The Weekly Dig
Haywood Mining Team
Precious Metals Continue to Rise Following Brexit Vote
§ Following last week’s shock Brexit result, financial markets continued to fall early in the week. The S&P 500 Index dropped below the 2,000 level during intraday trading on Tuesday, while the British Pound plummeted to $1.34 per U.S. dollar as confusion reigned over what the ramifications of the decision would be. The mood was compounded by terse comments from officials of the European Union stating that the UK cannot expect to have access to the EU free market without accepting all four principles of free movement: goods, services, people, and capital. On Wednesday, markets corrected following Monday’s and Tuesday’s losses; the FTSE 250 rising from Tuesday through Thursday by over 9% as concerns over the Brexit waned, at least for now. Gold maintained its above-$1,300 per ounce level, finishing at $1,325, while silver (↑8%), platinum (↑6%) and palladium (↑5.7%) also rose during the week to finish at $18.86, $1,026 and $600 per ounce respectively. Interestingly, base metals also have a positive week overall; copper (↑1.3%), nickel (↑2.3%), lead (↑3.4%) and zinc (↑3.14%) each gained to finish at $2.20, $4.26, $0.81 and $0.95 per pound respectively. Alternatively, WTI crude prices fell for the second week in a row, down 3.55% to finish at $48.38 per barrel. Finally, the UxC Weekly Spot Price of uranium finished lower, closing at $26.50 per pound on Thursday.
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Quelle: stockcharts.com
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