Gold and silver up - UK votes for Brexit - Prime Minister Resigns
Today is Friday 24th June 2016 and we are reporting on the UK’s Brexit Vote.
Yes the vote has been declared and The UK has voted to leave the EU with 52% to leave and 48% to remain.
Immediately the pound collapsed to its lowest level for over 30 years, Bank stocks fell by 25% - 30% and gold and silver rose by 11% and 9% respectively in pound terms and 4% and 2% in dollar terms.
The UK Prime Minister, David Cameron has announced that he will leave office and a new Prime Minister is to be selected in October, in order to spearhead the exit negotiations.
The Bank of England has said that it has £250 billion to support sterling. However, one thing now is for certain, the EU will struggle to contain the contagion of other countries wishing to leave it and we believe that turbulence will be the order of the day and gold and silver will remain relatively buoyant for the next few months at least while the pound and the Euro now adjust to their true market values.
Gold is currently $1311 an oz and silver $17.75 an oz.
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