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Scottish Independence

07 Jul 2018 - Archive

The British Pound has taken another significant hit after news that Scotland’s First Minister Nicola Sturgeon is preparing to call for an independence referendum from the United Kingdom. Naturally, the departure of Scotland would be a severe blow to the Pound – probably more severe than the Brexit vote that caused the currency to lose 1/10th of its value overnight. 

The market reacts negatively to this news with the pound falling sharply against the Euro and United States Dollar. Physical gold may be a good hedge against further losses in purchasing power caused by the Pound’s downward slide. 

In the 2014 Scottish independence referendum, the country voted 55%-45% to remain as a part of the United Kingdom. But now, after the contentious Brexit vote on which Scotland and England were firmly opposed, things may be different. 

If Scotland leaves the United Kingdom, there are questions about the future of the shared British currency. Would an independent Scotland rejoin the EU; how much of the UK’s debt will they take with them? These questions will weigh down the British currency until the issue of Scottish independence is resolved.

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