This Is What Gold Does In A Currency Crisis, British Edition

It appears that Great Britain might actually do the until-recently-unthinkable, and leave the European Union. The reasons for this dramatic break-up are many, and can be Googled easily enough. For our purposes, suffice to say that traders are scrambling to figure out what this means for the British pound, and they’re not liking the answers. Here’s a quick look at the recent foreign exchange action:

(MarketWatch) – The pound has been clobbered this week, driven close to seven-year lows against the U.S. dollar — and analysts don’t see any catalyst in sight to turn that fall around.

The pound on Tuesday dropped below $1.39 against the greenback for the first time since March 2009, hitting an intraday low of $1.3879, according to FactSet. Sterling versus the dollar — known as “cable” — has lost roughly 3.5% since Friday, when the floodgate of debate surrounding the potential exit of the…


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