# GBP just plummeted



## james4beach (Nov 15, 2012)

This is a huge move for a major currency.

GBP/CAD fell 5.1% in one day
GBP/USD fell 6.4% in one day

GBPUSD is 1.3620 tonight which is the lowest in _at least_ 17 years


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## mrPPincer (Nov 21, 2011)

Wait an hour or so when enough votes are in to make a call.

If it's brexit, could go worse for GBP


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## james4beach (Nov 15, 2012)

Is anyone taking an FX position on GBP ?

I'm not the type to gamble, but if you are a gambler... that thing is going to move like crazy within the next 24 hours


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## james4beach (Nov 15, 2012)

S&P 500 futures now down 3.5%


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## scorpion_ca (Nov 3, 2014)

Down would be good for long term buyers.


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## james4beach (Nov 15, 2012)

Oil down over 5%


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## mrPPincer (Nov 21, 2011)

might be some deals during the turbulence


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## james4beach (Nov 15, 2012)

BBC calls it: "BBC forecast: UK votes to LEAVE the EU"

http://www.bbc.co.uk/news/live/uk-politics-36570120


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## james4beach (Nov 15, 2012)

As a side effect of this, even the CAD is down 1.7% vs USD. With gold up 7% that's ... *nearly an 8% increase in gold vs CAD overnight*


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## doctrine (Sep 30, 2011)

Finally, some real volatility that everyone has been waiting for this summer.


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## james4beach (Nov 15, 2012)

I love it! I love the volatility! Everything was so freaking boring.


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## atrp2biz (Sep 22, 2010)

Sold July VIX @25.00. Might be a long night for me.  What's the opposite of catching a falling knife?


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## humble_pie (Jun 7, 2009)

doctrine said:


> Finally, some real volatility that everyone has been waiting for this summer.



this is going to be the best fête-national-du-st-jean-baptiste ever

bonne fête à tous
mon point de vue
éviter les marchés ce matin
faut voir du loin plus tard

vamos a la playa


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## newfoundlander61 (Feb 6, 2011)

Bring it, just what was needed some turmoil. Yah baby.


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## zylon (Oct 27, 2010)

*as I surveyed dawn's early light ...*



source: http://www.kitco.com/


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## agent99 (Sep 11, 2013)

For ex-pats and others planning on visiting the UK, today might be a good time to buy some currency.


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## humble_pie (Jun 7, 2009)

.

graceful resignation speech from the british prime minister, who will remain in office until october in order to help steer the UK through its most turbulent summer in living memory.

" I will do everything I can as prime minister to steady the ship over the coming weeks and months," David Cameron said.

"But I do not think it would be right for me to try to be the captain that steers the country to its next destination."


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## humble_pie (Jun 7, 2009)

evidently the ScotNats have said they will hold a 2nd referendum on scottish independence. This, apparently, has something to do with scotNat determination to remain within the european union.

of course, the thistle (scotland) & the rose (france) have always had a crush on each other


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## GizelleGizelle (Jun 10, 2016)

GBP is trading $1.36 :hopelessness::hopelessness::hopelessness: It's even worse than 2008 crisis


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## james4beach (Nov 15, 2012)

I made a couple phone calls yesterday to exchange notes with friends about how to interpret all of this, especially the market reaction.

I think we have a consensus that we think the upcoming week will be a more important indicator than Friday alone. Friday's reactions could be a blip, or it could be the start of a big unwind. Next week is going to be very important.


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## Oldroe (Sep 18, 2009)

I need about 30% correction common baby.


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## londoncalling (Sep 17, 2011)

I plan to pick up some sterling soon as I plan to go across the pond in the next 18-24 months. I am waiting to see where things head in the next couple weeks but I do have some $ to deploy into some ADRs. UL, NGG, LYG or PUK depending on where things go and where I decide to go with the risk reward scenario. 

We certainly live in interesting times

Cheers 

London


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## GizelleGizelle (Jun 10, 2016)

GBP is trading 1.23 EUR:hopelessness::emptiness:


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## sags (May 15, 2010)

Every time I hear of news of the British pound it reminds me of a past event in my life way back almost 50 years ago.

Back in 1967, I had been working full time for a year and was hitch hiking 25 kms back and forth every day.

I had a drivers licence and drove my dad's car once in a blue moon and always to tote my sisters around somewhere.

One day I was walking by an auto showroom and spied a new 1967 Triumph Spitfire convertible in the showroom. It was a gleaming red color and it was love at first sight.

I talked to the salesman and made an offer. He said he needed my dad to co-sign the loan. I called my dad and begged him at least come down and look.

So he came down, looked at the car and then took me out for something to eat and told me he wouldn't co-sign the loan. I hadn't been working long enough to prove myself yet. I was heartbroken.

I remember at that time, the salesman tried to convince my dad by saying the cars were on a "fire sale" because the British pound had plummeted in 1967 and had been declining for years.

Life continued on and I bought used car after used car. They continually broke down and I spent all my earnings paying for repairs. The cars were always at the garage. I even worked some Saturdays at the garage pumping gas to pay off some of my overdue mechanic bills.

Years later, my dad told me that one of his biggest regrets was not signing for the loan for me. He said the car was cheap because of the British pound and I would have saved a lot of money and headaches.

I wonder where the pound will end up and what it will mean for prices of British goods, although I don't know they produce anything I would want as much as I wanted that Triumph.

View attachment 10641


What 17 year old wouldn't want that car, whilst visions of girls, beaches and bikinis danced in his head.................


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## humble_pie (Jun 7, 2009)

^^

omg my first car was a triumph. I don't know if it was a spitfire. It was a triumph TR-3. British racing green. I drove it to california lol.


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## sags (May 15, 2010)

A Triumph AND driving to California.................how great that must have been.

The TR 3 was simply a gorgeous car. Larger and more powerful big brother of the Triumph Spitfire.

View attachment 10649


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## carverman (Nov 8, 2010)

sags said:


> Years later, my dad told me that one of his biggest regrets was not signing for the loan for me. He said the car was cheap because of the British pound and I would have saved a lot of money *and headaches.*
> 
> I wonder where the pound will end up and what it will mean for prices of British goods, although I don't know they produce anything I would want as much as I wanted that Triumph.
> 
> ...


My brother had one those in the early 70s. While it was fun to drive with the open top, it was an unreliable car. Always something
going wrong with it and those SU carburetors were a real bear to keep working right.
Fix or Repair Daily....and it wasn't even a Ford!:biggrin:


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## agent99 (Sep 11, 2013)

sags said:


> A Triumph AND driving to California.................how great that must have been.
> 
> The TR 3 was simply a gorgeous car. Larger and more powerful big brother of the Triumph Spitfire.


True - The Spitfire was more in league of MG Midget - smaller and less expensive then the TR and the MGA/B etc

I grew up when those cars were first on market. We were in the MG camp, so dissed the Triumphs. Used to say the trunk (boot) would fall off (they did!) and that it had a tractor engine and sounded like one! (True that engine was also used in tractors). But we grudgingly admitted that the TRs had a bit more oomph than the MGs of the day. None of them were "good" cars but they were a lot of fun! And today if in equal condition, they sell for as much or more than a Mercedes SL that cost a LOT more back then.


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## sags (May 15, 2010)

Mention the value of older cars and I start to tear up.............

I owned 1963 and 1965 Chev Malibu SS convertibles...........loaded with leather interiors. Both of them were older cars in good condition that I bought from my 70 year old grandfather for $500 each...............LOL.

What I wouldn't give to still own them today.

I saw a 1966 Chevy Malibu SS convertible on a classic auto website..............burgundy with white leather interior in mint condition. The price was $66,000 USD.

To me............the 1960s Chevy Malibu SS models were the most beautiful cars ever made.


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## sags (May 15, 2010)

Whenever I hear of MGs, it reminds me of our real estate agent back then. We bought and sold a couple of homes with him within a couple of years and he showed up driving an older MG in mint condition.

He kidded me that he paid for it from the commissions from our sales............


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## the_apprentice (Jan 31, 2013)

Hmm... Great opportunity. Anyone buying?


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## mordko (Jan 23, 2016)

Yep. Re-balancing as my UK holdings are below the target weight.


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