Gold's Downside Limited Even if Brexit is Defeated

Related: Brexit Sends Sterling ETF to All-Time Low

Sterling has acted as a barometer of sentiment in the run-up to the June 23 referendum, hitting a seven-year low against the U.S. dollar in February after the date of the vote was announced.

“HSBC’s James Steel thinks gold can rise to $1,400 an oz in the event of Brexit. If Britain chooses to stay, gold is likely to fall to no more than $1,220 an oz,or 7% downside,” adds Barron’s.

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Tom Lydon’s clients own shares of GLD.