Short term rejoicing for the Gold bugs?
The Brexit saga has the FUD really swirling. The worst case scenario is basically it causes a severe global recession, extending to the US. The last currency of strength the USD goes down with the US economy. Only "currency" left standing is Gold. A short term spike in Gold could be coming up.
Large Pharma stocks with large revenue from the EU getting trashed today. They've had to fight the EUR/USD headwind for almost a year. Stir in Brexit FUD, and the effect on resulting pharma regulation.
Commodity stocks got hit Friday, and a little yesterday. Some are trying to hold today. WTI trying to hold 48.40.
VIX up. UST bills lowest level since 2012. Germany&Japan negative out to 12 yrs.
Still have a week to go before the Brexit vote. Such fun.
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