TREND ALERT®: Bigger than Brexit: Market mayhem. Will gold glow?
29 Jun 2016
KINGSTON, NY, 29 June 2016—Although stocks bounced back on "Turnaround Tuesday" on the belief that contagion has been contained following the rout that wiped out $3.6 trillion from equity markets following Great Britain's referendum last Thursday to "Brexit" the European Union... we disagree. It's bigger than Brexit.
Despite many of the world's largest hedge funds betting billions on a "Remain" victory and British bookies putting the chances of "Leave" at barely 10 percent, in our June 15 Trend Alert, we wrote, "Should the 'Leave' vote win, we forecast the US dollar and gold prices will spike while equity markets, particularly those currently under downward pressure, will sink deeply lower."
Trend Forecast: The criticism in the "investor" world has long been that gold yields no interest. However, as interest rates around the world keep trending lower and holding cash yields nothing, in a climate of ongoing market volatility, for many, holding gold is considered the ultimate safe-haven commodity. Thus, we maintain our forecast that when gold rises and stabilizes above $1,400 per ounce, it will spike toward $2,000 per ounce.
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