Brexit: Gold, metals, markets react as Britain chooses to leave the EU

British citizen have dealt the world’s political, financial and business scenes quite a blow by voting to leave the European Union, a historic decision set to bring uncertainty as it reverses all past efforts of integration on which the old continent’s stability has rested upon in recent years.

While the world is just digesting the news and experts try predicting what will happen next, investors have already taken action.

Oil, copper and other metals were struggling this morning as most financial markets have been covered in red in the last few hours.

Gold prices soared the most in eight years as the metal holds a value as safe haven.

Spot gold was trading 5.1% higher at $1,319 an ounce Friday morning in London, after rallying as much as 8.2% to $1,358.20, the most it has gained since March 2014. The last time the precious metal had experienced such a strong rally was in in September 2008, when it gained nearly 11%.

Oil, copper and other metals were struggling this morning as most financial markets have been covered in red in the last few hours, in a situation only comparable to the financial shock brought by the 2008 crisis.

Dow Jones industrial average futures were predicting that the gauge could open down nearly 650 points when stocks start trading in a few minutes.

If stocks were to drop as much as predicted on Friday it would be the sixth worst daily point dive in Dow history, Fortune reports.

More to come…

 

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