Financials had the biggest one-day fall since 2001…
Good Morning,
Trust that you had a great weekend and a very relaxing one....
A very relaxing one…..
For those of you taking the week off for school holidays and spending time with the family, enjoy!
I don’t know about you, but we all want to “forget” what happened on Friday….
Financials had the biggest one-day fall since 2001…
The FTSE was down nearly 12% on the open….
The British Pound (GBP) touched the lowest level in 30 years…
Ouch… ouch… ouch!
One of the “darkest” days in History……
But hey, today is a new day and a new week….
And there is now even discussions that Brexit may be over-turned?
Over 2,000,000 petitions have now been signed to return to the EU….
Is this a possibility? Yes…. But small…..
Is it time to buy yet?
No……..
Wait for some confidence to come back to the market, as there may even be other countries that will want to exit the EU…
Scotland is now likely to hold another referendum and return to the EU.
All the uncertainty is good for one asset class, Gold, so we expect Gold & Silver to continue to rally.
What we do expect is to see further headlines of “a 2nd referendum” and potential other countries to “discuss” ways to follow Britain’s move and exit as well….
The SPI is flat this morning
Niv Dagan is an Executive Director of Melbourne based boutique funds management and corporate advisory firm, Peak Asset Management (www.peakassetmanagement.com.au). He is also a regular financial commentator on Sky Business.
