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Britain Is Leaving The EU

| June 28, 2016
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Brexit

The world's stock markets are taking it on the chin the past couple of days.

In a Global market sell-off, but international and domestic markets were rocked late Thursday evening as the results poured in for the UK's referendum on whether or not to stay in the European Union (EU). What seemed unlikely given yesterday's comments, The "Brexiters" were victorious, snatching 52% of the vote and setting Britain on an historic path to leave the EU, making it the first country to ever do so and creating uncertainty everywhere.

Here are some Highlights:

* On June 23rd, British citizens voted roughly 52% to 48% to leave the European Union.
* Gold prices jumped 8% in response while oil fell 6% and the British pound sterling fell nearly 11% as traders fled the currency.
* Short term, we expect market volatility to pick up - Asian markets' response and the Dow Jones Industrial Average futures swinging wildly overnight as the results came in may be a bellweather of what's to come.
* Intermediate term, the U.K. has a lot to work out - All political accords, treaties, trade agreements and many regulations will have to be reworked, renegotiated and some started from scratch.
* Long term, the Brexit could have significant geopolitical and economic ramifications for the Eurozone - All eyes will be on the U.K. to see how they handle the separation both politically and economically.

Expect a full commentary out of us in the near term as we continue to analyze and research the Brexit's impact.

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