Gold Holders Should Not Fear Brexit Results: Axel Merk

Gold prices ended the U.S. day session moderately lower and hit a two-week low Thursday. The highly anticipated Brexit vote is taking place today, with most believing the U.K. will stay in the European Union. "The market is looking for an excuse, or trigger, to sell and might well get one" if Brexit voters win, says Axel Merk, chief investment officer at Merk Investments. "The market believes a potential Brexit is a very serious thing for risk assets," he said. A vote by Britain to exit the EU would deliver a bearish blow to so-called risk assets, which include stocks. August Comex gold settled the day $6.30 lower at $1,263.10 an ounce.