23 June 2016

BBC Calls the Election: LEAVE It Is - Gold Spikes To $1350, Silver To 18.20, SP Futures Down 90

I have been watching a live stream of the BBC, and they just called the election for 'Leave.'

The most repeated phrase of the evening from the professional class has been 'this is a wake up call' for Westminster.

Wake up calls may be the order of the day for the status quo.

The politicians are shocked, shocked that the people have rejected the advice, arguments, and warnings of 'the experts.'

Some 'very serious people' are wondering what this means for the future of the EU.

And as always, they never saw this coming.

Gold is trading at 1334, silver at 18, the SP stock futures are down 90 points, and the FTSE futures are down 8%.

The map below shows the support for 'Remain' was centered primarily in the southeast which is London and in the north in Scotland.   The huge majority for 'Remain' in Scotland raises the prospect of another referendum there for independence in order to remain in the EU.

I wonder if the professional establishments of the West will continue to misjudge the depth of the dissatisfaction of the public, counting on their complacency to maintain the status quo.

The November elections in the US may be another interesting situation to watch closely.  The smug sense of complacent entitlement of the Democratic National Committee and their anointed one is striking.