Weekly overview: Gold and Silver hit record heights as investors seek precious metals as haven following Brexit


Silver has jumped 47% this year, hitting a new record high last Tuesday, vaulting as much as 7% above $21 for the first time since 2014.

Weekly overview: Gold and silver hit record rises
Source: Saxo Bank

Gold increased with 1.2% to $1,357.63 an ounce – assets in gold ETFs are at their highest level now for more than 2 years.

Weekly overview: Gold and silver hit heights
Source: Saxo Bank

According to Bob Takai, president of Sumitomo Corp. Global Research Co., silver will continue to outperform gold until the market turmoil from the Brexit issue decreases.

Funds have boosted their net-long futures and options positions in the two metals to the highest since the data began almost ten years ago.

Clarkson PLC (LON:CKN) shares sank with nearly 20%, early Monday after a warning of “materially lower” profits. However, there’s a tiny hope for improvement in offshore oil and gas industry.

Crude oil triggered a 26% jump in gross short positions with the net-long falling to a 16-week low.

The pound rose against the dollar on Monday, after several ups and downs, including last week’s 11% plunge.

Japanese yen was down against the dollar.

Asian shares brushed aside early losses and accelerated on Monday, while the Australian dollar was volatile after an uncertain election Down Under. Australian shares closed up 0.7%.

Billionaire investor George Soros took out a bet of more than $111 million. Deutsche Bank shares have fallen about 17% since the day of the referendum, which means millions of dollars for Soros. However, on Tuesday he still held a short position of 0.46%.

It’s Independence Day holiday today – U.S. markets are shuttered.

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Weekly overview: Gold and Silver hit record heights as investors seek precious metals as haven following Brexit

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