June 28, 2016 --The fallout from the Friday's Brexit vote continued to roil world equity and bond markets yesterday. The British pound plummeted again, making new multi-decade lows. U.S. stocks followed European equities lower, while gold, Treasuries, and the U.S. dollar rose on safe haven bidding.

Bank stocks are among the hardest hit, with some of the largest European banks now below the 2008 post-Lehman lows. Traders who remember the carnage in 2008 are getting anxious about a possible repeat.

Gold prices rose slightly, adding to Friday's huge gains. Silver prices ended Monday's trading nearly flat. The metals tend move in the opposite direction of the U.S. dollar. However, even though the Brexit turmoil has sent the dollar up, gold and silver have risen even higher. This is a VERY good sign for precious metals bulls.

Margin calls related to heavy trading losses are hitting traders across the global, and this may lead to more selling by those forced to raise cash. And credit default swaps have risen sharply -- particularly for banks. The market is pricing in s much higher risk of default.

Live prices at MoneyMetals.com show gold currently trading at $1,313 per ounce on the global market, and silver is coming in at $17.85.