Brexit wins 52% to 48%…wow! I was up until 2:30am watching the reaction in the UK and around the world. If you are invested in any of the major stock markets, you are getting hammered. If you own precious metals like gold and silver, you are very happy today…gold is at &1322 per ounce, up almost $60.
However the vote turned out, I totally respected the outcome. Now, I have to say I am quite happy for the UK and their decision. By nature, I like a decentralized structure over the opposite. No one knows in the short run what all will happen, but I am optimistic about the long run for the UK.
One of my friends sent over a 30 page review on the vote. It pointed out that financial services are the #1 export and are priced at approximately a 35% premium to mainland Europe. I would suggest to my UK friends that are concerned about the vote to “leave” that your financial services business will be fine…you don’t get that kind of premium unless you are very good at what you do.
Finally, I personally bought a meaningful amount of British Pounds this morning…I believe 100% in the UK and it’s people.