Magazine: BREXIT: What comes next?

In a referendum held on 23 June 2016, 51.89 percent of British voters said yes to the United Kingdom leaving the European Union. In the short term this decision is likely to a cause a bit of turmoil in the financial markets, while in the long term the consequences will raise several questions about the future of the EU. Since the UK was a net contributor to the EU budget, the EU will definitely have less money to distribute in the form of funding programmes, which is bad news to the countries in the periphery.

The central banks will probably intervene to avoid the collapse of the European economy. Noble metals and mines profited the most from the news of the BREXIT, the exchange rate hit this year’s peak (USD 1,359.99/ounce) – since the beginning of the year the shares of noble metal mining companies saw their value increase by 80 percent.