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Please note: The Frank Talk articles listed below contain historical material. The data provided was current at the time of publication. For current information regarding any of the funds mentioned in these presentations, please visit the appropriate fund performance page.

Manufacturing Activity in Europe Surprises to the Upside
October 26, 2016

Manufacturing activity in the eurozone strengthened sharply in October, beating expectations, according to “flash,” or preliminary, purchasing manager’s index (PMI) data. The region is growing at its fastest pace so far this year, having climbed to its highest reading since April 2014.

Premilimary Eurozone Manufacturing PMI
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The news follows positive September readings in emerging European countries that we track closely, an encouraging sign that the continent’s economy might finally be picking up steam after an extended period of sluggish growth.

Hungary, volatile as always, was the largest gainer last month, leaping ahead 5.3 points to a nearly three-year high. Historically, the Central European country has bumped up when the transport sector, which represents a big share of production, gets a new large order.

Hungary Manufacturing PMI
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I’ve written numerous times on why we monitor PMI. Unlike gross domestic product (GDP), which is a backward-looking indicator, PMI gives us a foreshadowing of manufacturing activity three and six months out. This is important for investors because as manufacturing accelerates, so too does demand for commodities and natural resources, helping to support prices.

Poland Manufacturing PMI
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Czech Republic Manufacturing PMI
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Czech Republic Manufacturing PMI
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Not only do we like to see the monthly reading come in above 50—the threshold separating industry expansion from contraction—but it’s exceptionally positive when the reading appears above its three-month moving average.

This was the case for all countries except Greece and Turkey, both of which shrank slightly in September.

Greece Manufacturing PMI
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Turkey Manufacturing PMI
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All in all, I’m encouraged by the eurozone’s positive October PMI, even if it is preliminary. Whether you like it or not, ours is a global economy, and it’s impossible for any country, even one as strong as the U.S., to do all the heavy lifting alone. What we need now is synchronized global growth, and this is definitely a step in the right direction.

 

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.

The Purchasing Manager’s Index is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.

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Apple Gets a Shakedown from the EU. Is Ireland Next to Bail?
September 6, 2016

$5,009 Apple Stores' sales per square foot per year--the most of any store

“Total political crap.”

That’s how Apple CEO Tim Cook described the European Commission’s ruling that the iPhone maker must pay 13 billion euros ($14.5 billion), plus interest, in back taxes to Ireland, its longtime European host. Meanwhile, the island-nation is being accused of giving Apple an “illegal” sweetheart deal in exchange for jobs.

Political crap, indeed. I hate to say it, but I told you so.

June’s Brexit referendum, I’ve argued, was about so much more than immigration. U.K. citizens and businesses are fed up with mountains of rules and regulations from unelected bureaucrats in Brussels, controlled by French and German socialists, that trample on basic personal freedom. There are ludicrous laws on the books legislating everything from the kind of lightbulbs you can use to the wattage of your vacuum cleaner to the curve and length of your bananas and cucumbers to the color of your olives.

Now, Ireland is learning a similarly hard lesson on Brussels’ policies of envy.

It’s a plotline that should be reserved for the Theater of the Absurd: Party A is forced by Party B to pay Party C, in a transaction that neither Party A nor Party C had a hand in creating.

Apple insists it has no outstanding taxes. “We never asked for, nor did we receive, special deals,” Tim Cook wrote in an open letter last week. And yet an authoritarian, nontransparent “Commissioner of Competition” is ordering the company to shell out an arbitrarily exorbitant amount to the government of Ireland—which doesn’t even want Apple’s money.

And why would it? As you might imagine, Ireland fears risking a stain on its tax advantaged status that has succeeded in attracting hundreds of billions in foreign direct investment.

Eurocrats Envious of Ireland’s Competitive Advantage and America’s Ingenuity

Over the last 50 years, the country has carved out a reputation as a prime destination for multinationals seeking a competitive corporate tax rate. At 12.5 percent, Ireland’s rate is much more attractive than the U.S. rate, 35 percent, one of the highest in the world. (Other countries with similarly high rates include Argentina, Brazil and Venezuela—not exactly model examples of business-friendly regimes.)

Corporate Tax Rates in Select OECD Countries
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Consider what Ireland has achieved: PricewaterhouseCoopers (PwC) ranks it “the most effective country in the EU in which to pay business taxes.” For five years in a row, the country has topped IBM’s Global Location Trends report for its “continued ability to attract high-value investment projects in key areas.” The most recent IMD World Competitiveness Yearbook names Ireland first in the world for “investment incentives” and “financial skills.” According to the World Economic Forum, it’s the fastest growing European economy (followed by Romania, which I wrote about in July). The list goes on.

For these reasons and more, nine out of the top 10 global information and communications technology (ICT) companies have locations in Ireland, not to mention nine out of the top 10 global pharmaceutical companies and nine out of the top 10 global software companies, according to Ireland’s Industrial Development Agency.

The country’s relationship with American-based companies has been particularly beneficial to its economy and workforce. U.S. companies account for three quarters of Ireland’s inward investment, which totaled nearly $116 billion in the years from 2008 to 2014. That’s more than U.S. investment in the four BRIC countries combined over the same period. About a fifth of all private sector jobs in Ireland are in some way linked to American multinationals. Apple alone employs 6,000 Irish citizens, most of them in Cork, where Steve Jobs originally opened an Apple factory in 1980.

Ireland Most Favored Nation US Foreign Direct Investment 2008 2014
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Thanks to low corporate taxes that attract big multinationals, youth unemployment in Ireland is today among the lowest in the EU. Restrictive, labyrinthine labor laws elsewhere in the 28-member bloc have immobilized the jobs market, especially for young people, many of whom have little choice but to seek work abroad. In May, the Financial Times reported that the number of EU nationals working in the U.K. had climbed to 2.1 million, accounting for close to 7 percent of its workforce—a new high.

youth unemployment in ireland lowest among select european countries
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Both Apple and Ireland vow to appeal the European Commission’s ruling, a process that will likely take years.

Next Up: Irexit?

The real question now is whether the Apple incident will motivate Ireland to follow the U.K.’s lead and pursue its own “Irexit” from the European Union. In June, I asked if we’re nearing the end of the EU experiment. If officials continue to oppose competition and restrict member states from conducting business on their own terms, entrepreneurial countries such as Ireland will increasingly feel the pressure to file for divorce

Remember, Britain will soon be free to do what it pleases to attract foreign investment—possibly away from Ireland. London already sees an opening with Apple following the tax ruling. On Tuesday, Prime Minister Theresa May’s spokesman said the tech giant is welcome to relocate to the U.K. if things don’t work out between Ireland and the EU.

This would be a high price for Ireland to pay to retain its EU membership status.

Apple by the numbers infographic

Apple Just the Beginning

American multinationals are likewise in a difficult position, as they face mounting pressure from EU regulators and tax officials. Europe doesn’t have its own versions of Apple, Facebook and others, so its only course of action is to legislate them into being noncompetitive.

Successful US Companies Under Fire European Regulators

I previously shared with you the European Commission’s proposal to require streaming services such as Netflix and Amazon Prime Video to meet a content quota. Under the plan, at least 20 percent of all programs offered in their libraries would need to be produced in Europe.

Like Apple, Starbucks was ordered in October 2015 to pay up to $33 million in back taxes to the Netherlands, a ruling the Dutch government has already appealed. McDonald’s and Amazon’s tax arrangements in Luxembourg are also being scrutinized, and Google could be added to the list.

Speaking of Google, its Madrid office was raided in June by Spanish tax inspectors, who are accusing the search giant of tax avoidance.

In yet another case, Google and Facebook could both end up having to pay licensing fees to European newspapers, magazines and other publications every time their content ends up in their search results.

WhatsApp, the most-used messaging app in the world, and its parent company, Facebook, are both currently being investigated by EU privacy regulators.

This is just a sampling of what American companies must put up with in order to do business in Europe.

The question stands: Instead of attacking American innovation and ingenuity, why don’t Europeans develop their own competitive alternatives?

 

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.

Holdings may change daily. Holdings are reported as of the most recent quarter-end. None of the securities mentioned in the article were held by any accounts managed by U.S. Global Investors as of 6/30/2016.

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Romania Did This, and Now It’s Among the Fastest Growers in Europe
July 27, 2016

Romania cut taxes last year and is now enjoying some of the strongest growth in Europe.

In 1974, the American economist Arthur Laffer, then a professor at the University of Chicago, was having dinner with his friend Jude Wanniski, an associate editor of the Wall Street Journal. They were joined by Donald Rumsfeld and Dick Cheney, both of whom worked at the time in the Gerald Ford administration. The topic at hand was President Ford’s Whip Inflation Now, or WIN, initiative, which included proposed tax increases.

The Laffer Curve. U.S. Global Investors According to Wanniski’s version of the story, which he recounted years later in a WSJ article, Art grabbed a napkin and sketched out what Wanniski dubbed “the Laffer curve.” Put simply, the Laffer curve illustrates what happens when the government raises taxes too much—theoretically, it ends up bringing in less revenue than before the tax hike. Why? Taxpayers feel less incentivized to work if everything they earn is handed over to the government. Small businesses can no longer compete. The flow of capital is squeezed, and business growth slows to a trickle.

The Laffer curve says that tax revenue at both 0 percent and 100 percent is the same: zero. But somewhere in between those two values is the “optimal” tax rate, one that maximizes both government revenue as well as employment, productivity and output. (In the chart above, it looks as if 50 percent is the ideal rate, but the peak could fall anywhere. In fact, it varies year-to-year.)

Art is known today for being the architect of President Reagan’s supply-side economics policies, which emphasize free trade, spending restraint, fewer regulations and low taxes. According to the Laffer Center, these policies “contributed to the longest boom in United States history.” More wealth was created between 1982 and 2007 than in the previous 200 years, when adjusted for inflation.

Ronald Reagan laying out his proposal to reduce taxes in a 1981 televised address. The chart is clearly inspired by the Laffer curve.

These are policies that apply overseas as well. Part of why the U.K. voted to leave the European Union last month was to escape punitive taxes and regulations—indirect taxes—imposed by unelected officials in Brussels. British voters recognize the fact that policies of envy have stifled growth and innovation.

Romania Slashes Taxes, Speedy Growth Ensues

Another country that “gets it” is Romania, the mountainous, Central European nation and home to roughly 20 million people. After years of tepid growth, Romania’s government moved to revise its tax code. At the end of last year, it reduced the value added tax (VAT) rate from 24 percent to 20 percent, lowered the income withholding tax rate, nixed a controversial “special construction” tax, simplified deductibles and exempted certain dividends from corporate income tax.

The changes have worked much faster than expected.

In the first quarter, Romania grew 4.3 percent year-over-year, beating the 3.9 percent analysts had expected, and up 1.6 percent from the fourth quarter of 2015. This places the country among the fastest growing EU economies, with the European Commission now expecting it to be the second fastest growing country in the 28-member bloc, behind only Ireland.

Romania Among the Fastest Growing EU Economies
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What’s more, investment bank Wood & Company sees country GDP growing 5.1 percent this year and 5.8 in 2017. Much of this growth, Wood writes, will be driven not just by tax cuts but also low borrowing costs, restructured balance sheets and loose fiscal policy. Private consumption is healthy and investor confidence is up.

The country is also getting back to work. Romania’s unemployment rate in May fell to 6.6 percent, compared to 10.1 percent on average for eurozone countries. Its youth unemployment rate, while worrisome at 21 percent, still significantly trails levels found in several other EU countries, including Italy (36.9 percent), Spain (43.9 percent) and Greece (47.4 percent).

Bucharest is home to a booming tech industry.

A Tailwind for Romania’s Tech Industry

This is good news for Romania’s economy as a whole, specifically Bucharest’s important information technology sector, which has grown tremendously in recent years. In the first quarter, IT contributed 6.1 percent to the country’s GDP and is expected to exceed 10 percent this year or next. For years, Romania has promoted itself as a place to find reasonably priced software development by coders who speak English. Today, many of the world’s top tech companies, including Adobe, Microsoft, IBM, Intel and Oracle, operate in Bucharest, where consumer prices are dramatically lower than in London. (Rent is 84 percent cheaper in the Romanian capital than in the U.K. capital.)

In a previous post, I asked the question: Where’s Europe’s answer to Silicon Valley? Romania is the likeliest answer.

I’ve also been asking for months how Europe can jumpstart its economy, and again, Romania might very well have the answer. It all comes back to the Laffer curve. Since the financial crisis, we’ve relied too heavily on monetary policy to accelerate growth. But quantitative easing, helicopter money and negative rates have done all they can. Meanwhile, punitive taxes and burdensome regulation continue to hinder growth. It’s time we follow Romania’s lead and shift our focus to reforming our fiscal policies.

 

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.

Holdings may change daily. Holdings are reported as of the most recent quarter-end. None of the securities mentioned in the article were held by any accounts managed by U.S. Global Investors as of June 30, 2016.

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Will the Gold Bull Market Resume After the Summer Correction?
July 25, 2016

Donald Trump accepting the Republican nomination for president this week

Looking more Las Vegas casino than Oval Office, the stage Donald Trump delivered his nomination acceptance speech from Thursday was all gold, from the stairs to the podium, completely befitting of his showman-like style. Whether you support or oppose Trump, it’s time to face reality. This is really happening, and we should all brace ourselves for what will surely be one of America’s messiest, ugliest general election seasons.

Only time will tell which candidate will be triumphant in November, but in the meantime, one of the winners might very well be gold, which has traditionally attracted investors in times of political and economic uncertainty. In the United Kingdom, which voted one month ago to leave the European Union, gold dealers are seeing “unprecedented” demand, especially from first-time buyers. Some investors are reportedly even converting 40 to 50 percent of their net worth into bullion, though that’s not advisable. (I always suggest a 10 percent weighting, diversified in physical gold and gold mining stocks.) In Japan, where government bond yields have fallen below zero and faith in Abenomics is flagging, gold sales are soaring.

It’s not unreasonable to expect the same here in the U.S. between now and November (and beyond).

Strong U.S. Dollar and Treasury Yields Weighing on Gold

More so than the upcoming election, gold prices are being driven by U.S. dollar action, interest rates and low-to-negative bond yields around the world. (Between $11 trillion and $13 trillion worth of global sovereign debt currently carries a negative yield.) Right now the yellow metal is in correction mode on a strengthening dollar and rising two-year and 10-year Treasury yields, both of which share an inverse relationship with gold.

Gold Corrects on Rise of 10-Year Treasury Yield
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It’s also worth mentioning that the summer months have historically been among the weakest. By contrast, some of the highest gold returns of the year have occurred in September, when the Love Trade heats up in India in anticipation of Diwali and the wedding season.

Gold's Average Monthly Gains and Losses, 1975 - 2013
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For the past several trading days, gold demand had also been overshadowed by a hot equities market, with many stocks hitting 52-week highs. Both the S&P 500 Index and Dow Jones Industrial Average closed at all-time highs, twice in the latter’s case. The CNN Fear & Greed Index, which measures investor sentiment, is currently in “Extreme Greed” mode, at more than a two-year high.

Markets in Extreme Greed Mode

With gold taking a breather, now might be a good buying opportunity. Since 1970 there have been only four major gold bull markets, and the consensus among analysts right now is that we’re in the early stages of a new one, with end-of-year forecasts in the $1,400 an ounce range.

Learn more about what’s driving gold.

Rumors of Brexit’s Negative Impact Have Been Greatly Exaggerated

Despite gold’s correction, the metal got a boost last Thursday courtesy of Mario Draghi. The European Central Bank (ECB) president, as expected, announced that euro area interest rates and asset purchases would remain unchanged as economic ramifications of the Brexit referendum continue to be assessed.

Speaking of Brexit, Draghi noted that markets have met the volatility and uncertainty in the month following the U.K. referendum with “encouraging resilience.” Like many others, he had predicted that Brexit would dramatically stunt euro growth, but as we’ve already seen, such claims are overdone. In a note released last week, securities trading firm KCG wrote that June 24, the day following the British referendum, “was no repeat of August 24,” a reference to the “flash crash” that struck equities last summer and led to ETF mispricing.

Last week, the International Monetary Fund (IMF) trimmed 0.1 percent from its global economic growth forecast for the year, singling out Brexit fallout as the culprit. Curiously, though, the organization sees the U.K. growing faster than both Germany and France this year and next. This disconnect prompted U.K. Independence Party MP Douglas Carswell to label the IMF as “clowns” with “serious credibility problems.”

IMF Sees the U.K. Growing Faster Than Germany and France, Despite Brexit
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Following Draghi’s statement, gold prices immediately popped in Thursday morning trading, effectively hitting the pause button on the correction. On Friday, though, prices continued to slide, contributing to gold’s second straight week of losses.

The next hurdle to be cleared is a U.S. interest rate hike. Expectations that rates will go up in September have wobbled back and forth since Brexit, but in recent days, it’s been reported that Federal Reserve officials feel confident enough to raise them at least once before the end of the year. Gold will face additional pressure if rates are allowed to rise, but if the Fed chooses to stand pat, it could serve as another catalyst for a price surge.

 

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.

The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies. The Dow Jones Industrial Average is a price-weighted average of 30 blue chip stocks that are generally leaders in their industry.

The CNN Fear & Greed Index monitors seven market factors, including stock price momentum, stock price strength, stock price breadth, put and call options, junk bond demand, market volatility and safe haven demand, by calculating how far they have veered from their averages relative to how far they normally veer, on a scale of 0 to 100, with 0 indicating fear and 100 greed. Then, the seven scores are equally combined into one.

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4 Winners to Emerge from Brexit
July 5, 2016

30 Year Mortgage Rates at Record Lows?

Last week my friend John Mauldin, chairman of Mauldin Economics, released a special Brexit edition of his popular investments newsletter Outside the Box. In it he shared a post written by geopolitical strategist George Friedman that describes a recent meeting among six foreign ministers representing the European Union’s founding member states: Belgium, France, Germany, Italy, Luxembourg and the Netherlands. The topic of discussion was the possible causes and implications of the U.K.’s decision to leave the EU.

What George finds extraordinary is that, in their follow-up statement, the ministers appear to capitulate, admitting they “recognize different levels of ambition amongst Member States when it comes to the project of European integration.”

As George puts it, this is their way of acknowledging—finally?—the impossible task of enforcing uniformity across the European continent, home to many different peoples and cultures, all with different goals and aspirations.

If nothing else, this alone should be seen as a positive consequence of Brexit. It’s too early to tell what direction the EU will take post-Brexit, or whether any material policy changes will be made, but it seems as if the cries of resentment and frustration that have risen up from England and Wales (and, to a lesser extent, Scotland and Northern Ireland) have not fallen on deaf ears.

This is precisely what I’ve been writing about the last few weeks. If you’ve been following the mainstream media’s coverage of Brexit, you might think it’s little more than a reactionary, anti-immigrant groundswell. Don’t get me wrong—immigration is certainly part of it. Trying to integrate 333,000 people a year into the country’s national health care and school system has pushed the bandwidth of the British economy.

But the U.K.’s grievances—some of which I discussed in previous commentaries—are much more varied than that. And following the historic referendum, EU bureaucrats seem to be taking the gripes seriously, which we can count as a win not just for the U.K. but other member states as well.

Below are four more winners to have emerged from Brexit.

1. Gold Investors

The day after the referendum, gold jumped nearly 5 percent and since then has held above $1,300 an ounce, helping to achieve its best first half of the year since 1974. The yellow metal, which has historically been sought by investors during times of political and economic uncertainty, is also strengthening now that a U.S. interest rate hike seems less and less likely post-Brexit.

Markets, in fact, seem to have completely shed any belief that the Federal Reserve will raise rates this year. Bets that rates will be cut by September spiked before retreating, while bets that they would be left untouched surged 48.6 percent.

Bets on Fed Rate Cuts Surge Post-Brexit
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This bodes well for gold, which has traditionally shared an inverse relationship with interest rates. When savings account rates and yields on government bonds are low, gold suddenly becomes much more attractive to hold as a store of value.

This is especially true in countries where rates are negative. The yield on the German 10-year Bund recently fell below zero, and the Swiss 30-year government bond yield turned negative, in effect charging investors for the privilege of holding their cash.

But American investors aren’t immune. Last Friday, the yield on the 10-year Treasury fell to as low as 1.385 percent, an all-time record.

Learn where the opportunities are in today’s gold market.

Across the pond, British rates are likely to be slashed this summer, according to Bank of England Governor Mark Carney. In response, Britain’s FTSE 100 Index roared up to a 10-month high, erasing all Brexit-inflicted losses.

British Stocks Quickly Rebound to Pre-Brexit Levels
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2. U.S. Homeowners

The promise of continued low rates in Brexit’s wake could be good news for U.S. homeowners, both current and potential. For the week ended June 24, the mortgage rate on a 30-year home loan fell to 3.75 percent, its lowest level since May 2013, according to the Mortgage Bankers Association. Some analysts are even forecasting mortgage rates—which tend to track 10-year Treasury yields—to sink to record lows in the coming weeks. This move is expected to spur a wave of new loan applications and refinancing as borrowers rush to lock in historically low rates.

U.S. Home Prices Soar as Mortgage Rates Fall
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Home prices in the U.S., meanwhile, continue to improve after the financial crisis. Prices advanced 5 percent year-over-year in April, according to new data from the S&P/Case-Shiller Home Prices Indices. The 20-City Composite Index, in fact, is back up to its winter 2007 level.

3. British Luxury Goods Makers

In the immediate aftermath of the U.K. referendum, Donald Trump suggested the pound’s dramatic decline could encourage more foreign tourists to visit Turnberry, Scotland, where he owns a luxury golf resort. Many in the media criticized him for the comment, arguing he seems to care only about how he might profit from Brexit. But the thing is, he’s right.

Because of the drop in the pound, which sent it to levels not seen in more than 30 years, U.S. and Chinese interest in travel to Britain has already seen a huge spike. This could be a potential windfall for Britain’s luxury goods industry, which posted sales averaging nearly $1 billion in 2014, according to advisory firm Deloitte. Clothing designer Burberry, Britain’s largest luxury company, could end up being a beneficiary, along with many other major European brands found in the U.K.

Weak Pound Seen Benefiting British Luxury Goods Companies
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I’ve mentioned before how Chinese tourists spend more than any other country’s. Now, a March report by the World Travel & Tourism Council (WTTC) found that in 2015, outbound Chinese travelers shelled out a massive $215 billion overseas, representing an increase of 53 percent from the previous year. A weakened pound should only intensify demand even more.

4. British Taxpayers

According to the Daily Express, about 10,000 Brussels-based bureaucrats earn more than—and in many cases, more than twice as much as—U.K. Prime Minister David Cameron, who has a gross annual salary of 142,500 pounds. What’s more, they pay the euro equivalent of 50,000 pounds less per year than Cameron does. And before the 2015 Christmas break, these Eurocrats, who all enjoy a final salary pension, just gave themselves a 2.4 percent raise.

The British referendum was in large part a rejection of this brand of elitism. Similar to what many Americans feel today, taxpayers in the U.K. are fed up with seeing their money leave the British shores only to line the pockets of unelected officials, with little to show for it in return.

The two-year transition period that follows will likely present many challenges, but in the long run, an independent Britain will be able to set its own immigration policies, impose its own rules and regulations, negotiate the terms of its own trade agreements and much more.

Note: A correction was made July 7 regarding immigration figures.

 

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.

The FTSE 100 Index is an index of the 100 companies listed on the London Stock Exchange with the highest market capitalization. The S&P/Case-Shiller 20-City Composite Home Price Index seeks to measures the value of residential real estate in 20 major U.S. metropolitan areas: Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa and Washington, D.C.

Holdings may change daily. Holdings are reported as of the most recent quarter-end. None of the securities mentioned in the article was held by any accounts managed by U.S. Global Investors as of 3/31/2016.

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Net Asset Value
as of 11/22/2017

Global Resources Fund PSPFX $5.97 0.03 Gold and Precious Metals Fund USERX $7.36 No Change World Precious Minerals Fund UNWPX $5.76 0.03 China Region Fund USCOX $12.18 0.03 Emerging Europe Fund EUROX $7.09 0.04 All American Equity Fund GBTFX $24.06 -0.05 Holmes Macro Trends Fund MEGAX $21.36 -0.06 Near-Term Tax Free Fund NEARX $2.21 -0.01 U.S. Government Securities Ultra-Short Bond Fund UGSDX $2.00 No Change