The dust is yet to settle in Europe after the UK’s referendum last week delivered a vote for the country to leave the EU. And there looks to be a delayed reaction as the markets enter the traditionally slower third quarter.
But the immediate impact so far has been an aftershock in the financial markets, and currency hedging caused physical metal trade to take a back seat this week.
Appetite returned this week to some exchange-traded metals, and cobalt also fared better than most minor metals as second quarter destocking ended and some traders are looking to build up their positions. And volatile currency and equity markets have continued to drive investors towards gold as a safe haven.
UK’s Royal Mint reported an increased interest from investors in its bullion trading site with an 184pc rise on last week in small scale investment in fractions of large gold bars, a 13-fold rise in sales of Royal Mint Refinery gold bars and a 75pc increase in kilo gold bar sales.
Expectations in May that UK interest rates may rise were dashed after the …
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Source: Metal Pages
WEEK IN REVIEW: Fog over the Channel
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