Location

SHARE THIS POST?

Facebook
Twitter
LinkedIn
WhatsApp
Telegram
Email

Gold rose to its highest level in two years on Friday morning as it became clear that the UK had voted to leave the EU. 

The price of gold jumped as much as 8.1 per cent to $1.358.54 an ounce, its highest since March 2014, as investors sought to put their money in so-called safe have asset. 

The pound plunged to its weakest level against the dollar in 31 years.

The surging gold price clearly shows the panic sweeping financial markets, according to Adrian Ash, head of Research at BullionVault.comGoogle reported that the number of online searches for the words “buy gold” climbed by 500 per cent in the past four hours as the results pointed to a victory for the Leave campaign.

“This is just the kind of crisis which gold helps savers and investors insure against. Gold offers certainty and security as stock markets and currencies sink, just as it did during the 2008 meltdown,” Ash said,

The difference is that this shock was clearly signposted, and many private investors didn't wait for today's result to get prepared,” he added.

Transactions have jumped by 32 per cent since the start of June on the Royal Mint’s online trading platform, compared to last month. Revenues have increased nearly 150 per cent in the same period.

In a closely fought campaign, the UK has voted to leave the European Union after 43 years, plunging the country into uncharted political and economic territory.Speaking prior to the EU referendum, Chris Howard, director of the bullion at Royal Mint, said: “Whilst we are uncertain at this stage on what the impact the results of both the European Referendum vote and the US elections will have on the gold market, we have ensured that with the Royal Mint’s trading platform and our significant gold holding, we are prepared for possible market turbulence.” 

Leave won by 52 per cent to 48 per cent in results announced early on Friday morning.

Demand for gold has spiked by a 21 per cent from January to March this year, the equivalent of 1,290 tonnes, its fastest pace ever in 2016 according to the World Gold Council (WGC).

Concerns about the shifting global economic and uncertain financial landscape have created a positive environment as gold became a “safe haven” for investors, the WCG said.

Original Article: http://www.independent.co.uk/news/business/news/gold-soars-to-highest-level-since-2014-as-investors-seek-safe-haven-assets-after-brexit-vote-a7099916.html

Office: +52 (662) 688-5815

[email protected]

Sites of Interest

This new application brings the paper map online.

Up to date information of:

  • Resources.
  • Production.
  • Endowment.
  • Technical Reports.
  • Geology.
  • And More…

Check the Mining State Panoramas

The promotion and dissemination as essential elements to understand and disseminate our Mineral resources, that is why today it is pleased to make the document “Mining Panorama” available to society, by state.

Get to know GeoInfoMex in 3D

GeoInfoMex, is the consultation system of the Mexican Geological Service that allows users to know geoscientific information and make decisions with savings in time and resources, helping to promote mining activity.

 

México Minero is a non-governmental organization that promotes sustainable mining.

The DOF is the organ of the Constitutional Government of the United Mexican States, which has the function of publishing in the national territory, to so that they are properly observed and applied in their respective areas of competence.

Learn about the current situation of the mining industry as well as the activities carried out by Camimex.

Mexico Mining Center © 2019 / All Rights Reserved