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Brexit prompts gold sell-off – as prices go down now is a great time to buy

And the Brexit turmoil rumbles on. We’ve had two would-be Brexit deadlines pass now in the UK, lots of political posturing, cross-party talks, mutterings from Brussels and last minute pan-European negotiations. The UK Prime Minister, Teresa May wanted to extend Brexit to June, the EU said Halloween. While this drags out Brexit even further, almost three years since the referendum, there’s actually a silver (or rather gold) lining for investors.

USA Gold is reporting that the pushed-back date for Brexit prompted a mini flurry on gold sell-offs, with the Asian market first to move and London quick to follow as the news broke on Thursday. This flurry of activity pushed the price of gold down by $12, dropping to $1296. This dip followed a four consecutive increases, going from $1285 to $1310 in the 96 hours prior to the delayed date was revealed.

The good news of course is that the UK’s tumultuous exit from the European Union has led short-sighted investors to sell, with asset management expert Trey Reik commenting, “…trading in physical gold markets proved especially robust during the first week of April. To us, this suggests gold’s sub-$1,300 spot price is destined to be short lived.”

For those who sat and watched the price of gold going up, up and up during trading this month, the Brexit-induced panic is great news. It has not only stemmed the steadily increasing price of gold but actually brought the cost down to a price that looks likely to be the best we’ll see in a long time – meaning now is the perfect moment to cash in on Brexit (whenever that may be) and invest in gold before the uncertainty and ongoing economic instability causes prices to rise once again following the knee-jerk reaction.

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