It has been our contention that gold, rather than functioning recently as only a safe haven or store of value, has been operating as a growth investment. Granted, it may be in a limited scope but that is what’s happening.

We may be seeing the British pound heading for parity. Perhaps it will be propped up. Perhaps it will finally rest where it belongs as Great Britain assumes its place as an economy in 10^th or 12^th place in the world ranking.

We do know that a lot of money is streaming out of European equities and into gold, silver and into U.S. bonds (to a lesser extent.)

Crude oil is off by a spectacular 4.60% in afternoon trading. Failing confidence in global growth, and therefore demand for energy, weighed on West Texas Intermediate and Brent North Sea. Indicative of the general fear of lower demand was the associated plunge in natural gas futures, which were down 7.70%.

There is another factor that beat energy prices down.

The repercussions from Brexit are far from over. The Bank of England is looking at another round of quantitative easing that may go as high as £250 million (about $330 million). That freer and easier money makes almost any investment attractive, in Great Britain as well as globally.

We almost can hear the old-time strains of FDR’s campaign song, “Happy Days Are Here Again,” as investors and traders continue to shrug off the Brexit vote. Whether this is wise can only be known as the future unfolds.

Gold and the other precious metals found support via regular trading momentum as well as from a much-needed boost due to a weaker dollar.

Gold is up more than $12.00 in mid-afternoon. Silver is up 57 cents per ounce or 3.20%. Platinum and palladium also rocketed upward, 3.25% and 3.50% respectively. 

The U.S. dollar drooped against the British pound and the euro today as the currency market took a breather, engaging in some profit-taking after just two days of a brutal selloff in sterling and the euro sparked by the Brexit “yea” vote.

 Nonetheless, the British pound is off 10% from the pre-vote level.

The hurricane winds created by the “Leave” vote in Great Britain regarding the European Union continue to buffet world markets.

Gold rose into the 1330s overnight but has since dropped back on profit taking and sentiment that the rally in the yellow metal can’t last.

How could the analysts, forecasters and odds makers get it so wrong?

Just prior to the UK referendum, traders acted as if the outcome was an easy read, with a guaranteed outcome: that the referendum for Britain to exit the EU (Brexit) would fail, and the UK would remain in the EU.

Back in the 1960s and 1970s, a commercial for women’s hair coloring asked the question: “Does she or doesn’t she?” Today we ask a similar question about Great Britain and the European Union.