FRIDAY MORNING: Results are swinging both ways. The betting is shifting. Pound falling. Remarkable rise in the spot gold price. Telegraph reporting that Brexit is now the favourite outcome, but Marketwatch and others saying that results still to come are more likely to favour Remain from heavily populated areas in London.
UPDATED: Who cares what happens in the Australian election next week. This is brilliant news and a historic moment! In the modern era finally the creeping growth of Big-Government has been pegged back. Fittingly, the spot price of gold melted up by $100 in hours and the Kitco site melted down. Pollsters and analysts were flummoxed. The UK is a nation divided with a patchwork of areas being strongly pro or against, and no easy trend across the nation. ABC radio here is painting BREXIT as a bit of an “emotional” decision over immigration, in contrast making out that the fear of a economic pain for leaving is “rational”. As if leaving the economic basket-case that is the EU would be bad for an economy which gave more money than it took. The UK is the world’s fifth biggest economy and survived, prospered and thrived for 400 years without an EU agreement. Instead of being economically bad, this will help the UK grow as it will be freer to trade and to rebuild the Anglosphere partnerships. ABC commentators are saying this will not be good for Australia. But why? Closer ties to the UK again are a natural fit for Australia, New Zealand, Canada and the US. An EU loss is a Commonwealth win. Falling stocks in the EU reflect the sclerotic nature of the EU economy — this is a bad day for companies dependent on big-gov subsidies and rulings that prevent open competition.
The Gold Price
Though they try, the gold price is about the only currency that, in the long run, is outside big-government control. Gold is an anti-cheating device.