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Updated 20:24 08/05/21

HSBC: Gold could explode if Britain leaves the EU

By Adam Pike, News Editor

27 Apr 2016

If Britons vote to leave the European Union on June the 23rd gold priced in sterling has the potential to explode.

Historically, gold has been bought as an insurance policy to protect investors from currency debasement and political uncertainty. For this reason HSBC economist, James Steel, believes physical bullion could act as an effective hedging leading up to the referendum.

As the vote draws closer polls suggest the British population will vote to stay a member of 28 member Eurozone. Regardless of current predictions, until all the votes have been counted uncertainty will remain. Steel believes this uncertainty has the potential to push the gold price significantly higher leading up to the vote.

Since the turn of the year the gold price has rallied £136 per ounce and is one of the best performing assets so far in 2016.

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