During the winter, I and some of those who contribute in various ways to the Lord Copper website get together for a lunch to talk about what markets have done in the last year and – more importantly – what we think they may do over the coming months. I like to set a small sweepstake on some price or other, and this time, rather than go for a metal price, I chose to ask for estimates of the Sterling/Euro price for August 15. The reason for that was because it taps directly into the Brexit question, and the likely impact on not only the UK, but also the remaining EU members – more specifically, the Euro-zone. The range of guesses ran from £1 being worth €0.88 to €1.4214, and the average, for what it’s worth, was €1.1329. All of that against a spot rate at the time of around...
