This Thursday, June 23 marks the historical and much-anticipated “Brexit” vote in the United Kingdom—the day where residents will decide whether to depart or remain a part of the European Union (EU). As Great Britain is considered the financial center of Europe, there are many implications and effects this vote will have on the global economy as a whole, which is why we're seeing a surge of investment in gold products.
The impact of the impending Brexit vote has caused some uncertainty and volatility on the price of currencies and the stock market. Yet the majority of investors are banking on a jump in gold volatility, whether the United Kingdom leaves the EU or not. As experts, central bankers and billionaire investors such as George Soros warn that Britain’s departure would roil currencies across the globe and significantly affect equities, they likewise expect the price of gold to rise. Even the French multinational banking services giant Societe Generale went on record to say that gold will most likely climb regardless of the vote’s outcome.
This seems like a smart bet to take right now, if not the only one. As proven throughout history, investing in gold is the most stable way to hedge portfolios and protect wealth in times of economic turmoil. As stock prices decline and uncertainty increases, gold gains may be upon us and prices may soar.
Gold surge in the past month
Gold surges In the past month, the price of gold has risen almost $100 per ounce—at one point reaching $1318.90 per ounce. It settled yesterday above $1272 per ounce, but many are convinced it may surpass some of its highest prices throughout history—some analysts and experts forecast rallies that exceed $1400 per ounce if Brexit does take place.
In other words, this may be one of the best times to buy gold products.
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