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Gold Prices Continue to Reach New Highs Due to Brexit Fears


News provided by

FinancialBuzz.com

06 Jul, 2016, 13:00 GMT

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NEW YORK, July 6, 2016 /PRNewswire/ --

http://www.FinancialBuzz.com - Expected were concerns over the stability of the global economy after the United Kingdom voted to leave the European Union. While global stock markets rebounded from the initial panic reaction, the aftermath concerns linger on, thus the continued rise of gold prices. Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ), Brazil Resources Inc. (BRI.V), Direxion Shares Exchange Traded Fund Trust (NYSEARCA: NUGT), Barrick Gold Corporation (NYSE: ABX), Newmont Mining Corp (NYSE: NEM)

Gold prices have had an incredible run so far this year. Futures increased by about 24% year to date, and experts claim that there is still upside. According to Yahoo Finance correspondence, Anthem Blanchard, CEO of a popular precious metals dealer Anthem Vault, stated, "The trade has really just begun here… I think it's very limited, the risk. I think there's a ton of upside in the price. I think in relative terms it's a very safe time to buy [gold]. I don't see a lot of downside." Anthem Vault has about $2 billion in client assets under control.

Blanchard also had some opinions on the infamous Brexit vote, saying that Brexit may start a chain reaction across the European Union and other countries may have a similar vote. "So ultimately that can create a lot of credit risk in the markets, a lot of derivative risk and that bodes very well for gold and silver demand," he added.

Meanwhile, gold exchange-traded funds and stocks have reached new 52 weeks highs. Price per share of Market Vectors Junior Gold Miners ETF (NYSEARCA: GDXJ) has crossed the $45 mark, which didn't happened since July 2014. Junior gold companies in particular have enjoyed very impressive run-ups. Shares of Brazil Resources Inc. (TSX-V: BRI), continue to surge alongside other Gold companies and ETFs, a 281 million market-cap company, increased in value by about 640% year to date from $.38 to $2.84. The stock is currently trading at all-time highs.

Brazil Resources Inc. is a mineral exploration company with a focus on the acquisition, exploration and development of projects in Brazil, United States, Canada and other regions of the Americas. Recent developments for the company include the new gold resource for the Raintree West deposit within the Whistler Project Whistler, located in South Alaska. The new resource estimated deposit provides for a total inferred resource of 1.991 Moz gold equivalent comprised of 1.428 Moz gold equivalent below the 100 metre elevation (Zone A) and 0.563 Moz gold equivalent above the 250 metre elevation (Zone B).

The highly popular among gold traders and investors Direxion Shares Exchange Traded Fund Trust (NYSEARCA: NUGT) continues its positive reversal which started on January 20th, increasing in value by more than 700% since then.

Stocks of larger cap companies are back at trading at highest prices since early 2013. Barrick Gold Corporation (NYSE: ABX) crossed the $22 a share mark, and Newmont Mining Corp (NYSE: NEM) is trading at above $40 a share.

Gold price is seen as a safe haven for many investors, and the metal will continue to be in demand for as long as the narrative of concerns over global instability and especially in Europe continues to loom.

For "The Latest Buzz in Financial News", Please Visit: http://www.FinancialBuzz.com

About FinancialBuzz.com

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content.

FinancialBuzz.com also provides financial news PR branding, marketing and advertising for third parties for disseminating news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the "Site") is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into service agreements with the companies which are the subject to the articles posted on the Site for advertising such companies. Financialbuzz.com was not compensated for financial news pr services. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. We do not undertake to update any of the information on the Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security.  FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on the Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print.  Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use. Please visit: http://www.financialbuzz.com

Media Contact

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