IMF Scraps Forecast for Global-Growth Pickup on Brexit Fallout

Following on from the Brexit vote last month the IMF have decided to re-evaluate their forecast for global growth.

Bloomberg  reports that they have revised their original 3.2% forecast down to 3.1% for 2016 and from 3.5% to 3.4% for 2017. While these feel like very modest revisions ,the IMF would not be known for radical changes of direction preferring slow and steady revisions.

Their new forecast is based on the assumption that British and EU officials reach new trade agreements that avoid a “large increase in economic barriers.” However, if talks break down, Britain will slip into recession as more financial institutions relocate to the euro area and consumption and investment contract more than expected, the fund said. In a “severe” scenario, global growth is seen sliding to 2.8 percent this year and next.

You can read the full article here 

Gold and Silver Bullion – News and Prices

Gold steady as rally in equities loses steam (Reuters)

Gold futures notch a nearly 1-week high (Marketwatch)

Gold Daily and Silver Weekly Charts (24hgold)

Gold Miners Set to Relax Death Grip on Spending as Caution Eases (Bloomberg)

Recession coming? Here’s how to find out (Marketwatch)

After Brexit, ordinary Britons warm to gold as safe haven (Reuters)

This is all you need to know about gold right now: it’s a bull market (Moneyweek)