Ole Hansen
Gold has the potential for real long-term strength on the back of geopolitical uncertainty and an elevated risk of correction in risky assets says Saxo bank head of commodity strategy Ole Hansen.
Article / 12 July 2016 at 7:17 GMT

Essential Trades Q3 — Danger ahead

Co-founder and CEO / Saxo Bank A/S
By Kim Fournais

Britain’s seismic decision to turn its back on Europe will inevitably reverberate  through the third quarter and beyond as it undermines a narrative that has underpinned the continent since WW2.

The implications for the UK will be profound but there is a much bigger context here. Brussels must now fear a domino effect as the anti-elite groundswell gathers strength and threatens to send the whole European integration process into reverse.

The ongoing refugee crisis, the fundamental discord between the periphery and the core and a burning resentment that had its genesis in the global financial crisis in 2008 makes it a pivotal quarter for the European Union.

The rude awakening for Brussels is effectively a last warning to get its house in order or, before it’s too late, face the consequences.

The same discontent is also fuelling Donald Trump's anti-establishment campaign in the US where he squares up to former first lady Hillary Clinton in a race for the presidency that threatens to be visceral and potentially highly volatile for markets and the dollar.

The macro headwinds are mounting and it is against this turbulent backdrop, that our Saxo Bank strategy team will be pitting their wits against the market and attempting to steer a clear and hopefully profitable course through our  Essential Trades for Q3. 

We’re in a new paradigm. Tread carefully.


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