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Property Fund Turmoil has Eerie Echoes of the Start of a Financial Crisis


 -- Published: Thursday, 7 July 2016 | Print  | Disqus 

The fallout from Brexit continues and financial uncertainty can be seen in the markets as the British Pound continues to come under pressure and a growing number of property funds in the UK are freezing redemptions. The Telegraph’s Ben Marlow draws some chilling comparisons with the Bear Stearns crisis of 2007.

Almost nine years since that fateful day, and the ghost of Bear Stearns is stalking the Square Mile again after the lockdown of three of the UK’s biggest property funds.

Bear Stearns

After the initial post-Brexit rout, which resulted in sterling and equities getting pummelled, markets looked to have finally calmed down with the FTSE 100 moving past its pre-Brexit level.

However, investors have been spooked once again after insurance giants Standard Life, Aviva and M&G, froze redemptions in their retail property funds.

The full report can be read here 

Gold Prices (LBMA AM)
07 July: USD 1,367.10, EUR 1,233.40 & GBP 1,052.80 per ounce
06 July: USD 1,347.00, EUR 1,239.71 & GBP 1,059.01 per ounce
05 July: USD 1,344.75, EUR 1,207.05 & GBP 1,023.89 per ounce
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

Silver Prices (LBMA)
07 July: USD 19.95, EUR 18.00 & GBP 15.31 per ounce
06 July: USD 20.43, EUR 18.46 & GBP 15.75 per ounce
05 July: USD 19.73, EUR 17.69 & GBP 14.99 per ounce
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

 - David Russell, www.GoldCore.com


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 -- Published: Thursday, 7 July 2016 | E-Mail  | Print  | Source: GoldSeek.com

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