This week’s highlights:
- Risk-off trades dominated the week ahead of the UK’s EU membership referendum with equities declining and precious metals advancing. Bearish equity and gold-linked ETFs were the best performers for the week, and the ETFS Physical Gold ETF (GOLD) saw the largest inflows.
- The S&P/ASX 200 fell 2.8%, the S&P 500 fell 1.2% and Asian markets saw substantial declines. In Europe, the FTSE 100 was 1.6% lower and the EURO STOXX 50 fell 2.1%.
- Gold rose 1.2% for the week. WTI Crude and Iron Ore both declined. Resource stocks also retreated, with the SPDR S&P/ASX 200 Resources Fund (OZR) falling 4%.
- Pound sterling rose 0.7% against the US dollar having regained ground late in the week after polls indicated a late shift in favour of the UK remaining in the EU. Japanese yen rose 2.6%, approaching a 2 year high.
This weeks Chart of the Week:
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I will bring this update to you on a weekly basis.
