, Columnist
Brexit Is Gold's Last Desperate Hope
Geopolitical and economic shocks don't cause the precious metal to buck trends, rather to follow them.
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As we all know, big political shocks are extremely bullish for gold. Should today's Brexit referendum result in the U.K. voting to leave the European Union, there can be no doubt the yellow metal will go off like a rocket.
It might jump as high as $1,400 an ounce from the current $1,277.35, according to Societe Generale's Mark Keenan and iiTrader's Bill Baruch. Spooked investors dumping the pound will inevitably chase the glitter of bullion instead. Friday's 2.3 percent price spike is certain to spark a wider rally.