Gold and Silver Race Toward 2-Year Highs – How High?

by James Cordelaine, Deviant Investor:

Silver’s Going Crazy Too

Everyone knew gold would skyrocket in the aftermath of Brexit. As much as sophisticated investors and TV talking heads love to either ignore or pooh-pooh the precious metal when things are looking bright on the paper side, the minute the news goes sideways their rush to gold makes Black Friday at Walmart look like a Zen and peaceful still-life.

Two reserve currencies, the British pound and the euro, are suddenly looking like twin deer in the headlights of an economic Mack truck. The pound will be down for the count for the foreseeable future, since what we can see ahead looks pretty ugly. Experts are already predicting the demise of the euro, which from this side of the pond may look like no big deal. But 19 of the 28 still-remaining EU nations use this fiat currency, and according to the EU website that amounts to almost 340 million individual users a day. So an imperiled euro is serious business, both for a huge number of individuals and for markets worldwide.

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