Gold in Pounds Surges 1.5% To 1,001/oz – UK Political Turmoil Likely

Jon Politics

– Gold in pounds rises 1.5% from 986/oz to 1,001/oz after shock UK election result
– Gold reaches 7 week high and surges 6% in the last 30 days from 942/oz to 1,001/oz
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– Very robust gold sales experienced by gold brokers, including GoldCore, in the UK this week and today
– May’s ruling Conservative party loses overall majority and prospect of hung U. K. parliament
– PM May vulnerable from within Tory Party and Corbyn has called for her to resign
– Corbyn and Labour party on the rise which may pose risks to vulnerable London property market and UK economy as investor sentiment towards UK sours further
– Vote set to boost political turmoil in UK, complicate Brexit talks with EU whose hand is strengthened
As reported by Bloomberg News this morning:
Gold priced in sterling surged to the highest level in more than seven weeks as Prime Minister Theresa May failed to win an overall majority in the U. K. election, signaling further political turmoil less than a year after Britain voted to leave the European Union.

This post was published at Gold Core on June 9, 2017.