Submitted by Ronan Manly, BullionStar.com
The following article is arranged in Question and Answer (Q & A) format. Through the Q & A approach, this article raises some important issues about price discovery in the gold markets and aims to explain the view that the gold price is being set by the paper gold markets.
Brexit day has finally arrived, and despite this major "risk event", European and Asian stocks are trading mixed, while S&P futures are just fractionally lower as a bounce on optimism over the American economy appears to have fizzled and President Trump continues to struggle to pass his legislative agenda. The pound first dipped then rose as the U.K. is set to begin its life outside the EU.
Moments ago, Theresa May signed the letter to European Council President Donald Truk which will invoke Article 50 and Trigger Brexit.
SUN FRONT PAGE: ‘Dover & out' #skypapers pic.twitter.com/0YtSKWlCPj
— Sky News (@SkyNews) March 28, 2017
What happens next?
Here is a summary of next steps courtesy of Jack Davies, consultant editor of Trading Floor, courtesy of Saxo Group
European and Asian stocks were modestly in the green, with U.S. futures higher, before a critical procedural vote on a Republican health-care bill to repeal Obamacare, while Janet Yellen is set to speak in Washington at 8:45am.
"Warning! US equities can occasionally go down as well as up a lot."