Gold Prices Surge After Poor Jobs Number, Growing Risk Of BREXIT

By: Mark O’Byrne, GoldCore
GoldSeek.com
Tuesday, 7 June 2016

Gold prices surged nearly 3% after the very poor jobs number on Friday, have maintained those gains and appear to be consolidating as concerns about the U.S. economy and BREXIT deepen. Gold was marginally higher again yesterday and 2.7% higher last week breaking a run of recent weekly losses and a 5% loss in May.

BREXIT concerns are gaining momentum after three recent polls suggested that the ‘leave’ side are gaining an advantage and a BREXIT looks more likely.

An ITV poll showed 45% for “Leave” and 41% for “Remain.” A survey by global market research company TNS showed 43 percent backing an EU exit, and 41 percent wanting to stay in. An online poll showed 48 percent supported leaving the EU, while 43 percent were in favor of remaining and 9 percent were undecided, according to ICM.

This is leading to concerns about a coming period of market volatility and turmoil. This should support gold and silver and indeed lead to gains on safe haven demand.

The Rest…HERE

This entry was posted on Tuesday, June 7th, 2016 at 11:14 am and is filed under Economics, World Politics. You can follow any responses to this entry through the RSS 2.0 feed.