Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit

//Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit

Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit

The pound plunged against the euro, the dollar, gold and all leading currencies today as Theresa May’s UK government appeared vulnerable to collapsing and political turmoil risked creating a hard Brexit.

Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit pound gold brexit 2018 2

Gold in GBP (24 Hours)

The pound has fallen 2.6% against gold in less than twenty four hours seeing gold rise from £923 to £947 per ounce in sterling terms.

The pound slumped the most in more than 17 months as several U.K. ministers resigned less than 24 hours after Prime Minister Theresa May said she had won cabinet approval for a deal with the European Union.

Brexit Secretary Dominic Raab handed in his resignation to Theresa May over the controversial Brexit proposal.

Mr Raab said he could not support the Prime Minister’s withdrawal agreement from the European Union. He wrote: “It has been an honour to serve in your government as Justice Minister, Housing Minister and Brexit Secretary. I regret to say that following the Cabinet meeting yesterday on the Brexit deal I must resign.”

Financial analysts are concerned about the more ‘extreme’ outcomes to Brexit talks and that potential worst case Brexit risks may now come about.

This makes the pound vulnerable to further falls into year end and in 2019. Longer term, the pound is likely to weaken further as Brexit uncertainty and fallout impacts the slowing UK high street, prperty market and wider economy.

Gold’s record nominal high in sterling terms over £1,120 per ounce looks like being surpassed in 2019 with gold prices just 20% below that now.

Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit Banner 1

 

News and Commentary

Pound Falls Most Since 2017 as May’s Brexit Divorce Plan Rocked (Bloomberg.com)

Crude’s Collapse Is Sending Shockwaves Across Global Markets (Bloomberg.com)

Gold prices hold steady as dollar eases (Reuters.com)

Paulson keeps stake in gold investments during third-quarter (Reuters.com)

Dow turns negative, giving up 200-point gain, as Apple rolls over (CNBC.com)

Gold: Rising gold price vindicates RBI’s investment plan (EconomicTimes)

Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit raab exits

Source: Bloomberg

Chaotic 2019 coming & gold will be the ‘best house in a bad neighborhood’ (MarketWatch.com)

Gold Spikes Back Above $1200, Silver Above $14 (ZeroHedge.com )

As Oil Plunges, Energy Junk Bonds Turn Dangerous – Again (GoldSeek.com)

At Some Point the Whole Thing Blows Up (Youtube.com)

Gold Re-Monetization Is Much Closer Than Many Realize (Palisade-Research.com)

Apple Enters Bear Market – Down Over $200 Billion From Record Highs (ZeroHedge.com)

Gold Prices (LBMA AM)

14 Nov: USD 1,201.45, GBP 927.04 & EUR 1,066.05 per ounce

13 Nov: USD 1,197.55, GBP 928.70 & EUR 1,066.18 per ounce

12 Nov: USD 1,207.05, GBP 940.05 & EUR 1,072.34 per ounce

09 Nov: USD 1,219.05, GBP 936.96 & EUR 1,075.81 per ounce

08 Nov: USD 1,223.45, GBP 932.02 & EUR 1,071.01 per ounce

07 Nov: USD 1,235.05, GBP 938.64 & EUR 1,074.62 per ounce

Silver Prices (LBMA)

14 Nov: USD 13.97, GBP 10.80 & EUR 12.39 per ounce

13 Nov: USD 14.02, GBP 10.85 & EUR 12.46 per ounce

12 Nov: USD 14.16, GBP 11.00 & EUR 12.57 per ounce

09 Nov: USD 14.34, GBP 11.01 & EUR 12.63 per ounce

08 Nov: USD 14.49, GBP 11.06 & EUR 12.70 per ounce

07 Nov: USD 14.67, GBP 11.15 & EUR 12.77 per ounce

 

Recent Market Updates

– GoldCore Capitalising On Brexit With Dublin Gold Vault

– Store Gold In The Safest Vaults In Ireland

– Investors Set To Store Gold In Dublin Due To Brexit Risks

– Investors Start Buying Gold ETFs In October In Bullish Shift

– As Brexit Looms and Stocks Plunge In October – Now May Be The Time to Invest in Gold

– AMERICAN ELECTIONS FARCE AS POLITICIANS IGNORE THE LOOMING $121.7 TRILLION DEBT CRISIS

– Gold ETFs See Strong Demand In Volatile October After Robust Global Gold Demand In Q3

– Venezuela Seeks To Repatriate $550 Million Of Gold From London

– Big Short’s Eisman Is Shorting Two U.K. Banks on Brexit

– “Red October” Highlights Importance of Rebalancing Portfolios and Gold’s “Very Positive” Outlook

– Alarm Bells Ring and Gold Rises In October As Stocks and Property Fall Globally

– Gold Analysts At LBMA See 25% Return To $1,532/oz In 12 months

– Gold Improves Investment, Pension and Central Bank Portfolio’s Risk-Adjusted Returns

Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit 16

GoldCore Secure Storage Ireland – Information and Introduction Video Here

 

The post Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit appeared first on GoldCore Gold Bullion Dealer.

Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit   ptq

By |2018-11-15T23:45:19+00:00November 15th, 2018|Blog|Comments Off on Pound Falls 2.5% Against Gold as UK Government in Turmoil Over Brexit

About the Author: