Currency Shock Sees Sterling Gold Surges 5% In One Minute “Flash Crash”
By: GoldCore
GoldSeek.com
Friday, 7 October 2016
Sterling gold surged 5% in less than a minute overnight in Asia with prices rising from £994/oz to £1,043.40/oz as sterling had a massive “flash crash.” Sterling plummeted in the second biggest fall in its history – only slightly less than the collapse after the Brexit vote.
Despite gold’s peculiar, sharp fall in dollar terms on Tuesday and 4.1% loss for the week, sterling gold is another 1.7% higher this week – from £1,010/oz to £1,027/oz – again showing gold’s importance in hedging against currency devaluation.
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