Impact of UK leaving the Eurozone? The referendum is 6/23...
ShadyDave
Posts: 2,195 ✭✭✭✭✭
With the vote quickly approaching (T-10 days), I think it would be fun to talk about possible outcomes and the affect a Brexit can have on our shiny metal(s).
I think leading up to the vote, metals will trend higher due to volatility and uncertainty in the markets. The UK voters are keeping this exciting as they seem to be split almost 50/50 on this topic.
What follows for metals and the perception of the world economy after the vote will be fun to watch.
I think leading up to the vote, metals will trend higher due to volatility and uncertainty in the markets. The UK voters are keeping this exciting as they seem to be split almost 50/50 on this topic.
What follows for metals and the perception of the world economy after the vote will be fun to watch.
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Comments
Brexit fear is good for gold. Uncertainty has sterling holders moving to safehaven until the dust settles. Brexit is necessary to trump the EU hold on member nations (by leaders who are not even elected) and it is necessary to ensure the future and independence of Britain. Greece showed what happens when a nation loses its sovereignty to outsiders who do not have to answer to the Greek people.
I do not expect the euromasters to allow a fair fight. The people of Britain, regardless of what they want are fighting a powerful machine. We know what political machines are capable of.
The EU is a failed experiment. It exemplifies the shortcomings of sharing a currency without the political unity to protect that currency.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I knew it would happen.
If the vote is leave , will parliament block it? This could shape up as a constitutional crisis . Will the bought and paid for MP's ignore the will of the people ?
The weather sucks.
Gold is warm and sunny.
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Knowledge is the enemy of fear
That said, Old Joe Stalin applies here - It is enough that the people know there was an election. The people who cast the votes decide nothing. The people who count the votes decide everything.
Stay - gold ... Hard to say because I'm not sure of run up pre-vote. If we run up another $100, then I'll bet sell the news. If we're flat from here or only a bit up then I'm not sure
The aspiration of a continent that had spent 2000 years tearing each other to tribal shreds, culminating in two inconceivably horrific wars resulting from the very fruits of their civilization's advances, was to unify, and forestall thereby any prospect for such horrors thereafter. Born as I was in 1945,I grew up applauding the sentiment, actualized in the Common Market, the EU and the Euro.
No doubt, the Euro was too far ahead of the lack of effective federalism to manage the crises in 2008 and thereafter. And perhaps the tribalism that is Europe will ultimately overwhelm the dream of the EU. Maybe it is true, that people who didn't live through the World Wars are rising to power, and discount the possibility that Europe could revisit that suicidal destruction, now with nukes, etc.
But I believe history will lament this failure of the EU if it fails, and document the disasters of its fall.
Here's a warning parable for coin collectors...
There are several hundred years long grudges being borne.
They definitely need the group hug, but will Britain vote to stay or go and what is the impact on AU/Ag?
Less foreign investment in the UK?
Tariffs on imports/exports from the UK to the rest of Europe?
Recession for the UK?
Do you think other countries could follow suit and jump the Euro-Zone ship?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
And a capitalist sits back and capitalizes on the news.
I'm surprised by the support or indifference for Brexit here.
The aspiration of a continent that had spent 2000 years tearing each other to tribal shreds, culminating in two inconceivably horrific wars resulting from the very fruits of their civilization's advances, was to unify, and forestall thereby any prospect for such horrors thereafter. Born as I was in 1945,I grew up applauding the sentiment, actualized in the Common Market, the EU and the Euro.
No doubt, the Euro was too far ahead of the lack of effective federalism to manage the crises in 2008 and thereafter. And perhaps the tribalism that is Europe will ultimately overwhelm the dream of the EU. Maybe it is true, that people who didn't live through the World Wars are rising to power, and discount the possibility that Europe could revisit that suicidal destruction, now with nukes, etc.
But I believe history will lament this failure of the EU if it fails, and document the disasters of its fall.
The EU is already a failure. People have figured out that it was all a con job , they have seen that the EU does what it wants and ignores the will of the people in individual countries.
All it did was add a higher layer of government and more unaccountable bureaucrats that need more tax revenue .
It will be the best thing that the UK could do for its citizens/workers.
Agree. Gold and silver seem to be doing quite well in light of the anxiety over this vote.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
It will be the best thing that the UK could do for its citizens/workers.
Why?
Knowledge is the enemy of fear
Prediction if it looks like a vote to stay then they stay.
If the voters lean towards exit then of course they will stay also.
Right now stay and leave is a dead heat 10% each with 80% undecided in the form of super delegates
I vote they will stay, not because it is their choice, but because it is the choice of those counting the votes.
HaHaHa that is so true!! If it was their choice they would leave and others would follow but they will do anything right now to save the euro. I would not be surprised if they try and delay the vote to get better prepared anyone though of that?
I vote they will stay, not because it is their choice, but because it is the choice of those counting the votes.
HaHaHa that is so true!! If it was their choice they would leave and others would follow but they will do anything right now to save the euro. I would not be surprised if they try and delay the vote to get better prepared anyone though of that?
Britain doesn't use the Euro. Anyone know why?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Euro did not make sense for Britain. New York and London are
the two centers of world finance. Whatever city is in 3rd place is
not even close.
Only 7% of UK citizens consider themselves European.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
You and I can't even imagine the hidden efforts to prevent Brexit from happening. Let's hope the Brit's are, without interference, allowed to do the right thing. This is the proverbial line that has been drawn in the sand.
Those that do not understand the implications need only consider what a North American Union (most likely in the globalist's plans) would mean for them. I have no problem with Mexico or Canada becoming a 51st state of the US. I, like most, do have a problem with sacrificing/modifying my constitution and the rules that govern me to accommodate the desires and differences of outsiders who want to join up. Reminds me of the "no child left behind" experiment that resulted in lower education standards for all.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Here is the money quote
Instead there would be a new system: government by an enlightened elite of bureaucrats. The hoi polloi (you and me) were simply too dim, too emotional, too uneducated to be safely allowed to choose their governments. It never occurred to him to devise a way to strengthen and fortify democracy to ensure that what happened in Italy and Germany in the 1920s and 1930s could not happen again. No, democracy was unsafe and had to be replaced. (This is not propaganda, he wrote it all down).
here is another gem
"Europe's nations should be guided towards the Super-state without their people understanding what is happening. This can be accomplished by successive steps, each disguised as having an economic purpose, but which will eventually and irreversibly lead to federation."
With what happened to MP Jo Cox last week, I think many of the people who were on the fence are now in the "stay" camp.... It should be an interesting end to the week to see what the voters decide and how the market reacts!
Birth of a super state
Here is the money quote
Instead there would be a new system: government by an enlightened elite of bureaucrats. The hoi polloi (you and me) were simply too dim, too emotional, too uneducated to be safely allowed to choose their governments. It never occurred to him to devise a way to strengthen and fortify democracy to ensure that what happened in Italy and Germany in the 1920s and 1930s could not happen again. No, democracy was unsafe and had to be replaced. (This is not propaganda, he wrote it all down).
here is another gem
"Europe's nations should be guided towards the Super-state without their people understanding what is happening. This can be accomplished by successive steps, each disguised as having an economic purpose, but which will eventually and irreversibly lead to federation."
Didn't read the link, since I presumed you were quoting Alexander Hamilton.
Here's a warning parable for coin collectors...
"If Brexit passes Goldman won't be able to sodomize Greece from London..." - ZH
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
It certainly is!.....
mbogoman
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Stocks getting crushed so far tonight along with the Pound and Euro. Treasuries, gold, yen, and dollar soaring. PPT has signaled a 7 alarm fire and all available hands will be buying stocks before Friday's open.
People may vote to leave....but he who controls the voting computers gets the last word.
Referendum is not binding on Parliament. And it could take 2 years or more to get it officially done.
USD is back to the center of the 2015-2016 consolidation zone. But the out-performance of the Yen has pushed the USD/JPY to over a 2-1/2 year low tonight. That's one of the biggest driver's of gold.
BBC now calling that "leave" is going to take it.
Got Bullion?
Got more bullion?
Do-over?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey