Global markets are gripped by fear for a second time this year. The first shock came in early January when the world woke up to the implications of a hard landing of the Chinese economy. A measure of that shock came in the form of a rise in gold prices of $100 an ounce over the next month.
The second shock came out of the United Kingdom last night with news that voters had approved a referendum to take Britain out of the European Union (popularly known as “Brexit”). Gold rose, again, as fear swept through markets around the world. But this time prices rose $100 an ounce in six hours instead of 30 days. (By the time U.S. markets opened this morning, gold had given back about 25 percent of this gain.)
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