Townsend Lansing, Head of ETCs at ETF Securities says the referendum result has sparked a $200m surge in appetite for gold, as investors fled to safe havens.
“We have seen a whirlwind since the early hours of Friday, with inflows nearing $200m, and there is no sign of appetite for precious metals diminishing in the first full week of the Brexit era,” he said.
“Before the referendum, we saw record inflows into our short GBP products, as clients looked to hedge Brexit risk. Some of those clients are unwinding that hedge, while others are looking to take tactical FX positions on both GBP and EUR crosses,” he added.
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