HSBC Report Says Gold Could Rally 10%
Gold was able
to stay above the $1300 price level over the weekend as traders prepare for the
“big” UK referendum on
Thursday.
No one is sure what the
outcome of the vote will be or of the ramifications to the Eurozone and
the UK economy with either outcome.
For sure a vote to remain will have less impact, but traders are
beginning to move to safety as the LEAVE camp seems to be gathering momentum.
According to an HSBC
report, if the UK votes to leave the European Union on June 23, the
price of gold could rally
by 10% to around $1400 an ounce as
investors look to the yellow metal to provide a safe haven in
times of uncertainty. What's more, gold could also benefit from the reluctance
of investors to move into sterling or even the euro following a 'leave' vote.
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