CHAOS
In the Currency Markets
Pound being …er… Pounded…down 9%
Euro Down 3%
Yen UP 4.5%
Canadian Dollar DOWN 2%
Gold UP 4%
http://www.investing.com/currencies/live-currency-cross-rates
In the Currency Markets
Pound being …er… Pounded…down 9%
Euro Down 3%
Yen UP 4.5%
Canadian Dollar DOWN 2%
Gold UP 4%
http://www.investing.com/currencies/live-currency-cross-rates
Gold +53
$1316
New HIghs ! Gold +60.00 !!!
Imagine the stops that get triggered when the US opens in both the stock and precious metals markets. Everyone was positioned the opposite. This is completely unexpected.
For me…Christmas in June! Being short the market, oil and long PM stocks
Soros warned the pound would drop 15-20% on a Brexit vote. With the markets looking like a Black Friday event is underway, I’m curious if the GDX bounce will be a bit muted despite the monster rise in gold here. You figure money managers will be in liquidation mode selling everything, including YTD winners. Margin calls will likely play a role too. Tomorrow will be interesting for sure.
Mark, IMHO, the markets will tank. Nikkei is already down 8.4%. Yes I figure margin calls will come to play but there are more $$$ waiting at the sidelines waiting to get in.
SP500 futures down 4.8% at the moment (as per IG).
Looks like we got our impulse move in Gold way above 1307/1310. Up $70…Almost surreal