{"id":249100,"date":"2026-07-02T11:00:00","date_gmt":"2026-07-02T15:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=249100"},"modified":"2026-07-03T05:45:22","modified_gmt":"2026-07-03T09:45:22","slug":"brexit-at-10-shows-why-gold-may-still-belong-in-every-serious-portfolio","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/commodities\/brexit-at-10-shows-why-gold-may-still-belong-in-every-serious-portfolio\/","title":{"rendered":"Brexit at 10 Shows Why Gold May Still Belong in Every Serious Portfolio"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Ten years ago, the world watched the United Kingdom vote to walk away from the European Union.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the political class was clutching its pearls and every talking head on television was promising Armageddon by Christmas, I told you something different. I told you that when the establishment panics, the serious investor reaches for gold.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since the 2016 referendum, the yellow metal has tripled in price. It broke through $5,000 an ounce earlier this year before catching a breather near $4,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over the same stretch, we\u2019ve lived through a once-in-a-lifetime pandemic, two energy crises, a land war in Europe and a trade war. Through all of it, gold has kept its head while governments lost theirs.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/www.usfunds.com\/app\/uploads\/2026\/06\/COMM-gold-british-06262026.png\" alt=\"Gold Has Outperformed British and European Stocks Since Brexit\" class=\"wp-image-26862 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">To observe Brexit\u2019s 10th anniversary, I\u2019m sharing four lessons, which have almost nothing to do with the UK and everything to do with how you protect your wealth.<\/p>\n\n\n\n<h3 id=\"h-1-uncertainty-is-the-fear-trade-s-best-friend\" class=\"wp-block-heading\"><strong>#1 \u2013 Uncertainty is the Fear Trade\u2019s best friend.<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ten years ago, I couldn\u2019t have told you that a virus would shut down the planet, that Russia would torch Europe\u2019s energy market, or that the UK would cycle through prime ministers like paper towels. Nobody could.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But I didn\u2019t need to. All I needed to know was that we\u2019d entered an age of constant uncertainty, and that gold helped investors manage it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is what I\u2019ve long called the Fear Trade. It\u2019s why central banks continue to stock up on bullion. Boring? Maybe. But the boring trade tripled, outperforming British and European stocks.<\/p>\n\n\n\n<h3 id=\"h-2-sometimes-sovereignty-comes-with-a-cost\" class=\"wp-block-heading\"><strong>#2 \u2013 Sometimes sovereignty comes with a cost.<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Some critics like to point out that Brexit failed to usher in booming growth, as many people in the Leave camp argued would happen. In fact, a Stanford economist&nbsp;<a href=\"https:\/\/siepr.stanford.edu\/publications\/working-paper\/economic-impact-brexit\">estimated<\/a>&nbsp;that the British economy is likely 8% smaller today than it otherwise would have been.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That said, I don\u2019t believe Brexit was purely an economic policy. It was a constitutional decision, a vote to reclaim British government and culture from a committee of unelected bureaucrats. As I&nbsp;<a href=\"https:\/\/www.usfunds.com\/resource\/a-classic-case-of-failed-socialism-whats-next-after-the-brexit\/\">wrote 10 years ago,<\/a>&nbsp;\u201cBritish citizens and businesses have grown fed up with an avalanche of failed socialist rules and regulations from Brussels, responsible for bringing growth and innovation to a grinding halt.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I appreciate how Michael Caine put it. The legendary British film actor, 93, said in a&nbsp;<a href=\"https:\/\/news.sky.com\/story\/sir-michael-caine-brexit-was-about-freedom-10826880\">2017 interview<\/a>&nbsp;that he voted for Brexit because he\u2019d \u201crather be a poor master than a rich servant.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ten years ago, Britain elected to be masters instead of servants. Whether you think that was wise or foolish, it\u2019s the one thing that an economist\u2019s spreadsheet can\u2019t measure.<\/p>\n\n\n\n<h3 id=\"h-3-don-t-forget-to-collect-your-dividends\" class=\"wp-block-heading\"><strong>#3 \u2013 Don\u2019t forget to collect your dividends.<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">To reiterate, a post-Brexit, Thatcher-style boom never arrived. But it\u2019s important to understand&nbsp;<em>why<\/em>&nbsp;it never arrived.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The inconvenient truth is that, after voting to leave the bloc, Britain has barely used the freedoms it fought for. According to the Cato Institute, the UK government&nbsp;<a href=\"https:\/\/www.cato.org\/blog\/brexit-10-years\">still has close to 7,000 European laws on the books.<\/a>&nbsp;The bonfire of red tape never got lit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And the political class? It burned through five prime ministers in 10 years, one of whom lasted all of 49 days.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/www.usfunds.com\/app\/uploads\/2026\/06\/COMM-brexit-and-uncertainty-06262026.png\" alt=\"Brexit and Political Uncertainty\" class=\"wp-image-26860 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s not to say Westminster has been completely idle. They reformed the EU\u2019s strict Solvency II insurance rules, and since the referendum, London\u2019s insurance market&nbsp;<a href=\"https:\/\/lmg.london\/news\/london-market-remains-a-global-leader-but-challenges-remain\/\">has doubled to $187 billion,<\/a>&nbsp;the largest in the world. The City, London\u2019s financial district\u2014which doomsayers swore would dry up\u2014is instead&nbsp;<a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2026\/06\/22\/874758.htm\">near record employment,<\/a>&nbsp;posting record bank profits and ranks as the&nbsp;<a href=\"https:\/\/www.reuters.com\/business\/world-at-work\/after-fracture-how-britains-financial-industry-recovered-brexit-2026-06-21\/\">number two destination<\/a>&nbsp;for global capital anywhere on the planet, hosting some $16 trillion of it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The country\u2019s services sector\u2014financial, business, travel and tourism\u2014has also&nbsp;<a href=\"https:\/\/commonslibrary.parliament.uk\/research-briefings\/cbp-7851\/\">held up nicely,<\/a>&nbsp;with exports to EU countries growing approximately 60% from 2015 to 2025.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/www.usfunds.com\/app\/uploads\/2026\/06\/COMM-uk-service-exports-06262026.png\" alt=\"UK Services Exports to EU and Non-EU Countries\" class=\"wp-image-26863 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<h3 id=\"h-4-the-crowd-is-often-loudest-right-when-it-s-the-most-wrong\" class=\"wp-block-heading\"><strong>#4 \u2013 The crowd is often loudest right when it\u2019s the most wrong.<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Public sentiment can be a fickle thing. According to a recent Ipsos poll, close to 60% of Britons said they would&nbsp;<a href=\"https:\/\/www.ipsos.com\/en-uk\/10-years-brexit-vote-majority-britons-would-vote-apply-rejoin-eu\">vote to rejoin the EU today.<\/a>&nbsp;About half say they support a new referendum after the next General Election, which will be held no later than August 2029.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But ask those same people if they\u2019d be fine with the euro, open borders and Brussels\u2019 socialist rules, and the number drops.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ten years ago, the crowd was screaming that the UK had just committed economic suicide, that a recession was right around the corner. They were wrong then. Today, some in the crowd are now screaming because they have buyer\u2019s remorse, or \u201cBregret.\u201d Are they wrong now?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I won\u2019t presume to know how people feel. What I do know is that public sentiment is often loudest right at the turns, when it\u2019s about to be proven wrong.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s why I think it\u2019s always a good idea to think twice before trading on the noise. The serious investor learns to do the opposite of the mob\u2014to feel a little nervous when the crowd is irrationally exuberant (RIP Alan Greenspan), and vice versa.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ten years ago, they were screaming about Britain, and today they\u2019re screaming about something else. Gold doesn\u2019t care, and neither should you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted June 29, 2026 &#8211;<a href=\"https:\/\/www.usfunds.com\/resource\/brexit-at-10-shows-why-gold-still-belongs-in-every-serious-portfolio\/\"> Brexit at 10 Shows Why Gold May Still Belong in Every Serious Portfolio<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this\/these website(s) and is not responsible for its\/their content.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The FTSE 100 is the UK\u2019s primary stock market index. It tracks the 100 largest companies by market capitalization listed on the London Stock Exchange (LSE) and acts as a key barometer of blue-chip corporate health and economic performance. The STOXX Europe 600 is a major stock index that tracks the performance of 600 of the largest publicly traded companies across 17 European countries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ten years ago, the world watched the United Kingdom vote to walk away from the European Union.<\/p>\n<p>While the political class was clutching its pearls and every talking head on television was promising Armageddon by Christmas, I told you something different. I told you that when the establishment panics, the serious investor reaches for gold.<\/p>\n","protected":false},"author":36,"featured_media":238459,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21,5,18,8,9,26,3],"tags":[],"contributors-categories":[13633],"class_list":["post-249100","post","type-post","status-publish","format-standard","has-post-thumbnail","category-commodities","category-europe-middle-east-africa","category-macro","category-region","category-securities","category-text-articles","category-traders-insight","contributors-categories-us-global-investors"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Brexit at 10 Shows Why Gold May Still Belong in Every Serious Portfolio<\/title>\n<meta name=\"description\" content=\"Ten years ago, the world watched the United Kingdom vote to walk away from the European Union.While the political class was clutching its pearls and...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/249100\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brexit at 10 Shows Why Gold May Still Belong in Every Serious Portfolio | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Ten years ago, the world watched the United Kingdom vote to walk away from the European Union.While the political class was clutching its pearls and every talking head on television was promising Armageddon by Christmas, I told you something different. 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