'Byrne
Executive Director
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-- Published: Monday, 4 July 2016 | E-Mail | Print | Source: GoldSeek.com
