June 20, 2016 - The United Kingdom will vote on June 23 for a referendum on whether to remain a member of the 28-nation EU (Bremain) or leave the bloc (Brexit). Global stocks are experiencing volatility as investors consider the possibility that Britain might exit. We think the referendum is too close to call. If Brexit were to occur, we would expect further market volatility, especially in U.K. and European stocks, due to a transition period of uncertainty. However, we do not think Brexit would have a devastating impact on the U.K. economy. Consequently, additional volatility would create an opportunity for entry into European stocks. The U.S. dollar, U.S. Treasuries, and Gold should all benefit from additional market volatility caused by Brexit fears.
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