Posted By Isaac Nuriani
If you haven't already heard the news; “Gold for August delivery settled up 4.7% at $1,322.40 a troy ounce” reports the Wall Street Journal.
From the article...
“Gold prices soared to a two-year high on Friday, after Britain’s decision to leave the European Union sent investors flooding into safe-haven assets.”
“It’s [gold’s] largest one-day gain since September 2013. The precious metal traded as high as $1,362.60 in electronic trading following the decision, and closed at its highest level since August 2014.”
“The sharp move in gold marked a reversal in expectations for the U.K. referendum outcome, after traders spent the past week betting Britain would stay in the EU.”
“Comex gold futures traded at about seven times the normal rate in the hours of the final decision, according to ICBC Standard Bank. The initial surge, combined with massive moves in currencies and stocks, was unlike anything [trader] Mr. Hug had ever seen. Gold prices moved faster than traders could keep up, he said.”
“The precious metal has risen 25% year to date as investors have fretted over global growth, and central banks have taken interest rates into negative territory. Net bullish bets by hedge funds and other speculative investors reached a multiyear high for the week ending June 14, according to the Commodity Futures Trading Commission.”
This year is one of the best on record for gold investors, especially when combined with tax-deductible, tax-sheltered investment vehicles like IRAs.
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