Gold Surges After Very Poor Jobs Number, Growing Risk Of BREXIT
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.
Gold Prices in USD – 1 Week (GoldCore)
BREXIT concerns are gaining momentum after three recent polls suggested that the ‘leave’ side are gaining an advantage and a BREXIT looks more likely.
A vote for BREXIT should see gold and silver rise sharply on a safe haven bid in futures markets and safe haven demand for bullion. A vote to remain would be expected to see gold and silver fall as risk appetite comes back into the market supporting equities and sterling. However, price weakness in the precious metals would likely be short term given the current strong supply and demand fundamentals for them.
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Breaking News and Commentary
Pound slides as polls show Brexit support, as Yellen hints at US rate rises – Bloomberg
Gold holds near two-week highs as cautious Yellen hurts dollar – Reuters
Asian Stocks Rise as Commodities in Bull Market – Bloomberg
Gold Futures Rise as Bets Mount That Fed Will Delay Rate Rise – Bloomberg
Gold futures close at 2-week high as Yellen ‘plays charades’ – Marketwatch
Cable Plunges After “Leave” Voters Overtake “Remain” In Latest Brexit Poll – Bloomberg
Bank of Montreal warns against other banks in gold business – Reuters via GATA
Massive Explosions Cripple Nigerian Oil Industry – Traders DNA
Why Big Job Misses Are Likely to Continue – Financial Sense
US Jobs Report: Rocket Fuel For Gold – 321 Gold
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Recent Market Updates
– Physical Silver Bullion – Perfect Storm Brewing in the Market
– Martin Wolf: There Will Be Another “Huge” Financial Crisis
– Silver Price To Surge 800% on Global Industrial and Technological Demand
– BREXIT Gold Diversification As Vote Fuels Market Uncertainty
– Gold Forecasts Revised Higher – Citi Says “Buy the Dip”
– Gold Should Rise Above $1,900/oz -“Get In Now!”
– World’s Largest Asset Manager Suggests “Perfect Time” For Gold
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