Brexit UK Vulnerable As Gold Bar Exports Distort UK Trade Figures

Jon Gold, Market Commentary, Precious Metals

– Brexit UK vulnerable as gold bar exports distort UK trade figures
– Britain’s gold exports worth more than any other physical export
– Gold accounted for more than one in ten pounds of UK exports in July 2017
– UK’s stock of wealth has collapsed from a surplus of 469bn to a net deficit of 22bn – ONS error
– Brexiteers argue majority of trade is outside EU, this is due to large London gold exports
– Single gold bar (London Good Delivery) is, at today’s prices, worth just over 400,000
– ‘There are few things you’ll ever touch which pack so much weight into such a small size’
– UK’s economic vulnerability means safe haven gold essential protection
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I’ve never played poker but I’m pretty sure the number one rule is not to reveal your cards to your opponents.
Yesterday the ONS possibly gave the EU one of the biggest reveals so far in Brexit negotiations. Revised figures from the statistics bureau showed the country’s stock of wealth has fallen from a surplus of 469 billion to a net deficit of 22 billion as reported by LBC.

This post was published at Gold Core on October 17, 2017.