NEW YORK, June 24, 2016 /PRNewswire/ --
FinancialBuzz.com (http://www.FinancialBuzz.com ) : The
surprising results of Britain's
referendum vote to leave the European Union, or Brexit, made the
British pound crash to its lowest levels in about 30 years. Global
markets followed, the Dow Jones, the NASDAQ, and the S&P 500
all dropped more than 2 percent. Asian markets plummeted as well,
as Japan's benchmark Nikkei
225 closed 7.9 percent down, the biggest one day fall since
the 2011 tsunami. Direxion Shares Exchange Traded Fund
Trust (NYSEARCA: NUGT), Brazil Resources
Inc. (BRI.V), Market Vectors Gold Miners ETF
(NYSEARCA: GDX), Market Vectors Junior Gold Miners ETF
(NYSEARCA: GDXJ), Barrick Gold Corporation (NYSE:
ABX)
As usual under such circumstances, investors are looking for
safe haven assets, like Gold, the price of which has jumped about
$60 at some point, crossing the
$1,329 per oz. before retreating a
little. Direxion Shares Exchange Traded Fund Trust (NUGT) is
up more than 15 percent, a fitting end to a strong month. NUGT is
up more than 50 percent since the beginning of June.
Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ) is up
about 5 percent, and small cap companies such as Brazil
Resources Inc. (TSX-V: BRI), have continued to trend higher
up, about 7.5 percent after Brexit. Brazil Resources Inc. puts
their attention on development and acquisition of projects
producing gold districts and other mineral properties
in Brazil, the United States, Canada,
and Paraguay. With a market cap of just 148 million, it is one
of the most active companies in the US and Canadian gold sector,
surging 390 percent year to date.
Market Vectors Gold Miners ETF (NYSEARCA: GDX) is up 5.3
percent, and large cap gold stocks like Barrick Gold Corporation
(NYSE: ABX) showed strength. The stock was up more than 10 percent
during Thursday pre-market trading hours. Barrick Gold Corporation
shares increased in value about 175 percent year to date.
The British pound may suffer more, as Scotland, where 62 percent of the population
voted to "Remain" in the European Union, may seek independence once
again. Scotland's First Minister Nicola Sturgeon said a second referendum on
independence from the United
Kingdom is now back "on the table." Such political
disagreements are only expected to become more common. As a result
of Brexit market volatility is here to stay, and demand for safe
haven assets to remain strong.
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